3 AUGUST 2017
As if Malaysia does not already have enough financial losses to deal with arising from the 1MDB fiasco, we have recently heard that Petronas is not going ahead with the USD29 bil Pacific NorthWest LNG Project.
The losses incurred by 1MDB were estimated by the Centre to Combat Corruption and Cronyism (C4), to be RM39 bil. The project cost of USD29 is far greater than RM39 bil. The question to be asked here is how much Petronas has lost in the aborted LNG project in Canada.
Why did Petronas make the decision to invest in Canada in the first place without taking into careful consideration all factors including opposition to the project by the indigenous community, environmentalists and local politicians, and the possible change of government together with the stringent conditions placed by the Canadian government.
The money that Petronas so carelessly throws into these overseas projects belongs to the people, and most likely a large part of it comes from Sabah and Sarawak’s resources. There needs to be more accountability from the board of Petronas than the short statement they released last week.
It is shocking and disappointing that news of such a huge failure is taken so lightly, with no questions asked or explanations forthcoming. What has happened is but a symptom of what ails Malaysia – the lack of competency, accountability and transparency. This is why we have been calling for Petronas to be accountable to Parliament instead of to the Prime Minister.
On our part, the Sarawak government must take firm measures to claim our rightful share in our natural resources and achieve meaningful participation in the O&G industry. The losses incurred by bad investment decisions made by those decision makers in the Twin Towers must not be repeated. We urge Petronas to provide full disclosure of the money lost in this project.
Chairman KEADILAN SARAWAK / ADUN N81 BA’ KELALAN