Gospel According to Francis Yeoh: All Must Pay To Enrich The Yeohs

As of yesterday, 17 April 2008 June natural gas was selling at $10.45 per million British thermal units (http://www.oilmarketer.co.uk/2008/04/17/oil-prices-retreat-on-stronger-dollar/)

According to Anil Netto, Petronas sells gas to Tenaga and the independent power producers at 6.40 ringgit ($1.90) per million British thermal units .

Netto has also reported:

Since 1997, out of the 58.2 billion ringgit ($17.2 billion) that Petronas has dished out in gas subsidies, 27.6 billion ringgit or 47 percent has benefited the independent power producers, 21.2 billion ringgit ($6.2 billion) has gone to Tenaga, and small industrial, commercial and residential users received 9.4 billion ($2.8 billion). Independent power producers have thus benefited more from subsidized gas than Tenaga has.

With oil and gas prices now soaring, the government and Petronas are feeling the pinch of higher fuel and gas subsidies. The Malaysian public has incurred a staggering 27.6 billion ringgit ($8.2 billion) through gas subsidies that the national petroleum corporation Petronas has given out over the years to private power producers.

Higher gas prices and higher fuel costs are passed on to Tenaga Nasional Berhad, the state power firm, from hugely profitable, independent power producers, which sell power to Tenaga under lucrative power purchase agreements. Tenaga also generates its own electricity through its network of power plants.

The earliest of these lopsided agreements were signed with well-connected firms in the early 1990s under the administration of then-premier Mahathir Mohamad. They have about eight years left to run.



(Source:MALAYSIA: PRIVATE POWER PRODUCERS PROFIT FROM GAS SUBSIDIES

By Anil Netto ,16 October 2007,Inter Press Service)

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