DAP
and Pakatan are traitors to our country and do not want us to compete
with Singapore as a regional petrochemical hub. They even went to Taiwan
to protest at their parliament and eventually the investor scrapped the
RM35 billion investment in Pengerang.
Whereas BN succeeded in signing a RM31 billion investment from Saudi Arabia in Pengerang.
----
Aramco is not buying Petronas as some suggested.
What
Aramco is buying for RM31 billion is 50% in RAPID’s refinery and
cracker projects only - which are just a portion of the massive
Pengerang Intergated Complex.
These projects that Aramco is investing in are not completed yet but should be ready in 2019.
Under
the partnership, Saudi Aramco will supply up to 70% of the crude
feedstock requirements of the RAPID’s refinery, while natural gas, power
and other utilities would be supplied by Petronas.
Such
investments are not unique to Aramco as they have done the same
investments in refineries throughout the world so that they can supply
their crude oil to the refineries.
Petronas also benefits from this assured crude oil supply as Malaysia is not a big crude oil producer.
The Pengerang project has many advantages over our close neighbour down south - especially in terms of land and capacity.
Although
Singapore got its start with the oil facilities left behind by the
massive investments in the Naval base of the British before they left,
it is inexcusable why we had allowed Singapore to be the oil trading and
processing hub of Asia for so many decades even until today - despite
the fact that we produce our own oil and gas while they had none.
Singapore
is dubbed "the undisputed oil hub in Asia", with the country's oil
industry responsible for 5% of its GDP or about RM60 billion per year.
This also allowed Singapore to attract petro-chemical and related industries and manufacturers to locate there.
Instead
of building mega-projects such as crooked bridge or Sepang etc, taking
over Singapore's oil crown should have been Malaysia's number one
priority due to the massive amounts of revenue, profits, jobs and
follow-on industries that follows with it.
With RAPID, this will soon change.
For
time in decades Malaysia will soon be a net exporter of refined oil
products instead of a net importer allowing others to profit at our
expense.
Refining
is actually more profitable when oil prices are low. While there is
greater business for oil storage in times of low oil prices and supply
gluts.
This allows our country and Petronas to be better balanced and more resilient to the ups and downs of oil prices.
Yet another mistake of the past solved.
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