Tuesday, June 17, 2008

Petronas Bosses "Living Like Kings"

Malaysia Politician: Petronas Bosses "Living Like Kings"
PENANG, Malaysia (AFP)--The chief minister of Malaysia's Penang state has accused the bosses of national energy firm Petronas of "living like kings" while the public is forced to pay higher fuel prices.
Lim Guan Eng, whose Democratic Action Party seized control of the island state, a major technology and manufacturing hub, in March general elections, called on Petronas to reveal all details of its revenues and expenses.

"They should stop behaving like kings who feel they are not accountable to anyone but themselves," he told reporters.

"They have private jets - we want to know how many. They have luxury cars - we want to know how many," he said.

"Petronas must also tell the people how much money it is spending on sponsorship," he said, accusing it of spending millions on supporting orchestras and international events.

Lim dismissed the firm's recent decision to issue a report on its finances, saying it would be too general and only pay lip-service to demands for more accountability.

"It will not throw any light on how their expenses were accounted for," he said.

Lim said Petronas should realize there is growing public anger against it following a recent 41% fuel price hike by the government which has triggered a series of street protests.

The opposition has condemned the price rise, saying that as a net exporter of oil, Malaysia should not have to withdraw fuel subsidies so steeply.

Dow Jones Newswires


Anonymous said...

If Abu Dhabi and other technology giants such as IBM, Intel etc can invest in alternative energy or solar power technology, I don't see why Petronas is not investing in this new technology. Log on to this article for details (http://news.cnet.com/8301-11128_3-9954708-54.html)

Nobody said...

You need far-sighted vision to be able to come to implementations of such genius ideas. Proper management of funds is one thing, being able to see beyond 20 years (when Petronas run out of business)is another. Thanks for the info on Abu Dhabi (apparently they know how to put their money to good use when they know that their oil will run dry one day). I've included the article you mentioned here: