Wednesday, June 18, 2008

Malaysia's Petronas hits back at mismanagement charges

6 hours ago
KUALA LUMPUR, Malaysia (AFP) — Malaysia's state energy firm Petronas has fought back against allegations of mismanagement and secrecy, saying some of its profits have been used for investment and exploration.
Petronas has faced public wrath since a recent 41 percent petrol price hike, with the opposition demanding it open its accounts and explain how vast revenues from the nation's oil exports have been spent.
The chief minister of Penang state, Lim Guan Eng, this week accused Petronas bosses of "living like kings" and wasting money on sponsorship deals, private jets and luxury cars.
Petronas president Hassan Marican said in a television interview late Tuesday that "the high petrol price is a global problem" and not the fault of the energy giant.
He said Petronas used part of its profits for investment and to develop and explore new oil fields.
"If that is not done, we will not get the revenue in future, and we also have to remember that Petronas has been entrusted by the government and we have to think of the coming generation," he said. Click here for more: Malaysia's Petronas hits back at mismanagement charges AFP