Omar Ong is now a member of the Board of Director of Petronas. He was proposed by the Prime Minister and the Board of Directors finally endorsed his appointment as an Independent Director and de facto representative of the PM.
This is done within the jurisdiction of the PM as pointed out by Tengku Razaleigh. Ku Li also said that Directors who protest should have rightly resigned.
This blogger have expressed his suspicion and doubt of Omar Ong on many occasions and even in the not too distance past. Of late, there are those who feel it was wrong and unfounded. Omar Ong is not what many had perceived him to be.
Since the PM has decided, some level of trust on the PM's decision is due. It is expected that this blogger give the PM the benefit of doubt. However, on Omar Ong's part, he must make effort (not just deny and talk) to convince that he is different from those Tingkat 4 rascals.
As Petronas Director, Omar Ong is in the position to address a grave concern on the sectoral plan for the oil and gas industry in Iskandar, Malaysia. This presents an opportunity to change the perception towards him.
Blogger bigdogdotcom had written an impressive analysis of Iskandar and the annexation threat on Johor by Singapore. His analysis was based on the latest The Edge’s Special Report featuring the third series of CLSA report on the Singaporean perspective on the way forward for cross-causeway relationship. Comments in his blog posting highlighted potentially hostile millitary buildup by Singapore. Read his analysis here.
His concern have been the concern of Johoreans since the launch of what was then called South Johor Economic Region (SJER). The annexation was anticipated in a Malay political book put together by former journalist Johari Ismail and published last year.
In the CLSA report, the Singaporean attitude for our oil & gas industry in Iskandar is only aimed at getting a piece of the pie from Petronas and not to bring in mutually beneficial investment. Sembcorp Marine was mentioned as skirting with the idea to invest but has not given any commitment.
Another aspect they are looking is the consolidation of companies which will be explained later in this posting.
The first para of the report on the oil and gas opportunity as they see is below:
The Singaporean are eyeing Petronas contracts for future plans to do deepwater exploration. They estimate the annual Petronas exploration spending at US$1 billion. This exclude the opportunity from multinational companies which currently are required to be given out to local or locally associated companies. Read below:
The oppurtunities from consolidation mentioned above can be described plainly as opportunities for Singaporean companies to gobble up local companies. They have already identified several prospective local companies. Read below:
The "larger" small local companies are targetted too. Read below:
The Singaporean companies have the advantage of financial support from the Singaporean financial market. They will end up controlling the merged entity and at the end, the merged companies will be listed on the Singapore stock exchange. Read below:
This blogger had sufficient years of experiance in the capital and financial market to say that news and special reports emanating from such financial magazines do not appear out of the sky. Usually it is arranged by parties promoting such ideas or 'warming' up the investing community to anticipate a certain plan to be executed.
It is more obvious with The Edge, which have office in Singapore and publish their Singapore version of The Edge. It could be a marketing effort by parties attempting the Singaporeans to invest. The party/ies would definately have past close relationship with The Edge and can be traced.
From this analysis, Omar Ong must ensure the exuberance to bring in Singaporean investment must not overlook the fact that it is Singapore that stands to benefit more than Malaysia. Singapore will get the meat, Malaysia, who owns the oil, will be nourishing bone soup.
Singapore is not bringing in much added value to the Iskandar and Malaysian oil and gas industry, other than competing with local companies for contracts, acquiring local suppliers, contractors, transport companies, and service providers and eventually listing on their stock exchange.
This is unlike the plan put forward by Tengku Razaleigh in a speech he presented in Parliament on September 13, 2006. According to his proposal, Malaysia should be able to harness the capital market of the world in its pursuit to be the leader in all areas in the oil and gas industry in ASEAN. Read here.
If these plan camouflaged as a CLSA Special Report on The Edge is put forward, Malaysia is not going to be that envisioned leader but will be playing second fiddle or even become dependent on Singapore.
For recollection, the Iskandar idea was crystallised and championed by Dato' Dr Vincent Tan and Dato Zaki Zahid of the infamous ‘Tingkat 4’. They were noted for being too open and embraced Singapore in their economic policies to the extent of giving away our advantages.
It shows how shallow, lacking in ambition, and regressive those deemed by some as our so-called bright young men.
Omar Ong can prove he is not in co-hort with the Tingkat 4 destroyer of the nation by redressing this aftermath from their path. As a Petronas Board of Direrctor, he can play the role to stop the Malaysian oil and gas industry from giving away our advantages to Singapore's sel serving interest described in the CLSA Report.
If he is unable to dismantle and at worst, was found to be part of this plan, the suspicion and opinion of himself will remain. And Ethos Consulting and Capital used to be given special coverage by The Edge.
* Updated: 12/11 1:45 am
Thursday, November 12, 2009
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