'Najib switches Petronas' investment to benefit cronies'

Since Najib Abdul Razak took over the premiership in 2009, the national oil and gas company Petronas has been instructed to move its overseas investment into the domestic market to benefit his cronies and prop up economic growth, claimed PKR director of strategy Rafizi Ramli.

Describing it as a “shortcut to benefit cronies”, Rafizi (right) said this has disrupted Petronas’ strategy which has been in place for the past 20 years to build up Malaysian international oil reserves to ensure sustainable petroleum income for the nation.

Being an oil producer with strong international oil reserves, he explained, would enable Malaysia to take advantage of the trading margin which could be leveraged to lower our fuel prices.

Rafizi was answering a question from the floor on how Pakatan Rakyat would slash fuel price if it captures Putrajaya, during a public forum on Budget 2013 last night in Petaling Jaya.

The forum organised by Pakatan also featured political researcher Ong Kian Ming, who has just joined DAP, and PAS’ economist Dzulkefly Ahmad as speakers.

[More to follow]