Ada apa dengan Petronas' 'six option holders'?

So'od of Kg Dusun Jun 26, 08 4:36pm

I refer to the letter Who are the six 'option holders' of Petronas?

We are indeed living in interesting times. Rarely a day passes without an expose, bombshell fresh allegations of wrongdoings made towards Petronas.

Today, unfortunately, is not one of those days.

Unlike Dr Kitingan, I do not hold a PhD holder from Harvard. Nor am I lucky enough to be a holder of a general degree in PPE from Oxford, like the one possessed by a newly minted Yang Berhormat from BN.

Despite my lack of tertiary education, I have managed to penetrate through the fortress of secrecy surrounding Petronas, thanks to the wonders of technology called the Internet.

With a few clicks, this is what I have managed to find:

1. Total revenue from the sale of crude oil from April1, 2006 - March 31, 2007 - RM45 billion

2. Total volume of crude oil sold April 1, 2006 - March 31, 2007 - 192.4 million

3. Average total price of crude oil sold April 1, 2006 - March 31, 2007 is RM45 billion divide by 192.4 million = RM234.4 per barrel = US$64.9 per barrel (at exchange rate of US$1 = RM 3.61)
(Source: Petronas media release for the financial year ended March 31, 2007. Petronas' financial year is from April1, 2007 to March 31, 2008)

From this simple analysis, it appears that the price of crude oil sold by Petronas at US$64.9 per barrel is similar if not higher than the price of the other leading crude oils.

For example, during the same period, the average selling price of WTI was US$64.92, Brent US$65.08, Dubai US$60.85 and Opec basket US$60.28.

Perhaps, the only crime that has been committed by Petronas is to sell its crude oil higher than the price sold by the Arab sheikhs - who have been in the business for many more years than Petronas.

This ‘crime’ should be investigated because excessive profiteering is wrong as it contributes to the strengthening of the US-controlled capitalist system.

If indeed wrongdoing and mismanagement has been committed by Petronas, maybe Kitingan could furnish further details of who these ‘six option holders’ are.

It would be interesting to know whether these ‘six option holders’ are connected to any powerful personalities in our country.

Failure by Kitingan to do so would only confirm the fact that his allegations are mere fabrication and gibberish, not unlike the rumoured wedding between Santa Claus and Easter Bunny at Neverland.