The RM60-billion oil refinery is meant to cater for China as well as India's market, though PKR warns which such a stratergy can infer to be a dear gamble.
PETALING JAYA: PKR warns which a RM60 billion Petronas Refinery as well as Petrochemical Integrated Development (Rapid) in Pengerang, Johor, competence be a white elephant once it becomes operational in 2016. Party trade as well as investment commercial operation control Wong Chen pronounced this was because a refinery was export-driven as well as largely dependent upon China as well as India's demands.
Quoting Petronas downstream commercial operation vice-president Wan Zulkiflee's statement in Dec 2011, Wong pronounced a state-owned oil house had concurred worry in downstream-related businesses though was confident towards Rapid due to a strong growth in China as well as India.
However, he pronounced bad mercantile sentiments had given emerged in a dual countries, as well as an International Monetary Fund (IMF) inform had cited a probable global mercantile crisis which competence final for 10 years.
In addition, he pronounced China as well as India had also embarked upon their massive oil refineries as well as downstream projects.
"In tougher times, they will regularly favour domestic producers as well as boost utilization of their own downstream facilities.
"In a meantime, Petronas' Rapid will just be a single of several informal players vying to supply these markets," he told a press conference here today.
"If Petronas proceeds with its skeleton for Rapid, come 2016 when it becomes operational, a plan competence infer to be a ! gigantic white elephant," he added.
Relocating to Kerteh
Relocating to Kerteh
The corporate lawyer (photo below) remarkable which a downstream oil business, which included oil refinery as well as value-added industry, had become a tight-margined a single due to mountainous oil prices given 2002.
He questioned because Petronas was betting RM60 billion to deposit in such a zone while vital general oil companies such as Shell as well as Exxon adopted a wait-and-see approach.
"My friendly reminder to all a technocrats at Petronas is this: you are radically custodians of a nation's wealth. Thus, your master is a rakyat as well as not a budding minister. Do not make Rapid a mega plan driven by his political wants," he said.
Should Pakatan Rakyat win a federal care in a next general election, Wong pronounced it competence consider relocating a plan to Kerteh, Terengganu, if it was proven viable.
He pronounced a refinery in Kerteh made more monetary sense as a area, spanning opposite 5,000 acres of land, already housed a Petroleum Industry Complex versed with pier facilities as well as infrastructures.
Wong pronounced Pakatan would also scale down a plan from 300,000 barrels per day (bpd) to 150,000 bpd to ensure tighter capacity to utilisation.
"There is a likelihood this plan can be cancelled altogether due to environmental concerns, though if this is not a case, a least you can do is to magnify a plan analysis timeline, revisit elemental considerations as well as control a full village engagement," he said.
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Courtesy of Bonology.com Politically Incorrect Buzz & Buzz
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