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Friday, September 30, 2011

Family Silver : Petronas Hiding The Truth



  • Petronas power play
  • (Petronas) acquisition of a 30% stake in GMR Energy Singapore Pte Ltd ..
  • (GMR) developing an 800MW power plant (in) Singapore.
  • GMR deal part of its growth strategy under gas and power business..
  • Petronas however declined to say how much it paid for the stake in GMR
  • “Gas and power is one of our core businesses. . . via our investment in Kimanis and the proposed Lahad Datu power plant ” .. will boost Sabah's electricity supply by 600 MW.
  • Petronas executive vice-president said: “The acquisition marks Petronas' maiden foray into the international power market and is a major step in our effort to extend existing integrated presence in the energy value chain.”
  • Another possible outcome of Petronas equity purchase in GMR is an insight into the dynamic power market across the border.
  • “The power market in Singapore is more cost competitive than the local industry.
  • The acquisition by Petronas had puzzled some analysts, considering that Petronas only took a 30% stake and that it had bought into a power plant.
  • ..the move could pave the way for more collaboration with the GMR Group, which has vast businesses in India
  • chairman G. M. Rao said: “This relationship between GMR and Petronas .. is symbolic of true South-South co-operation and its immense potential in the energy market in the region.”
  • GMR group has interests in airports, energy, highways and urban infrastructure. .. The group currently has installed capacity of 823 MW of power projects
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Lets get this straight. There is an Indian company. They have "vast" experience in the power industry. Just how "vast" is their experience? Well they have 823 Megawatts. Folks I was once director of an IPP that developed a power plant site in Kedah for 650 Megawatts. And that was 14 years ago in 1997.

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Syed Mokhtar Bukhari has over 6000 MW under his belt now for about 10 years or so. YTL has over 2000 MW under their belt too. These are Malaysian companies.

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Why does Petronas want to forgo investing in Malaysia with Malaysian partners and seeks Indian partners who are 'kuchi rat' players?

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And here is the strangest part : "Petronas however declined to say how much it paid for the stake in GMR"

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Come again? Petronas is a taxpayer owned company, using taxpayers funds. And they "declined to say how much it paid for the stake in GMR". Kepala hotak engkau! I say kawan, this is not your daddy's pocket money ok. This is taxpayers' funds you are messing with. How much did you pay for this 30% stake in a 'kuchi rat' Indian power company with a license in Singapore?

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I recall Khazanah Nasional being taken to the cleaners by two Indian greenmailers over the Parkway Hospital - also in Singapore. Please read what I wrote here. It will be really worth your time to read that Blog. It would be hilarious only if it was not so sad. Khazanah lost RM274 million of our taxpayers money to those two Indians in that deal.

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Now Petronas has bought a 30% stake in another Indian company and they are refusing to tell us, the Malaysian taxpayer, how much of our money they have blown in this venture. I suspect that Petronas too has been taken to the cleaners by the Indians again.

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I certainly hope that this is a straight deal, with no hanky panky. I am certain that Petronas has the same good wishes too. We should be really getting tired of our GLCs losing hundreds of millions and billions in dubious ventures with dubious foreigners or in dubious foreign lands.

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The Petronas executive VP said: “The acquisition marks Petronas' maiden foray into the international power market and is a major step in our effort to extend existing integrated presence in the energy value chain.”

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I think there is some gobbledygook here (aka double talk) : "a major step in our effort to extend existing integrated presence in the energy value chain". Hmmm..what exactly does that mean Holmes?

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May I guess a little : I think it is a convoluted way of saying that in order for them to get the 30% stake, Petronas has had to pledge supplying gas to this Singapore power plant. Of course if the power plant can secure its gas supply - that will certainly add value to its net worth.

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Folks, if you lend me your watch, and then I tell you the time, and then I send you a bill - what am I? A "con"sultan. What does that make you?

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In the papers today, I also read that Minister Dato Mustapa Mohamad has succesfully led an investment mission to Italy and Sweden. We are working hard to attract FDIs or Foreign Direct Investment. Why not the good Minister also visit Petronas at the Twin Towers and implore upon them to invest in Malaysia as well?

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Doesnt it defeat the purpose completely - here we are working hard to bring in FDIs while Petronas, the guardians of our family silver, are investing our money in "kuchi rat" Indian companies in Singapore?

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To close, here is some good news :

Malaysia's Bumi Armada signs RM1.46bil deal with Apache(update)

KUALA LUMPUR: Malaysia's oilfield services provider Bumi Armada said on Friday it has signed a contract worth 1.46 billion ringgit ($459.4 million) to supply and operate a floating production, storage and offloading unit (FPSO) for Apache Energy.

"It signals our entry into the exciting but demanding Australian market,"

Apache also agreed to lease the Armada Claire, a floating production, storage and offloading unit (FPSO), owned by Malaysia's Bumi Armada with production capability of 80,000 barrels of oil.

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Congrats Bumi Armada.

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