PETROLIAM Nasional Bhd (PETRONAS) CEO Tan Sri Tengku Muhammad Taufik Tengku Aziz has come under fire from a former UMNO man Isham Jalil for focusing on rising costs while avoiding disclosure of additional profits gained from soaring global oil and gas prices.
Isham accused the CEO of offering “school-level explanations” and failing to clarify how much net profit PETRONAS earned from exports during the conflict-driven price surge.
He noted that Malaysia exports expensive crude while importing cheaper oil, which should yield gains, and highlighted liquefied natural gas (LNG) exports as another major profit source left unaddressed.
Isham argued that citizens are burdened with higher fuel prices while Petronas and the government enjoy tens of billions in revenue.
“Of the tens of billions PETRONAS gives the government, including additional profits, what will the government spend it on?
“Billion-ringgit IT projects? Kota Madani RM4bil? Penang MRT RM17bil? Detail it,” he said in a Facebook post yesterday (April 3).
He also asked to disclose the salary of the CEO while the company plans to lay off thousands.
“Of the tens of billions Petronas keeps, including additional profits, what will PETRONAS spend it on? Hundreds of millions for racing sponsorships? Multi-million bonuses? Loss-making overseas investments? Buying LNG from America? Detail it.
“What is the current salary of the PETRONAS CEO? How many more PETRONAS workers will be laid off? 5,000? 10,000? 15,000?”
He warned against the corporate tendency to “privatise profit and nationalise loss” criticising lavish spending and potential job cuts.
Isham concluded that if he were Finance Minister, he would dismiss the CEO before laying off thousands of PETRONAS workers. — Focus Malaysia
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