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of jaguh kampung & morons July 21, 2008

Posted by youppe in business, finance, politics.
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Petronas

Global 500 Rank: 95
Profits ($millions): $18,118.40
Change from 2006: 40.9%

Profits surged over 40% for Malaysia’s largest company last year. The state-owned gas firm capitalized on the price of crude, selling Malaysian crude oil at $68.50 per barrel during the fiscal year 2007, up 11.2% from the previous year.

The company contributes more than a third to the Malaysian government’s annual budget.

-excerpt taken from Fortune Global 500

—————————————-

yeah. it is a well-known fact that our own Petronas was a Fortune 500 company, but this year marked its first top 100 standing, at no. 95. yeah, ninety-five. a freaking Malaysian company, that. you’ll get dizzy when looking at the long list of sprawling MNCs lying in the wake of proud MCOB Hassan Marican’s superbly managed team, the likes of technology giants Dell (no 106), Microsoft (no 136) and Intel (no 188), top global defense contractor United Technologies (no 123), EADS (besides defense, also parent company for Airbus – no 127) and Lockheed Martin (no 170), car manufacturers Renault (no 119), Mitsubishi (no 130) and Volvo (no 167), and other global behemoths such as Unilever, Pfizer, GlaxoSmithKline, Time Warner, BHP Billiton, Bank of China, Motorola, Coca Cola, News Corp, etc.

but you’ll get dizzier – in fact Anwar Ibrahim did mention briefly about this during the infamous ‘Debat’ – when you take a look at the list of Fortune’s Top 20 Most Profitable Companies In The World.

2008 FORTUNE GLOBAL: 20 MOST PROFITABLE COMPANIES IN THE WORLD

  1. ExxonMobil
  2. Royal Dutch Shell
  3. General Electric
  4. BP
  5. Gazprom
  6. HSBC
  7. Chevron
  8. PETRONAS
  9. Total
  10. JPMorgan
  11. Royal Bank 0f Scotland
  12. Toyota Motors
  13. Bank of America
  14. China National Petroleum Co.
  15. Microsoft
  16. ENI
  17. BHP Billiton
  18. Vodafone
  19. Berkshire Hathaway
  20. Petrobras

oh yeah. at USD 18 billion earnings, Petronas is the 8th most profitable company IN THE WORLD. NUMBER 8, for God’s sake!!!! phew, don’t you get dizzy looking at the giants in the list, and finding Petronas smacked right in the middle? we know all about the independent/international oil supermajors ExxonMobil, Shell, BP, Chevron, France’s Total and Italy’s ENI, while GE needs no introduction. the world’s biggest miner Australia-based BHP Billiton was there, Europe’s biggest bank HSBC and current darling RBS were also there, so were US-based banks JPMorgan and Warren Buffett-controlled Berkshire Hathaway, both remained strong in the current US subprime crisis despite the not-so-fortunate fate of their US rivals and peers. a familiar name to Malaysians were Toyota and Microsoft, and Petronas made more profit than both of them. on queue with the current trend in the oil industry, where the power of international oil supermajors are diminishing and overtaken by up-and-coming national oil corporations (NOC), there were 4 NOCs in the list. only Russian behemoth Gazprom, who is also the largest gas producer in the world, betters Petronas in terms of profits. other NOCs who were raking in the profits are CNPC (parent company of PetroChina) and Brazilian state-owned Petrobras. (i wonder where is Saudi Aramco, the largest oil producer in the world..? or other national oil corporations – especially NIOC (Iran), PDVSA (Venezuela)?)

you can think of any company other than the top 7, and Petronas made more profit than them. name anyone you want, any global conglomerate you can think of, and Petronas made more money than them. true, our oil & gas reserves are tiny compared to Saudi, Iran or Venezuela (countries that give the cheapest fuel prices), but our national oil company made wayyyyyyyyyyy more money. so go figure. comprehend the magnitude. understand what it means.

i have commented before in someone’s blog (i think NoktahItam’s), and Mr Anwar has also stressed the same during the debate (a simple point which was not understood by Shabery)… the problem is not with Petronas. Petronas is world-class, they deserve everything they’ve achieved. it is a corporation with the sole aim of making money out of the riches from our soil. they do that magnificently… being number 8 coming from tiny Malaysia, what more can you ask for? but when they hand over the billions back to their ultimate owner, that’s where the problem lies. what this owner does with the money, is out of Petronas’ responsibilities. whether they make tall skyscrapers, F1 circuits, bailout crony companies, make more schools in rural areas, purchase private jets and new Mercedes for civil servants, subsidize fuel prices to lessen the rakyats’ burden, etc.. it is up to the owner, and not Petronas.

the most ridiculous, moronic suggestion i heard so far this year is ‘Boycott Petronas’. so you want to help filthy rich Western capitalists ExxonMobil, Shell and Chevron (who owns Caltex) make even more money at the expense of our own local giant?

.

.

tu la, fikir guna kepala lutut.

.

(oh, don’t get me started on the IPPs, it’ll be another whole page)

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Comments»

1. NoktahHitam - August 10, 2008

Petronas top class? I’d like to rephrase that.

Top gunners, management, semua top class. I had the audacity to meet many great figures of Petronas (and its subsidaries). But when it comes to it’s ‘balachi-es’, they’re the worst of any kind. What? Being in Petronas makes you noble and smart? I dont think so.

But let’s not deviate from the topic at hand. The magnitude of its profit is almost unbelievable. How unfortunate for us to have a gov whom mismanaged the funds.

Interesting read, http://www.noktahhitam.com/petronas-spells-trouble-or-troubled.html

2. NoktahHitam - August 10, 2008

aku boycott petronas, sebab minyak die tak leh jalan sejauh minyak lain. and since petronas is doing so well, losing a single consumer like me, tak kesah sgt kot.

ps: I think it’s incompatible with my car mod.. could be.

3. youppe - August 11, 2008

dude… i thought i said ‘management’, dont i? yeah i agree, lower down the food chain there’s still a lot to be desired from Petronas’ people. come on bro, u know where i work, i dealt a lot – i mean A LOT – with Petronas people every single day. so i think i know what i’m saying here. haha..

on that thing about the transparency/governance rating, all i can say is… OF COURSE LAH!!! come bro, dont be fooled by some western gibberish. you cant compare transparency between Shell, ExxonMobil with the likes of Petronas/Saudi Aramco/Gazprom. IOCs like Shell, ExxonMobil, BP etc are all PUBLIC-LISTED COMPANIES, and they are listed in more reputable, stricter stock exchanges than KL, so OF COURSE their transparency/governance must be watertight. on the other hand, Petronas/Aramco/NIOC/Gazprom are all state-owned, and not listed. when a ‘government’ owns a company, of course they wont disclose all their dealings, its like disclosing your national accounts for everyone to see. notice most oil companies in the bottom-half of the list are NOC(national oil companies), while all top IOCs are all up there, which is a moot point if you ask me, bcos thats the way it should be!! if PLCs like Shell or BP get low points for transparency/governance then the executives in London/New York stock exchanges must be sleeping!! you get me?

not that i support Petronas not to be transparent, of course i do. but the government has to fully-privatized Petronas in order for us to ask for more transparency, if not then they (the govt) can do whatever they like. (like BP, initially its a UK state-owned oil company, then it became partially privatized before being fully privatized by Margaret Thatcher i think). privatization is another story altogether, which require a lot more writing for me, which i dont intend to do now, haha. hope u understand dude.

you can boycott all you want. but let me tell you, as someone working in the oil industry in Malaysia, that these filthy rich westerners are always a pain in the ass. you can ask around, and most people in the industry will tell you about how arrogant the mat sallehs from Exxon/Shell are. they are here for our god-given resources and yet they act like they own it. ahh dont want to indulge you with all the messy details lah. but am i boycotting local boy Petronas for the benefit of these arrogant, filthy rich westerners?

no way in hell bro.

4. Pakcik Luar Otak - August 16, 2008

Word.

5. youppe - August 18, 2008

uhhh..

Perkataan.

6. NoktahHitam - August 19, 2008

Hahaha. (sorry, Im not supposed to laugh at this).

Bro, my dad was in Exxon. I know how arrogant these people can be. A bunch of mat salleh being transferred here and act like kings.

I think I’ve been listening too much gibberish from Pet people.

There was one complaint from Jed (you know who),’carigali bole buat oil rig, tp website pon tadak! malu..’

7. youppe - August 20, 2008

ahaha jed always a treat aint he, ahaha. i thought it was petronas policy to only have one website for the whole group, barring their listed entities PetDag and PetGas, and companies involved in different business like Putrajaya Holdings?

maybe you’ve been hanging out with the wrong people kot, the type yg always complaint.. hehe. MCOBs in petronas are a bunch of good, competent professionals, have even offered me twice to join them ahahahaha. you should hang out more with them and get more positivity 😀

8. thoyol - August 20, 2008

heh..
defend youppe, jangan tak defend.
wakakaka..

uh, takde kosong ke situ? Haha..

9. youppe - August 20, 2008

aku bukan defend, just giving credit where its due.. tu je. sbb lately there’s a lot of petronas bashing going around, and i think its not fair bcos ramai org yg dont even know what the hell they’re talking about. buat2 tau ramai la. most people on the street dont even have a clue about our oil industry, n some dont even know whats d difference btw petronas and scomi,talisman,sapuracrest,schlumberger etc, ape lagi nk tau psl yg more complicated like PSCs.

ah, slalu byk je kosong kt sane.. tp aku xtaula, tgh enjoy at my current company la haha.. ko la qoyum, bukan ko consultant aku ke??? manpower ade lubang sep2 nih ahahaha

10. NoktahHitam - September 8, 2008

I’ve been offered a carigali job for PM. But I’m not into O&G. Boring and I’m-always-right attitude. (at least boring for me). Passion over money, I’ll chose passion anyday.

Speaking of the website, how is it possible for carigali to have recruit website and not its main business ?


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