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June 29, 2006
Can We Get Some?
They are making tons of money at Petronas:
Malaysia's national oil and gas company Petronas said Thursday its full-year net profit surged 22.6 percent to a record high, thanks to higher oil prices and increased output.For the year through March, Petroliam Nasional Bhd.'s net profit rose to a record 43.59 billion ringgit (US$12.1 billion; euro9.6 billion), compared with 35.6 billion ringgit a year earlier. [Associated Press via Star Online]
Once Malaysians get wind of Petronas' latest success, it will be that much harder for the Government to increase fuel prices at the pump.
I'm no fan of subsidies, and I'm all for the Government using Petronas money to fund development.
All I ask is that the money be used wisely.
HAVING said that, wouldn't it be nice if some of that profit is given back to the people in the form of a cash payout?
Say RM200 for every citizen?
Wait, I have an even better idea. Why not set aside 10% of profits every year, and put the money in a trust fund for Malaysians?
That would be cool.
Posted by aisehman at June 29, 2006 09:02 PM
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Comments
too late aisehman ... there is a trust fund setup already, its called UMNO?
Posted by: kroni2u at June 29, 2006 09:12 PM
i sokong... trust funds for Malaysians... not just bumiputras
Posted by: Y1 at June 29, 2006 10:47 PM
It begs the questions: what's the trust fund used for and who to administer it?
Invest the way like EPF did? I'm not so sure, I really am..
Posted by: botak at June 30, 2006 02:51 AM
"Wait, I have an even better idea. Why not set aside 10% of profits every year, and put the money in a trust fund for Malaysians?"
Before anyone says that is a bad idea, etc, the Kuwaiti Government actually does that.
Posted by: Hansac at June 30, 2006 07:09 AM
Trust fund...hmmm, who could you trust running the fund? :)
Posted by: auyongtc at June 30, 2006 09:52 AM
Agreed...
Posted by: bzz at June 30, 2006 10:30 AM
I don't know if RM200 can pay for much these days though the poor folks at Bersamamu get approx. that much from JKM or Pusat Zakat to hang on to life. If we're talking say RM15b for double tracking railway line then surely there's some economic sense in that project considering fuel price escalation no matter who the PM is or will be. Why can't the MP debate on the issue of fuel usage/shortage not just in the short term but long term as well? I had a German friend whom I brought to see KLCC at night remarked "Your country much have a lot of energy" seeing the bright lights hanging on the tress and crossing the roads.I told him its for security purposes...Can it be that these elected MPs are so dumb as to not see any practical issues that would benefit the rakyat to debate? Name calling does not impress us lah, budak-budak suka la kot.
Posted by: azlanz at June 30, 2006 10:58 AM
Here is the money making ideal for Petronas. Use the money to build the 2nd Penang bridge (probably cost Petronas RM3 billion) and collect the toll for the next 40 years and you will have the money back together with profits. The current operator is making obscene amount of money in collection of tolls due to the estimated 100K vehicles using the bridge daily.
My 2 sen worth.
Posted by: frankie at June 30, 2006 11:46 AM
Unfortunately, these will not happen in Malaysia. Reporting to only the PM (UMNO)and need not subject to public audit, I believe the profit of Petronas is much higher than what has been reported. A large sum must already have been spent somewhere to bail out certain indivuduals or our famous GLC's. Our top dogs in UMNO will not want to go along with TDM claims that he had not spend all our money during his time in office.
Posted by: ET at June 30, 2006 11:49 AM
well, that really a good idea. I like it.
Posted by: Guruh Roy at June 30, 2006 02:41 PM
And who heads this trust fund? Khairy Jamaludin? Aisehman, I hope you are not giving ideas to Pak Lah's cronies. They already have cash-rich Proton, Halal Fund, transport empire, airline, investment bank.
Petronas pun dia mesti mau nanti.
Posted by: lubokmelayu at June 30, 2006 05:23 PM
Set up an R&D facility for alternative fuel e.g. ethanol extraction from agro-waste. In time to come, this will have synergy with agricultural programs that are currently in the pipeline.
Sort of poetic justice, since the funds originate from Petronas.
Posted by: shar at July 1, 2006 12:07 AM
Alternatively, I think they can benefit the rakyat through promotions and gifts via Petronas' petrol stations.
Come to think of it, I don't quite understand the need for "SUBSIDY" by our government since Petronas is making big money anyway. I believe they can lower their profit by not subjecting us to absorb the increase of oil price too much.
Posted by: AdmiralChengHo at July 1, 2006 03:37 PM
Spend it on schools la. Seriously, most of us in this forum havent seen much of our rural schools. Its beyond words, their condition.
Posted by: kengleong at July 2, 2006 02:37 AM