Anarchist foiled again

Pro-Tun Dr. Mahathir Mohamad cyberanarchist Syed Akbar Ali, through his blog Outsyed the Box attempted to demonise another Federal Government entity Petronas with a posting laced with lies and slanders, as part of the strategy to demonise the Malaysian Government.

Outsyed-the-Box blog (in his usual fashion, take it off the air just within hours of posting):

Petronas CEO, Board of Directors Should Just Resign And Go Away

My readers will recall that for years I have been warning against Petronas’ wasteful spending especially in this Pacific Northwest LNG project in Canada.

I have said before that the losses incurred here by Petronas could be more than the amount lost in the 1MDB scandal.
The headlines yesterday have been highlighting Petronas cancelling the US$29 BILLION project in Canada.

Here is their Media Statement in full :

 

Pacific NorthWest LNG Project Is Not Proceeding

Today Pacific NorthWest LNG’s partners announced that the project will not be moving forward.

The decision was made by the project partners following a total review of the project amid changes in market conditions.

For almost five years we have been working with local governments, First Nations, residents and businesses about our proposed project and are very grateful for the support we have received.

Thank you to the communities of Port Edward and Prince Rupert for welcoming Pacific NorthWest LNG and hosting our local outreach offices. In addition, thank you to all the communities in northwestern BC who expressed an interest in the project and took the time to work with us.

We would also like to recognize the time and efforts of all the area First Nations, including the Lax Kwa’laams First Nation, Metlakatla First Nation, Kitsumkalum First Nation, Gitxaala First Nation and Gitga’at First Nation, and all of the other nations residing in the Prince Rupert area who have kindly provided us feedback.

Our team members have been warmly welcomed by the communities. Thank you to the dozens of local businesses who we have had the opportunity to work with in the recent years.

Pacific NorthWest LNG will complete our outstanding business commitments by the end of September. Our Prince Rupert and Port Edward offices are scheduled to be closed effective August 25, 2017.

My comments :  I hope our Opposition MPs will take this up in Parliament. For certainly the BN MPs have neither the brains nor the balls to ask questions about this collosal failure.

1. First of all please tell us (without bullshitting) exactly how big is this project?
Is it US29 BILLION (RM124 BILLION) or US36 BILLION (RM154 BILLION) or how much exactly?
The ketuanan boys already cannot figure out RM50 Billion.
Do you seriously expect them to figure out RM124 BILLION??  I dont think so.
So tell us exactly how big is this project in terms of Ringgit.
2.  And how many billions has Petronas lost so far in this doomed project? RM10 BILLION? RM 20 BILLION? RM50 BILLION? Exactly how much?
Look at that picture above. That tank farm has already been built. There is also a suspension bridge over there. Did Petronas have to build that too?
Didnt Petronas already build the pipeline?
Now all that will go to waste.
So exactly how much has Petronas lost in this fiasco?

3. Petronas crows that they sold equity in this project to foreign partners.  Fine. My question is have those partners paid any real money?  Meaning did they pay in full their portion of the paid up capital, share capital or whatever?
These folks are not  village idiots. In a project this size  there are bound to be ‘subject to’ clauses.   We will meet the cash calls subject to a, b, c, d, e etc.  So can Petronas tell us exactly what transpired.
4.  Finally I think the MACC should get involved in this case straight away.  It is too big a project and it has failed.  Tens of billions if not hundreds of billions of taxpayers funds have been lost. (Petronas is wholly owned by the Malaysian taxpayer).
The MACC  should not wait for the public to make reports before they start investigating.
I have been  commenting about  Petronas’ investments in Canada for a long time because I have been hearing plenty rumours that  plenty crap has been going on.

The fine wine connoiseurs have been flying the wrong cargo.

Super Moron’s muallap guy actually runs Petronas.

This ‘global – glokal’ adventure has become a huge failure

.
Tabung Haji blowing hundreds of millions buying real estate overseas.

MARA blowing tens of millions buying hotels overseas.

Sime Darby losing RM800 Million in Qatar or somewhere.

1MDB losing BILLIONS  “investing” in units entah apa.

Now Petronas losing tens of billions in Canada.

If you want to joli-joli, please do so with your own father’s money.   Pakai duit bapak sendiri lah. Dont burn the taxpayers money.
It is better to use our taxpayer’s money and invest inside our own country.  This way even when you screw up, the money still stays inside Malaysia.

It is also better to use our taxpayers money and use it to learn how to do business inside our own country.    This way even when you screw up, the money still stays inside Malaysia.

In the Sime Darby fiasco in Qatar or somewhere, the local boys did not even understand what is the ‘time value of money’.  Rented equipment was left idle. The kids did not understand what was wrong with that.

Just like many now say there is nothing wrong with the economy.

The Petronas CEO and the BOD should just resign and go away.

Syed Akbar Ali at 5:20:00 PM

*************************

Cowardice blogger Syed, in his usual self throw slanders indiscriminately with the intention, the contentious points high lighted adds to the on-going demonisation strategy.

Mainstream business paper The Malaysian Reserve also raised the same question. However, in the professional manner and not with the intent to make Petronas ‘another damned Government entity’.

The Malaysian Reserve:

Questions remain after Petronas aborts Canada LNG project

Petronas Canada LNG

by MARK RAO and Pic by MUHD AMIN NAHARUL

Petroliam Nasional Bhd’s (Petronas) decision to halt the US$29 billion (RM124.12 billion) liquefied natural gas (LNG) project in British Columbia, Canada, has raised questions on how and when the energy firm will recover its multibillion investments.

Petronas purchased Progress Energy Resources Corp — the operator of the North Montney Joint Venture for the Pacific NorthWest LNG facility — for C$5.2 billion (RM17.79 billion) in 2012.

The state-owned firm had invested hundreds of millions in its hunt for gas in what is the company’s single largest investment abroad.

There are questions on Petronas’ upstream assets in Canada and the impact of the LNG project’s indefinite cancellation.

Petronas had also faced strong objections from the indigenous people, environmentalists and local politicians. Despite the approval for the project, the Canadian authorities had slapped 190 conditions before work could start in September last year, spurring speculation that the energy company may dispose of its stake in the project.

The national energy company is also expected to take financial charges for the Canada LNG project.

At the end of last year, Petronas’ accumulated amortisation and impairment losses for goodwill, exploration expenditure and other intangible assets was RM34.6 billion.

Exploration expenditure accounted for RM12.1 billion of the impairment.

Petronas had cited “extremely challenging environment” for the decision to abandon the Pacific NorthWest LNG project at Port Edward, British Columbia.

“We are disappointed that the extremely challenging environment brought about by the prolonged depressed prices and shifts in the energy industry have led us to this decision,” said executive VP and CEO for upstream Datuk Mohd Anuar Taib.

Petronas said the decision was made after a careful and total review of the project.

“We, along with our North Montney Joint Venture partners, remain committed to developing our significant natural gas assets in Canada and will continue to explore all options as part of our long-term investment strategy moving forward,” Mohd Anuar said.

Pacific NorthWest LNG is majority-owned by Petronas. Japan Petroleum Exploration Co Ltd, Brunei National Petroleum Co, Indian Oil Corp and Sinopec-China Huadian are partners in Pacific NorthWest LNG and its associated natural gas supply.

According to an oil and gas (O&G) analyst, the overall industry is presently not supportive of large-scale LNG projects — including the Petronas-led Pacific NorthWest LNG facility — due to the low gas prices.

“Petronas entered the project with the intention to develop the natural gas field themselves for the Asian export market,” said the analyst, who does not want to be named.

“With substantial decline in prices, the move no longer makes sense.”

The analyst said the return on investment from the project — situated on Lelu Island within the district of Port Edward — is not justifiable at current gas prices.

The O&G prices rout that began in the middle of 2014 had driven many global energy companies to abandon their ambitious exploration plans.

Oversupply also weighed down on LNG prices for the Northeast Asia spot market, performing below US$6 per million British thermal units (BTU) early last month compared to above US$14 per million BTU from July to October in 2014.

Petronas’ Pacific NorthWest LNG project was not the only casualty from the O&G rout.

The Prince Rupert LNG facility — also located in the British Columbia region — was terminated in March this year, while approximately US$23 billion in Canadian energy assets were disposed of by international oil firms in 2017 alone.

“Petronas can sit on their assets. When prices recover and the timing is right, the company can try again,” said the analyst.

********************

In reality, the actual corporate exercise undertaken by Petronas in Canada are far from how their perception has been abused through the social media such as Syed’s blog.

These are the facts of the projects in Canada, obtained through Petronas.

PETRONAS’ business interests in Canada

 

  • PETRONAS pursues its business interest in Canada through its wholly-owned subsidiary Progress Energy Canada Ltd.

 

  • Progress Energy operates the North Montney Joint Venture (NMJV) area in which it owns a 62% equity interest. The remaining 38% interest are owned by Japan Petroleum Export Corporation, IndianOil Corporation, Sinopec-China Huadian and PetroleumBRUNEI.

 

  • Progress Energy also has a 62% equity ownership in the Pacific NorthWest LNG project (PNW LNG), with the remaining 38% stake owned by the same partners mentioned above.

 

  • There are also two related pipeline contracts namely:
    • NOVA Gas Transmission Line (NGTL) that brings gas southward from the NMJV area to the main Canadian gas grid called AECO; and
    • Prince Rupert Gas Transmission (PRGT) pipeline to bring gas westward to the PNW LNG project site from the NGTL connection to the AECO grid.

 

The North Montney Joint Venture

 

  • The NMJV area is approximately 800,000 acres of largely contiguous mineral rights in Canada. This is approximately 3,300 sq km and almost twice the size of Malacca.

 

  • Since 2012, significant investments have been made to prove up reserves and resources in the area.

 

  • Production has increased from around 200 million standard cubic feet per day (mmscfd in 2012 to 540 mmscf/day in 2017. The gas is supplied via pipeline to the domestic market in Canada.

 

  • For the first half of 2017, the venture has generated a revenue of CAD261 million (equivalent of RM861 million).

 

  • To-date, the partners have proven a combined total of 22.3 trillion cubic feet (tcf) of proven resources (from 13.4 tcf previously) in NMJV, making it PERONAS’ second largest resource holding after Malaysia.

 

  • If produced at a similar level to PETRONAS’ production in Peninsular Malaysia of about two billion cubic feet/day, the resource could accord PETRONAS a continuous business presence in Canada for almost 20 years.

 

The Pacific NorthWest LNG project

 

  • Although the North Montney is already producing natural gas for domestic consumption, the proposed PNW LNG project was first conceived in 2012 as another option to accelerate the monetization of the gas resources from the area by producing LNG for the export markets.

 

  • In 2013, TransCanada was appointed by Progress Energy to design, build, own and operate the PRGT, a 900-km long pipeline to deliver natural gas the proposed PNWLNG site. It would have included the construction and operation of a pipeline, three compressor stations and a metering station, with an initial capacity of 2.0 billion cubic feet per day.

 

  • The PNWLNG project was sanctioned by all its shareholders in June 2015, pending approval of the Canadian Environmental Assessment Agency (CEAA) and firming up additional project scope and costs.

 

  • The CEAA approval was received in September 2016 with 190 conditions. These conditions, together with further firming up of project scope and costs, resulted in a significant cost increase to the project.

 

  • At the same time, starting from June 2014, oil prices had started its unprecedentedly prolonged drop (until now and into the foreseeable future), which resulted in drastic structural shifts in the industry and changed market landscape and conditions.

 

  • The shareholders of PNW LNG, after a thorough and lengthy review of the project from all aspects, found that it did not meet its economic threshold and decided in July 2017 to not proceed with the project.

 

  • Concurrently, the contract for the design and construction of the PRGT pipeline with TransCanada was terminated.

 

What’s next for PETRONAS in Canada?

 

  • PETRONAS remains committed to Canada through Progress Energy, which owns by all accounts a world-class resource in North Montney. The subsidiary is now finalizing its strategy for Canada and North America post-PNWLG project cancellation.

 

  • PETRONAS is positioning Progress Energy to be one of the top natural gas exporters in North America, looking at various options to monetise the resources.

 

  • PETRONAS believes that the LNG industry could thrive in British Columbia with the right project at the right time.
  • The development of LNG business requires a long term view of the market, world-class natural gas resources, competitive project cost and supportive market conditions.

**********************

If Syed had done his research properly, another interesting point it is timely for Petronas make a ‘tactical retreat’, considering the North American LNG market.

It is not about withdrawing from Nortn America completely but making the right maneuvres to mitigate any setbacks, especially in projects as large as these and the striking the balance and right formula with many variables and volatility of the commodity and produce.

Natural Resources Magazine dot net story:

Oversupplied North American markets could keep Atlantic Canada’s natural gas reserves stranded

 

What goes up must come down. And vice versa. Yes, prices for the cleanest burning fossil fuel have been depressed for what seems like a long time. Growing production from tight rock basins in the United States and Canada is largely to blame, and the forecasts are predicting prices won’t rebound any time soon. That’s not good news for anyone looking to exploit Atlantic Canada’s natural gas reserves. But the oil and gas industry is a cyclical business. Prices could return to the glory days of the early 2000s sooner than the experts expect.

PRICING POINT

The short-term outlook for natural gas prices is not appetizing for companies who might be tempted to develop Atlantic Canada’s reserves, or reserves anywhere in Canada, according to recent National Energy Board analysis.

Source: Canada-Newfoundland and Labrador Offshore Petroleum Board; Canadian Association of Petroleum Producers Statistical Handbook

 

THE WEST IS THE BEST

Western Canada is Canada’s undisputed king when it comes to natural gas production, contributing well over 90 per cent of the country’s annual output. But how much production is each province or territory actually responsible for? Here is how it looked in October, 2015, the most recent figures the NEB has in the public domain.

Source: National Energy Board

CAUSE AND EFFECT

Of course, low natural gas prices will impact the amount of this fossil fuel that is produced in Canada. In 2005, an average of 17 bcf/d of natural gas was produced in Canada. A lot less will be produced in 2017 if the NEB’s natural gas price projections prove accurate.

Source: Canada-Newfoundland and Labrador Offshore Petroleum Board; Canadian Association of Petroleum Producers Statistical Handbook

 

BIG BROTHER

Oversupplied North American markets will likely keep Atlantic Canada’s natural gas reserves in the ground for some time. Growing production from the United States is the main reason why those markets are awash in gas, as output has skyrocketed stateside since 2005.

Source: U.S. Department of Energy

*******************

It is glaringly clear why Syed by practice takes his blog posting down after three or four hours posting.

There is no one in Petronas, especially high at the executive leadership and/or Board of Directors level go to Canada to “Joli-Joli” monies of the national oil firm, which is a Fortune 500 company and one of the ‘New Seven Sisters’.

This clearly a slander, designed to defame men and women appointed by their experience and merit to become the stewards and run the wealthiest state firm in the region.

It is for the very reason that his slanders are based on lies and manipulated information, meant to defame, demonise and sow hatred against Prime Minister Dato’ Sri Mohd. Najib Tun Razak, his leadership and initiatives and administration.

Syed Akbar Ali is not new at this slander, demonisation and even making seditious statements. Somewhat ten years ago before his blog even existed, he was charged under Sedition Act.

The Sun Daily story:

Bloggers charged with sedition

PETALING JAYA (May 6, 2008): Police today slapped sedition charges on a blogger and an author, setting the stage for sensational trials later in the year.

The two men are Malaysia Today webmaster Raja Petra Raja Kamarudin and businessman and writer Syed Akbar Ali who had allegedly posted seditious remarks on the former’s website. Both pleaded not guilty.

Raja Petra was charged in a sessions court here under Section 4(1)(c) of the Sedition Act 1948 with publishing a seditious article titled “Let’s Send the Altantuya Murderers to Hell” in his blog www.malaysia-today.net on April 25. He allegedly committed the offence in his house, No. 5, Jalan BRP 5/5, Bukit Rahman Putra, Sungai Buloh.

The 58-year-old charismatic blogger caused a stir when he refused to take up judge Nurmala Salim’s bail offer of RM5,000, choosing instead to go to Sungai Buloh prison, until the trial fixed for Oct 6-10.

If found guilty, Raja Petra can be jailed a maximum of three years and/or face a fine of up to RM5,000.

Raja Petra was represented by a six lawyers – Bukit Gelugor MP Karpal Singh, K. Balaguru, PKR’s Selayang MP William Leong, J. Chandra, DAP’s Segambut MP Lim Lip Eng and Jeswinderjit Singh.

His prosecution was a media event at the court, with blogger friends and Pakatan Rakyat politicians supporting him. Among those who turned up were Parti Keadilan Rakyat (PKR) president Datin Seri Dr Wan Azizah Wan Ismail, Ipoh Timur MP Lim Kit Siang and Lembah Pantai MP Nurul Izzah Anwar.

Raja Petra had hours earlier turned up at the Duta Court Complex, where he was told to be by the police. However, after waiting for more than an hour, he received a call on his handphone from the police telling him to go to the PJ sessions court instead.

Raja Petra was vocal in condemning the sedition charge, saying that there was nothing to be worried about.

“I have been asked if this sedition charge is part of a war on bloggers. We bloggers declared war on the government four years ago. So it is not the government who has declared war on us. We want to change the government,” said Raja Petra, who added that he was expecting to be charged.

He was detained under the Internal Security Act in 2001, and released the same year.

His departure to Sungai Buloh prison was met with bloggers shouting “Makkal Sathi”, “Reformasi” and “Suara Petra, Suara Malaysia”.

Raja Petra’s website issued a call for donation of RM1 per person to his legal aid fund. At 6.45pm, RM24,500 had been credited to his CIMB bank account, and the fund had collected an additional US$3,283.61 through a Paypal account. It has been closed since.

Meanwhile, Syed Akbar was charged in a Kuala Lumpur sessions court with publishing seditious remarks in the comment section of an article in the Malaysia Today website.

He allegedly committed the offence in the premises of Zeenath Begum Jewellers Sdn Bhd, No. 2007, Jalan Masjid India, here at 2.59pm on June 5, 2007.

The comment with the heading “It is easy to impress the Malays” was made on an article titled “Malaysia’s Organised Crime Syndicate: All Roads Lead to Putrajaya” published by blogger Raja Petra Raja Kamarudin who maintains the website.

The 48-year-old father of two was charged under the same section.

Syed Akbar, a former banker who now runs a business with his wife on Jalan Masjid India, was represented by counsel Ashok Kandiah, Haris Ibrahim and Malik Imtiaz Sarwar, Bernama reported.

Deputy Public Prosecutor Ishak Yusof, assisted by Hanafiah Zakaria, recommended to the court for him to be allowed bail of RM5,000 but Ashok pleaded for a lower amount.

Judge S. M. Komathy Suppiah set bail at RM3,000 with one surety and fixed June 10 to hear submissions by both parties on a preliminary objection raised by the defence who claimed that the charge was groundless at the start of the proceedings.

Syed Akhbar’s wife posted the bail.

 

*********************

However, it is believed half way through the case the charge was dropped. Then was during Attorney General Tan Sri Abdul Gani Patail’s time.

That is why by conduct and practice, Syed would take his posting off the air a few hours after publishing it for fear of being nabbed again.

ALL his blog postings are laced with lies, slanders, defamation, obnoxious and even seditious words, which would land him in trouble if the authority is quick enough to capture the details of his postings and whip up a proper charge.

Again, this cyber-anarchist is foiled.

*Updated 200pm

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Published in: on July 28, 2017 at 10:00  Leave a Comment  

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