Bad move: squeezing Malaysia’s oil and gas golden goose

My related comment from last week:

https://www.linkedin.com/feed/update/urn:li:activity:6513906920666038272

Back in 2016 I kicked up a huge ruckus behind the scenes online, alerted Malaysian bloggers, and finally got Malaysia government officials to take notice, about Russia in discussions to acquire Petronas assets within Malaysia.

Comments about these discussions by Russian Energy Minister Novak were published in Tass, which is official Russia State media.

Petronas eventually issued a press release, denying everything. That press release denial was eventually removed from the official Petronas Press Release site, but an EU oil website archived a copy before the press release was deleted.

See my comments below for links to the 'Russia in talks to acquire Malaysia Oil & Gas assets' kerfuffle.

Meanwhile, Reuters published this yesterday:
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... Some analysts have also speculated the government could list a small portion of its stake in state energy firm Petronas to generate revenue.

Petronas is the sole manager of Malaysia’s oil and gas reserves. Although some of its subsidiaries are listed on the national stock exchange, Petronas is fully owned by the government. ..."

Muhammad Yusuf Ali
Nicely optimistic thoughts.
Problem though, where exactly has all the money from Petronas profits gone?
Sovereign wealth fund?
Nope.
Gone. Spent by government.

< *crickets* >

Selling off Petronas and ESPECIALLY selling off Malaysia LNG in Bintulu, Sarawak (where ALL of Malaysia's LNG comes from) would see quick cash - and then probably just as quick, a magic trick of all the cash gone, spent by the government, on what exactly, who knows.

Has anyone *really* thought this through?

A Fire Sale of GLC assets would most likely just turn into quick, UNACCOUNTABLE cash that would quietly disappear.

Remember what happened during the last Fire Sale of assets by the government a few years ago? Was the earlier Fire Sale beneficial to the country, or did the cash just quietly disappear in a magic trick?

< poof > gone in a cloud of smoke and mirrors.

Please do have a look at the longer term picture, and not the short-term quick cash.

Yusuf Abdul Rahman
Thanks for your comment.
Agreed, strongly.
Sarawakians, please do take note.

heh heh thanks. You are welcome to attend the Sarawak Oil & Gas Seminar & Exhibition next month in Miri, Sarawak.

I love talking about international Oil & Gas + its intertwined geopolitics. Not for the faint hearted.

Malaysia Oil & Gas has its own local, unique quirks of politics, especially between the oil & gas producing regions and the federal government.

I'm not at all shy about speaking my opinions about O&G, and I'm looking forward to some lively and exuberant discussions about Oil & Gas and LNG and local O&G politics.

I get to kick off the first discussion session, "Commercial Seminar 1" regarding Sarawak Oil & Gas from an international commercial perspective. I doubt it will be boring : )

Thanks Bill, and I look forward to meeting you as well, and chewing the fat about O&G.
Global Oil & Gas is doing just fine so far this year, so its a great time to grab the bull by the horns and enjoy the ride.