Kota Kinabalu: Petronas needs to be fully transparent and correct the misperception that Sabahans have hardly gained from its operations and revenue.
Parti Keadilan Rakyat (PKR) Vice President, Datuk Dr Jeffrey Kitingan said that in view of the sudden fuel price hike "it is pertinent to raise several issues pertaining to Petronas, which most people are unaware of."
More so in the face of several revelations, such as that oil wells in Sabah will dry up six years from now.
He said in a statement Monday that since Petronas "could go bust in 2018", Sabahans had the right to ask where all the huge amounts of Petronas money had gone to?".
Dr Jeffrey questioned if Petronas was managed so badly that despite it being the nation's biggest money earner, it was now facing the possibility of going bust.
"The main problem is that...the Petronas agreements have been classified secret. Why? What clauses are in the agreement that the people should not know?" he asked.
He said this secrecy also included Petronas' annual report, which is shielded from public scrutiny, making it an organisation without public accountability.
"The other shocking revelation that has came to my knowledge is that 80 per cent of the oil produced by Petronas is not sold directly to the world market but channelled through six 'option holders' who obtain the supply from Petronas at below market prices.
"These option holder agents are the ones reaping the benefits in the oil price hikes. Who are these people? Why are they there in the first place?
Why had such a system been created for Petronas?" he asked.
Dr Jeffrey said he learnt that only 20 per cent of Petronas' supply is sold through direct open bidding.
He claimed that through these arrangements, Petronas was sadly not maximising its revenue and incurred incalculable losses for the nation and for the people.
"The Members of Parliament and the State Government should boldly raise this issue in the Parliament and directly with the Federal Government, respectively for the benefit of Sabah," he said.
He said leaders of the oil producing states should also seek for a review of the oil royalty rate and push for a differentiation of prices and benefits for between oil producing states and non-oil producing states.
"This review is being offered by the alternative government (Pakatan Rakyat), which is committed to giving the oil-producing states at least 20pc oil royalty," he said.
Dr Jeffrey said PKR also demanded that the system of having the six option holders be abolished.
A new system should be created in which the three oil-producing states are in control of the marketing arm of Petronas, to make make Petronas trade directly in the world market with the aim of maximising revenue for the benefit of the nation.
"If the Federal Government truly wants to be responsible and accountable to the people as it claims it wants to be, it can begin to prove its sincerity for excellent governance by looking into the problems with Petronas," he said.
DAILY EXPRESS NEWS
Sabah
10/06/08
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