Latest news with #FadhliShaari
Focus Malaysia
2 days ago
- Business
- Focus Malaysia
Is it more politically correct for PETRONAS to term its 5k headcount downsizing as 'right-sizing'?
THAT PETRONAS intends to right-size its workforce by laying off by 10% or 5,000 staff and freeze recruitment until end-2026 has earned the wrath of PAS information chief Fadhli Shaari who claimed that the power that be is unperturbed so long as it can continue milking the RM32 bil annual dividend. Moreover, the Pasir Mas MP preferred to reason it from the perspective of the PETRONAS- Petroleum Sarawak Bhd (PETROS) feud although he state-owned oil & gas (O&G) giant's president and group CEO Tengku Tan Sri Muhammad Taufik has attributed the drastic measure to slumping global crude oil prices. 'I've raised this issue many times – in Parliament and outside Parliament. On Nov 13 last year, I asked in the House (Dewan Rakyat) about the direction of negotiations between PETRONAS and PETROS,' recounted Fadhli on his Facebook page. 'Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said replied that national interests would be prioritised. 'I've no problem with PETROS but our question is what will happen to PETRONAS after this? Who will defend the 'mother' of all assets in our country? As it is, PETRONAS and PETROS have been locking horns for more than a year now over the role of gas aggregator in the state. A resolution was supposed to have been reached on July 1, 2024 but the deadline was extended to Oct 1, 2024. Yet almost a year later, a resolution still seems elusive. On this account, Sarawak is challenging PETRONAS' hold over Malaysia's O&G reserves as stated in the Petroleum Development Act (PDA) of 1974 which gives the former control of all of Malaysia's hydrocarbon reserves. This is given Sarawak holds about 60% of Malaysia's gas reserves and accounts for 90% of Malaysia's liquefied natural gas (LNG) exports – attributes that have led the state-controlled PETROS to clamour for the sole aggregator's role. Hefty dividend payout Aside from the PETRONAS-PETROS drag, Fadhli also blamed the government's incessant dependency on PETRONAS dividends despite its falling profits, likening such tendency to 'a stupid and rash act akin to slaughtering the goose that lays the golden eggs'. 'What will happen now? The PETRONAS CEO himself said that if we don't 'rightsize' now, PETRONAS may disappear in 10 years,' wondered the PAS lawmaker who yesterday (June 5) demanded transparency on PETRONAS' operations after the purported sale of its Canadian subsidiary. 'But PMX and the gang are still proud to claim that investors are confident, the economy is strong, everything is supposedly under control. What stability is there if a company as big as PETRONAS has to embark on cost-saving to the extent of laying off its workers?' fumed Fadhli. 'Sadder still, there're thousands of workers to be laid off yet there's no sign of the government's plan to help them – there's no aid package nor re-employment plan. The minister is also silent as if nothing is happening.' Added the former PAS Youth chief: 'Even if this is not a sign of negligence in the management of the country's economy, do we really want to wait until PETRONAS collapses before we regret it? 'It seems that the PMX administration has lost its direction. Take a break first, focus on the Yusuf Rawther lawsuit. The country will be ruined if it continues like this.' – June 6, 2025
Focus Malaysia
2 days ago
- Business
- Focus Malaysia
PAS demands transparency on PETRONAS' operations after purported sale of Canadian subsidiary
'PETRONAS does not belong to Putrajaya; it belongs to the rakyat.' News that the national oil corporation is seeking potential buyers for the sale of its Canadian subsidiary – Progress Energy Resources Corp – has certainly not gone down well with some quarters. On Tuesday (June 3), Bloomberg reported that PETRONAS is exploring options for a full or partial sale for the company. However, PETRONAS has dismissed this report suggesting a potential exit from Canada by reiterating its commitment to long-term investments in the country's energy sector. 'Any reports that claim PETRONAS is leaving Canada are inaccurate,' the global energy outfit with interests across the entire oil and gas (O&G) value chain in over 100 countries pointed out in a brief statement yesterday (June 4). This denial though has not stopped the opposition from demanding answers. PAS Information chief Fadhli Shaari had raised the issue in a Facebook post stating that any proposed sale needed a detailed explanation from the Prime Minister in Parliament. Highlighting that the Canadian company had been bought for US$5.3 bil in 2012, a proposed sale for US$6 bil-IS$7 bil represented scant returns given the duration of the asset's ownership. The Pasir Mas MP also berated Putrajaya for the drop in PETRONAS' nett earnings which he claimed saw a 30% dip last year. Having cancelled the subsidy on liquefied petroleum gas (LPG) and mulling a similar move on RON95 petrol, the PAS lawmaker argued that PETRONAS was not just a corporate entity with an eye on the bottom line but a corporation with national responsibilities. The 44-year-old Fadli believes the scenario is bleak with falling global crude oil prices having contributed towards PETRONAS shedding jobs. He demanded that there be a full report on the investment and returns on Progress Energy as well as a commitment by Putrajaya that PETRONAS will not sell its share in LNG Canada. As it is, PETRONAS is a major equity partner in LNG Canada — the US$40 bil (RM169.7 bil) liquefied natural gas (LNG) facility nearing completion in Kitimat, British Columbia. Above all else, the Perikatan Nasional (PN) MP is also seeking a moratorium on the sale of GLC (government-linked company)-owned assets abroad. Following the exposure on his FB page, there were presumably many pro-opposition netizens who took Fadhli's side on the matter with comments insinuating that the Madani administration was 'impoverishing the nation'. However, there were more than a few dissenting voices. One netizen made the sarcastic observation about the Islamist party's own wastefulness by stating that if PAS were running PETRONAS, there would be decrees on buying luxury cars for its advisers/board members as well as paying them in US dollars. Another commenter reasoned that no matter what the Madani government did with PETRONAS, it would be criticised by the opposition. It's a no-win scenario. While PETRONAS has issued a statement on the matter, it is commendable that the opposition sought clarification. Highlighting check-and-balance topics such as this is certainly preferable to playing up 3R (race, religion and royalty) issues. Who knows if this may even lead to grown-up and civilised discourse online on pertinent issues of national interest. As it is often said, 'hope springs eternal'. – June 5, 2025
