Who would have thought that 15 years after the Highland Tower tragedy, similar disaster is affecting houses located approximately 1.5 km from the area. 14 bungalows were completely destroyed, killing 4 at the time of this write up.
Who was to be blamed?
You know how Malaysia isn’t that big (with population of about 20 Million thus far) and how everyone is connected to everyone in some way or another. And plus the fact that I have a very big family, so when Bukit Antarabangsa was struck with the landslide, you will find me going all frantic about saving someone who has been forgotten by the rest of the world (well, that was just me being all havoc and stuff).
So my sister’s family got cut off from civilization – no electricity, water or any manmade technological discovery you can never imagine having to live with. And the rest of the world forgot about those in Bukit Utama who was stuck at the top of the hill, as the only entrance out was inaccessible.
My brother, Maie who is staying with them was coming home at about 4 am that day. So when some makcik right by the street franticly tried waving him to stop, he chose to ignore fearing two reasons,
1. The Makcik was trying to get seringgit from him
2. The Makcik hitching a ride to some quiet area, which will later turn out to be a grave and the makcik is actually another creature of the earth. Err spooky.
The whole area was pitch black, and he couldn’t see what the fuss is all about when there were glimpse of ambulance and police car on the street. He stopped, got out of the car and then he saw a family running out of a house and the landslide occurring right in front of his eyes. If he were to be going home a bit earlier and not waste his precious time talking his friends at the mamak, he might even be under those piles of soil and rocks by now. Thank Goodness for that.
I only got to know when Ahmad called me at 730 that morning, so I rushed downstairs and frankly, quite shocked to see Maie enjoying his breakfast with ma and abah. So, it’s old news, and again, I am among the last to know (can even hear Huda and Fiza singing to this tune, flashback… during the time when I was actually the last in our circle to know that Huda is getting married!). And of course, I continued my sleep after.
Woke up at 10 am, and the rest of the day was spent on communicating with Colin and Maie (as the middle person) on the rescue plan. After various engagements with the authority and the neighbors, they boldly decided to GET OUT!
The best thing was, when PM announced that he is coming to the site, everyone stopped the SAR (Search and Rescue) work as they felt obliged to prepare for the arrival of the Yang Berhormat. But the Sultan of Selangor, as always, showed true leadership character. He came unannounced; hence, these people didn’t really have time to prepare the red carpet and the nuisance of making all the necessary ‘preparation’ work. But yeah, different people has different way of showing how mucyh they care la kan.
But anyway, coming back to the Evacuation Plan…
Msis couldn’t really walk with the bad ankle that she has, but she decided to brave the pain and the trail up ahead. I wish she would have just taken the heli, but there were an apparent lack of communication between the authority and the rest of those staying up there, so she decided to go through anyway. I waited for about 1.5 hours, before seeing the family. Gosh, what a relief it is that they are safe. Even Sarah (my two year old nephew) did not seem traumatized by the whole ordeal.
So here we are now after 2 long days, recapping the whole episode and how we wish things like this has not happen. An old Chinese man who were forced to evacuate, mumbled about how they have invested so much into the place, and how things such as this should not have happen. And yes, things like this should not have happen.
Today, there is still SAR continues for one last survivor, a Sri Lankan whom they fear may still remained trapped.
And yes, they have identify a probably cause. An expert even mentioned that this landslide is apparently man-made, as the area has the same geological factors as other parts of Kuala Lumpur, ie soil, rock and there is underground water everywhere. They say that the abandoned project may have been the cause of the landslide, as the site is not completed and there is no maintenance of the site.
Whatever it is, they need to punish the ones whom have caused this mayhem. And the kind of punishment needs to serve as a lesson to all.
Monday, December 08, 2008
Saturday, November 22, 2008
Jawatan Ketua Wanita.. Sila Pilih Untuk Masa Depan Anda Yang Lebih Cerah Dari Mentol Restoran di Taman Melati Ini
So, in the case of Rafidah vs Shahrizat, given the opportunity to vote and determine the future of Wanita, who would you choose?
You have the veteran contender who has served ages in the organisation, losing only once in the Ketua Election only to come back to proclaim what is rightfully hers with Shahrizat on her winning side. Then on the other side of the court you have the cunning lawyer who once said, 'My words is my honour' and all hell break loose when she defy the earlier decision by the Exco and decided to go against the the No 1.
What is wrong waiting another 3 months before being officially declared as Ketua. Some say that its because, no one would have liked the idea of being position as the Acting Head, when you know for a certain that you could have been Head all along. Why wait 3 months before you get the position, when you can do it much earlier. Why the delay? Perhaps she should have think of that before agreeing in the Aug 4 meeting with all the Exco.
That's why Planning is important! (ehem ehem.. Planning Engineer talking. Give way).
When PM made a statement that he will sort things out once he's back from his Uzbek-Turkmen trip, and that the position should not be contested, Shahrizat came out and say, 'Yes, i will contest" a day after. Hmm...
I don't know whether it will be a healthy competition, now that the voters will be split, and if Rafidah wins, she will never give away the position to Shahrizat in June, or any other month! So, she'll train some new more candidates who can take up Shahrizat anytime. In the end, what will happen to Wanita section?
I leave it up to you. Do you think the position should have been contested?
You have the veteran contender who has served ages in the organisation, losing only once in the Ketua Election only to come back to proclaim what is rightfully hers with Shahrizat on her winning side. Then on the other side of the court you have the cunning lawyer who once said, 'My words is my honour' and all hell break loose when she defy the earlier decision by the Exco and decided to go against the the No 1.
What is wrong waiting another 3 months before being officially declared as Ketua. Some say that its because, no one would have liked the idea of being position as the Acting Head, when you know for a certain that you could have been Head all along. Why wait 3 months before you get the position, when you can do it much earlier. Why the delay? Perhaps she should have think of that before agreeing in the Aug 4 meeting with all the Exco.
That's why Planning is important! (ehem ehem.. Planning Engineer talking. Give way).
When PM made a statement that he will sort things out once he's back from his Uzbek-Turkmen trip, and that the position should not be contested, Shahrizat came out and say, 'Yes, i will contest" a day after. Hmm...
I don't know whether it will be a healthy competition, now that the voters will be split, and if Rafidah wins, she will never give away the position to Shahrizat in June, or any other month! So, she'll train some new more candidates who can take up Shahrizat anytime. In the end, what will happen to Wanita section?
I leave it up to you. Do you think the position should have been contested?
Friday, November 21, 2008
Interview PETRONAS: TSH tells it all
This is one of the most interesting interview that TSP has ever given, and the fact that he doesn't give much air for interviews made it more interesting. Thank you Malaysia Today for publishing this.
I read the shorter version of the interview last week, but i was too busy to actually share my thought on this. Then i found the excerpts of the interview.
I read the stupid comments made not just by the public, and after 1 day of careful thinking, i am glad that i didnt post it earlier. I may have over-reacted. Well, who wouldn't feel irritated after reading these painful comments, and realising how you are getting beaten left right up bottom. Women with their EQ difficulties.
I am very much directly involved in the project, where my Kebabangan field is one of the gas field going into SOGT. So of course, it very much affected me.
We develop the gas, we get scold.
We give work to the local, we get scold.
We give business to the government, we get scold.
So we get scold no matter what la.
Geez... i am getting all emo again.
Cheers. Happy reading.
----------------------------------------------------------------------------------------
Controversies have surfaced on the oil and gas development in Sabah, especially with regards to the RM1.6 billion Kimanis-Bintulu gas pipeline project. Certain Sabah politicians are in no mood to share the gas with Sarawak, even though there may be an excess. There have also been questions raised over the role of the state government. There are even voices that since the gas belongs to Sabah and if the state cannot use it right away, it should be kept for future generations. Questions have also been thrown at Petronas on how the oil and gas industry in Sabah will benefit the local people. Petronas president and chief executive officerCEO Tan Sri Mohd Hassan Marican speaks to gives his view and explanation in this exclusive interview with JONISTON BANGKUAI of the New Sunday Times and Sabah-based Daily Express chief editor JAMES SARDA. The following are excerpts of from the interview. are as follows:
Q: There have been numerous questions raised about the oil and gas industries in Sabah, particularly the 500km multi-billion ringgit Kimanis-Bintulu gas pipeline project and the setting up of a petrochemical complex in Sabah. How do you deal with this?
A: We have to put this in perspective. I am only going to deal with facts because I am a technocrat. You have to go back to history. The oil and gas industry in Sabah started many years ago, even before the incorporation of Petronas. But Sabah has small resources and therefore small production. But it has been a producer for a long time. The oil and gas industry in Sabah was based in Labuan and this included the Labuan Crude Oil Terminal, Asian Supply Base and methanol plant. Labuan became a federal territory in 1984. But the development of oil and gas continued. The first methanol plant was developed by the Sabah Gas Industries which was bailed out by Petronas in 1992. Even though Labuan became a federal territory, Sabah continued to enjoy royalty from the production of oil and gas offshore Sabah. In the last six years, there have been discoveries of oil and gas, particularly in the deepwaters off Sabah. The first major development of this new discovery of oil is Kikeh which came into production in August last year. With that production, Sabah's royalty value went up. The reserves of gas offshore Sabah are small, about 10 trillion cubic feet, and they are scattered in reservoirs that are not very large. This is different from the reservoirs in Sarawak and Peninsular Malaysia which contain huge reserves. Because they are small and scattered, the viability of developing the oil and gas is quite limited until such time when we discover sufficient volume to develop. So what we came up with is this: The development of offshore Sabah gas is going to be undertaken in two clusters -- the northern and southern clusters. What the clusters mean is that there will be a central facility which will gather the gas from various reservoirs and it will be brought to Sabah. So you have two big pipelines coming in from the north and south. And they will end up in Kimanis at the Sabah Oil and Gas Terminal (SOGT). That is for gas. The future development of oil that has been discovered, starting with the Gumusut development, which is ultra deep, will also be landed in Kimanis. There will be crude oil tanks with a capacity for three billion barrels and the oil will be exported from there. Hence, the combined Kimanis facility will be called the SOGT. It took us 30 years to develop Bintulu which is today one of the single largest liquefied natural gas (LNG) complexes in the world. It has taken us 35 years to develop Kerteh. In order for gas to be developed, there has to be a base load to make it commercially viable. In the case of Peninsular Malaysia, the base load was provided by the export to Singapore. Only when you have this base load can downstream gas industries proceed. We are bringing gas from offshore Sabah to onshore Sabah. A portion of it, as we design this, will be piped to Bintulu. That gives us the base to provide the economic viability to develop the gas offshore Sabah. Bear in mind that the gas reserves are not all Petronas' but they also belong to production-sharing contractors who would only develop it if there is economic return.
Q: When did discussion with the Sabah government on the petrochemical plant begin?
A: The first discussion was in 2006 when the whole concept was deliberated. At that discussion, we (Petronas) said we will embark on a masterplan for downstream gas industries which would include petrochemicals. In fact, we conducted a joint feasibility study with Yayasan Sabah for a world-scale fertiliser plant or urea plant. But it was not commercially viable because the cost of construction was very high. We have not given up and we will revisit the proposed project when the cost and market environment changes. In the meantime, we are in the process of completing the integrated petrochemical masterplan which will then be presented to the state government when it is ready. To have a downstream integrated petrochemical complex also requires a lot of other things such as infrastructure -- meaning not only roads but also marine facilities and water. For example, in Kerteh, we use 30 million gallons of water every day. We also need power and human resources. All these need to be taken into account if we are going to attract world-class companies. This is a global business. We need to attract and bring in the "big boys" as partners. We have not been keeping quiet. We have held discussions with key petrochemical companies and identified potential sites. We have been very quiet about this because we don't want any speculation, especially where land is concerned. We are in a competitive global business environment. If you make an announcement prematurely about what project you want to embark on, you will be alerting the competitors who can then be ahead of you. The industry is such that you cannot build little plants here and there. It is not viable. That is why all the facilities we have built are of world-scale capacities.
Q: Can you elaborate on what the SOGT entails?
A: As part of the development of the SOGT, the immediate thing that has happened is the joint venture between the state government and Wah Seong Corp Bhd which is a listed company operating pipe welding and coating plant in KKIP (Kota Kinabalu Industrial Park) which employs 250 Sabahans. The plant is not built just for the SOGT but also for other projects in Malaysia and outside Malaysia. We are also training close to 500 Sabahans in various skills and not just for this development. But again, the expectation of the oil and gas industry as a large provider of jobs is also not correct. It is a highly skilled, highly technical job with few vacancies. But the spillover effect for small-and medium-size industries to provide services is huge. We have been in communication with the state government to encourage Sabahans in this. What is important is that this is a long-term industry and we have to look at the success of the Sarawak service providers because they have been very focused. They have been able to look at the long-term to the extent that they have been able to export their services. If the expectation is for all this to happen overnight, it is wrong. Another key consideration is when we talk about having a gas-based industry, any investor who wants to invest in a petrochemical facility will want to see the sustainability of production and reserves for at least 20 years. You do not invest billions of dollars and find that there is no gas after six or seven years. As the gas owner, you have to give that commitment that you will be able to provide the resource for at least 20 years.
Q: How long will Sabah be able to produce gas?
A: The offshore Sabah resources compared with Sarawak and the peninsula is very small. Sarawak's gas reserve is 45 trillion cubic feet and in the peninsula, it is about 39 trillion. Sabah has about 10 trillion to 12 trillion, if you include associated gas, and it is scattered and in small reservoirs making it expensive to develop. The important thing is developing the gas the way we have conceptualised and planned to help maximise value to the state government because the state will receive royalty from the gas production.
Q: Is the setting up of the proposed petrochemical plant in Sabah something new?
A: It has been ongoing and the methanol plant in Labuan is also a petrochemical plant. Many competent and capable Sabahans are actually located in Labuan where they are the service providers. The chief minister (Datuk Seri Musa Aman) and some state officials visited Kerteh in 2006 to see the operation there.
Q: Some Sabah leaders want a gas plant to be set up in the state, instead of spending RM1.6 billion to build the gas pipeline to Bintulu.
A: The proposal was considered but it was not viable because we cannot sustain it for 30 years. In the end, if you look at it in the national context, we will be wasting resources because we already have a complex in Bintulu. The reason we are sending the gas to Bintulu is because of the base. The cost of an LNG plant today is about US$1,200 (RM4,224) per tonne. The third plant in Bintulu which was completed in 2002 cost US$200 a tonne.
Q: Does this mean that the only option is to send the gas to Bintulu?
A: Yes, but we will still pay Sabah the royalty. We don't plan to take everything to Bintulu. We keep a certain amount to support the downstream gas industry in Sabah. This will provide the base to develop the resources.
Q: When do you expect the masterplan on the proposed petrochemical complex in Sabah and the urea plant to be completed?
A: By early next year we will be able to complete the petrochemical masterplan. As for now, the urea plant is out because the cost is too high.
Q: What about the proposed gas-powered plant that is to be built in Sabah?
A: Petronas Gas Bhd has already entered into a joint venture with Yayasan Sabah for a 300 megawatt combined cycle power plant in Kimanis. It should be fully on stream in early 2011, which is when the gas is expected to land. We have a joint committee chaired by the state secretary to oversee this.
Q: The public has the impression that the state government had not been playing an active or participatory role in the project.
A: Like I said, you cannot make a premature announcement on a project like this.
Q: What is the overall investment required for the petrochemical complex in Sabah?
A: Kertih's was RM70 billion. As for Sabah, developing the two gas clusters and the Gumusut field has already exceeded RM10 billion. Gumusut, which is being developed by Petronas, Shell Production Sharing Contractors and Conoco, is expected to start producing in 2011. We are working with the various training institutions in Sabah to train Sabahans.
Q: Some Sabah politicians are saying the gas belongs to Sabah and as such it must benefit the state.
A: I think this is a national resource. You cannot look at it in a parochial way. The focus should be on all the supporting industries. We have explained to the trade and business chambers in Sabah on many occasions that there will be many opportunities for them. When we talk of certain packages of contracts, we restrict it to Sabah contractors. For example, the site preparation work for the SOGT in Kimanis involves two Sabah Bumiputera contractors and the value of the contract is RM100 million. One consortium gets RM60 million and the other RM40 million. The first consortium is led by Montis and the other is Ribuan Gaya. The supply and coating of pipes is worth RM400 million, and it is a 60 per cent joint venture with the state government. The company is Petropaip Sabah Sdn Bhd.
Q: Minister in the Prime Minister's Department Tan Sri Bernard Dompok had said that he was disappointed that the state government was not supporting his objection to the pipeline on grounds that the gas was most needed in Sabah. What is your view on this?
A: To be fair to the state, they know more about what had transpired. But we did not want to have a premature announcement. We are only a small reserve holder compared with Iran, Saudi Arabia and Qatar. If we make too much noise, what happens if the Saudis say they want to do the plant first? You are in competition as a resource holder to attract the right investor to come into a joint venture with you. The competition from Indonesia, Thailand and Singapore that I went through to get Dow and BASF to come to Kertih and Kuantan was tremendous. We were on the same flight to New York with the chairman of EDB (Economic Development Board of Singapore) and we were going to see the same investor.
Q: Are you saying it is unfair for certain quarters to say the state government was hardly involved in the project?
A: What I can say is that they have been fully involved since 2006 when we presented and discussed the concept with them. Like I said, I am not a politician but a technocrat. I can give you facts, the history and how we've done it.
Q: Is it fair to say then that in the case of the state government, the chief minister was aggressively involved in the petrochemical plant project, contrary to the perception that has been created?
A: Yes. I think it is fair comment. And also together with him we even discussed this with the national leaders, both the prime minister and his deputy since 2006.
Q: In the Sabah Development Corridor (SDC), one of the core focus is the development of an oil and gas industry in Sabah. Can you elaborate?
A: That is how it got lifted and included as part of the corridor's development. Not the other way around. Even before 1995, when we landed gas in Kg Gayang (Tuaran), for many years nobody used the gas. The independent power producer only used 20 per cent of the capacity that we landed.
Q: Sabah is facing an energy shortage and following the proposal to build a coal-fired power plant in the east coast, there is talk of using gas to produce electricity.
A: This (gas-powered electricity plant) is in our discussions with Tenaga Nasional. You cannot just land (the gas) here, there and everywhere. We are continuously discussing with Tenaga Nasional their requirements. I have always believed that Borneo should have its own power grid instead of having small power plants here and there. It makes economic sense.
Q: The published cost for the gas pipeline is RM1.6 billion but some politicians in Sabah think it will be RM3 billion.
A: The EPCC (Engineering, Procurement, Construction and Commissioning) cost of the gas pipeline is RM1.6 billion. One of the members of the consortium is a Yayasan Sabah company, Petrosab. The others are India-based Punj Lloyd and Dialog E&C Sdn Bhd.
Q: Although you have outlined the reasons, the lingering feeling will still be why not a LNG plant in Sabah?
A: The Kertih plant was not cheap because you are talking about reactors. An urea plant today will cost a fortune. And all these products have a global market and the price will be determined accordingly. So when you do a feasibility study you are not only doing the technical feasibility study but also looking at the market, the future price.
Q: It is left to Sabah then to get a better deal in some other way, perhaps higher royalty?
A: That is not for me to comment.
Q: Another grouse of Sabah leaders is that Petronas has hundreds of subsidiaries and yet Sabahans are not benefiting in the form of directorships, etc.
A: Sabahans have got quite a number of our scholarships. And all these training is funded by us.
- nst
I read the shorter version of the interview last week, but i was too busy to actually share my thought on this. Then i found the excerpts of the interview.
I read the stupid comments made not just by the public, and after 1 day of careful thinking, i am glad that i didnt post it earlier. I may have over-reacted. Well, who wouldn't feel irritated after reading these painful comments, and realising how you are getting beaten left right up bottom. Women with their EQ difficulties.
I am very much directly involved in the project, where my Kebabangan field is one of the gas field going into SOGT. So of course, it very much affected me.
We develop the gas, we get scold.
We give work to the local, we get scold.
We give business to the government, we get scold.
So we get scold no matter what la.
Geez... i am getting all emo again.
Cheers. Happy reading.
----------------------------------------------------------------------------------------
Controversies have surfaced on the oil and gas development in Sabah, especially with regards to the RM1.6 billion Kimanis-Bintulu gas pipeline project. Certain Sabah politicians are in no mood to share the gas with Sarawak, even though there may be an excess. There have also been questions raised over the role of the state government. There are even voices that since the gas belongs to Sabah and if the state cannot use it right away, it should be kept for future generations. Questions have also been thrown at Petronas on how the oil and gas industry in Sabah will benefit the local people. Petronas president and chief executive officerCEO Tan Sri Mohd Hassan Marican speaks to gives his view and explanation in this exclusive interview with JONISTON BANGKUAI of the New Sunday Times and Sabah-based Daily Express chief editor JAMES SARDA. The following are excerpts of from the interview. are as follows:
Q: There have been numerous questions raised about the oil and gas industries in Sabah, particularly the 500km multi-billion ringgit Kimanis-Bintulu gas pipeline project and the setting up of a petrochemical complex in Sabah. How do you deal with this?
A: We have to put this in perspective. I am only going to deal with facts because I am a technocrat. You have to go back to history. The oil and gas industry in Sabah started many years ago, even before the incorporation of Petronas. But Sabah has small resources and therefore small production. But it has been a producer for a long time. The oil and gas industry in Sabah was based in Labuan and this included the Labuan Crude Oil Terminal, Asian Supply Base and methanol plant. Labuan became a federal territory in 1984. But the development of oil and gas continued. The first methanol plant was developed by the Sabah Gas Industries which was bailed out by Petronas in 1992. Even though Labuan became a federal territory, Sabah continued to enjoy royalty from the production of oil and gas offshore Sabah. In the last six years, there have been discoveries of oil and gas, particularly in the deepwaters off Sabah. The first major development of this new discovery of oil is Kikeh which came into production in August last year. With that production, Sabah's royalty value went up. The reserves of gas offshore Sabah are small, about 10 trillion cubic feet, and they are scattered in reservoirs that are not very large. This is different from the reservoirs in Sarawak and Peninsular Malaysia which contain huge reserves. Because they are small and scattered, the viability of developing the oil and gas is quite limited until such time when we discover sufficient volume to develop. So what we came up with is this: The development of offshore Sabah gas is going to be undertaken in two clusters -- the northern and southern clusters. What the clusters mean is that there will be a central facility which will gather the gas from various reservoirs and it will be brought to Sabah. So you have two big pipelines coming in from the north and south. And they will end up in Kimanis at the Sabah Oil and Gas Terminal (SOGT). That is for gas. The future development of oil that has been discovered, starting with the Gumusut development, which is ultra deep, will also be landed in Kimanis. There will be crude oil tanks with a capacity for three billion barrels and the oil will be exported from there. Hence, the combined Kimanis facility will be called the SOGT. It took us 30 years to develop Bintulu which is today one of the single largest liquefied natural gas (LNG) complexes in the world. It has taken us 35 years to develop Kerteh. In order for gas to be developed, there has to be a base load to make it commercially viable. In the case of Peninsular Malaysia, the base load was provided by the export to Singapore. Only when you have this base load can downstream gas industries proceed. We are bringing gas from offshore Sabah to onshore Sabah. A portion of it, as we design this, will be piped to Bintulu. That gives us the base to provide the economic viability to develop the gas offshore Sabah. Bear in mind that the gas reserves are not all Petronas' but they also belong to production-sharing contractors who would only develop it if there is economic return.
Q: When did discussion with the Sabah government on the petrochemical plant begin?
A: The first discussion was in 2006 when the whole concept was deliberated. At that discussion, we (Petronas) said we will embark on a masterplan for downstream gas industries which would include petrochemicals. In fact, we conducted a joint feasibility study with Yayasan Sabah for a world-scale fertiliser plant or urea plant. But it was not commercially viable because the cost of construction was very high. We have not given up and we will revisit the proposed project when the cost and market environment changes. In the meantime, we are in the process of completing the integrated petrochemical masterplan which will then be presented to the state government when it is ready. To have a downstream integrated petrochemical complex also requires a lot of other things such as infrastructure -- meaning not only roads but also marine facilities and water. For example, in Kerteh, we use 30 million gallons of water every day. We also need power and human resources. All these need to be taken into account if we are going to attract world-class companies. This is a global business. We need to attract and bring in the "big boys" as partners. We have not been keeping quiet. We have held discussions with key petrochemical companies and identified potential sites. We have been very quiet about this because we don't want any speculation, especially where land is concerned. We are in a competitive global business environment. If you make an announcement prematurely about what project you want to embark on, you will be alerting the competitors who can then be ahead of you. The industry is such that you cannot build little plants here and there. It is not viable. That is why all the facilities we have built are of world-scale capacities.
Q: Can you elaborate on what the SOGT entails?
A: As part of the development of the SOGT, the immediate thing that has happened is the joint venture between the state government and Wah Seong Corp Bhd which is a listed company operating pipe welding and coating plant in KKIP (Kota Kinabalu Industrial Park) which employs 250 Sabahans. The plant is not built just for the SOGT but also for other projects in Malaysia and outside Malaysia. We are also training close to 500 Sabahans in various skills and not just for this development. But again, the expectation of the oil and gas industry as a large provider of jobs is also not correct. It is a highly skilled, highly technical job with few vacancies. But the spillover effect for small-and medium-size industries to provide services is huge. We have been in communication with the state government to encourage Sabahans in this. What is important is that this is a long-term industry and we have to look at the success of the Sarawak service providers because they have been very focused. They have been able to look at the long-term to the extent that they have been able to export their services. If the expectation is for all this to happen overnight, it is wrong. Another key consideration is when we talk about having a gas-based industry, any investor who wants to invest in a petrochemical facility will want to see the sustainability of production and reserves for at least 20 years. You do not invest billions of dollars and find that there is no gas after six or seven years. As the gas owner, you have to give that commitment that you will be able to provide the resource for at least 20 years.
Q: How long will Sabah be able to produce gas?
A: The offshore Sabah resources compared with Sarawak and the peninsula is very small. Sarawak's gas reserve is 45 trillion cubic feet and in the peninsula, it is about 39 trillion. Sabah has about 10 trillion to 12 trillion, if you include associated gas, and it is scattered and in small reservoirs making it expensive to develop. The important thing is developing the gas the way we have conceptualised and planned to help maximise value to the state government because the state will receive royalty from the gas production.
Q: Is the setting up of the proposed petrochemical plant in Sabah something new?
A: It has been ongoing and the methanol plant in Labuan is also a petrochemical plant. Many competent and capable Sabahans are actually located in Labuan where they are the service providers. The chief minister (Datuk Seri Musa Aman) and some state officials visited Kerteh in 2006 to see the operation there.
Q: Some Sabah leaders want a gas plant to be set up in the state, instead of spending RM1.6 billion to build the gas pipeline to Bintulu.
A: The proposal was considered but it was not viable because we cannot sustain it for 30 years. In the end, if you look at it in the national context, we will be wasting resources because we already have a complex in Bintulu. The reason we are sending the gas to Bintulu is because of the base. The cost of an LNG plant today is about US$1,200 (RM4,224) per tonne. The third plant in Bintulu which was completed in 2002 cost US$200 a tonne.
Q: Does this mean that the only option is to send the gas to Bintulu?
A: Yes, but we will still pay Sabah the royalty. We don't plan to take everything to Bintulu. We keep a certain amount to support the downstream gas industry in Sabah. This will provide the base to develop the resources.
Q: When do you expect the masterplan on the proposed petrochemical complex in Sabah and the urea plant to be completed?
A: By early next year we will be able to complete the petrochemical masterplan. As for now, the urea plant is out because the cost is too high.
Q: What about the proposed gas-powered plant that is to be built in Sabah?
A: Petronas Gas Bhd has already entered into a joint venture with Yayasan Sabah for a 300 megawatt combined cycle power plant in Kimanis. It should be fully on stream in early 2011, which is when the gas is expected to land. We have a joint committee chaired by the state secretary to oversee this.
Q: The public has the impression that the state government had not been playing an active or participatory role in the project.
A: Like I said, you cannot make a premature announcement on a project like this.
Q: What is the overall investment required for the petrochemical complex in Sabah?
A: Kertih's was RM70 billion. As for Sabah, developing the two gas clusters and the Gumusut field has already exceeded RM10 billion. Gumusut, which is being developed by Petronas, Shell Production Sharing Contractors and Conoco, is expected to start producing in 2011. We are working with the various training institutions in Sabah to train Sabahans.
Q: Some Sabah politicians are saying the gas belongs to Sabah and as such it must benefit the state.
A: I think this is a national resource. You cannot look at it in a parochial way. The focus should be on all the supporting industries. We have explained to the trade and business chambers in Sabah on many occasions that there will be many opportunities for them. When we talk of certain packages of contracts, we restrict it to Sabah contractors. For example, the site preparation work for the SOGT in Kimanis involves two Sabah Bumiputera contractors and the value of the contract is RM100 million. One consortium gets RM60 million and the other RM40 million. The first consortium is led by Montis and the other is Ribuan Gaya. The supply and coating of pipes is worth RM400 million, and it is a 60 per cent joint venture with the state government. The company is Petropaip Sabah Sdn Bhd.
Q: Minister in the Prime Minister's Department Tan Sri Bernard Dompok had said that he was disappointed that the state government was not supporting his objection to the pipeline on grounds that the gas was most needed in Sabah. What is your view on this?
A: To be fair to the state, they know more about what had transpired. But we did not want to have a premature announcement. We are only a small reserve holder compared with Iran, Saudi Arabia and Qatar. If we make too much noise, what happens if the Saudis say they want to do the plant first? You are in competition as a resource holder to attract the right investor to come into a joint venture with you. The competition from Indonesia, Thailand and Singapore that I went through to get Dow and BASF to come to Kertih and Kuantan was tremendous. We were on the same flight to New York with the chairman of EDB (Economic Development Board of Singapore) and we were going to see the same investor.
Q: Are you saying it is unfair for certain quarters to say the state government was hardly involved in the project?
A: What I can say is that they have been fully involved since 2006 when we presented and discussed the concept with them. Like I said, I am not a politician but a technocrat. I can give you facts, the history and how we've done it.
Q: Is it fair to say then that in the case of the state government, the chief minister was aggressively involved in the petrochemical plant project, contrary to the perception that has been created?
A: Yes. I think it is fair comment. And also together with him we even discussed this with the national leaders, both the prime minister and his deputy since 2006.
Q: In the Sabah Development Corridor (SDC), one of the core focus is the development of an oil and gas industry in Sabah. Can you elaborate?
A: That is how it got lifted and included as part of the corridor's development. Not the other way around. Even before 1995, when we landed gas in Kg Gayang (Tuaran), for many years nobody used the gas. The independent power producer only used 20 per cent of the capacity that we landed.
Q: Sabah is facing an energy shortage and following the proposal to build a coal-fired power plant in the east coast, there is talk of using gas to produce electricity.
A: This (gas-powered electricity plant) is in our discussions with Tenaga Nasional. You cannot just land (the gas) here, there and everywhere. We are continuously discussing with Tenaga Nasional their requirements. I have always believed that Borneo should have its own power grid instead of having small power plants here and there. It makes economic sense.
Q: The published cost for the gas pipeline is RM1.6 billion but some politicians in Sabah think it will be RM3 billion.
A: The EPCC (Engineering, Procurement, Construction and Commissioning) cost of the gas pipeline is RM1.6 billion. One of the members of the consortium is a Yayasan Sabah company, Petrosab. The others are India-based Punj Lloyd and Dialog E&C Sdn Bhd.
Q: Although you have outlined the reasons, the lingering feeling will still be why not a LNG plant in Sabah?
A: The Kertih plant was not cheap because you are talking about reactors. An urea plant today will cost a fortune. And all these products have a global market and the price will be determined accordingly. So when you do a feasibility study you are not only doing the technical feasibility study but also looking at the market, the future price.
Q: It is left to Sabah then to get a better deal in some other way, perhaps higher royalty?
A: That is not for me to comment.
Q: Another grouse of Sabah leaders is that Petronas has hundreds of subsidiaries and yet Sabahans are not benefiting in the form of directorships, etc.
A: Sabahans have got quite a number of our scholarships. And all these training is funded by us.
- nst
Saturday, October 11, 2008
Toastmaster - Hidup Mesti Terima Kegagalan
Sometimes in life you just have to learn to accept the fact that life does not always treat you fair, and learn to handle resentment as ethical as you can. Sometimes you must not take things too personal and accept what fate has chosen for you.
I was furious at the fact that I lost, cause I thought I had it pretty much bagged and ready to go. Luckily I didn't show the sign of pure bliss of confidence, else, I would have stormed out of the room deniably claiming my ‘lost’.
Ok, so there I was rewinding the moment, rethinking about . What did i do wrong? How could I have been ONLY second best?
Everyone congratulated me on a speech well done, and some said that I should have won. I gave a fake smile and gave the humble answer where I don’t think I was not good enough to begin with. Secretly I knew I was not making sense. If only you were there, you could see that I have moved leaped from my early un-confident speech. I have transformed myself. It was shaky at the beginning, but I went off marvelously once I have gained my confidence.
I spent that night on the bed, playing my speech on my head over and over again and comparing mine to the guy who won. I keep thinking about why life has been unfair to me, that the contest was not just about who’s the best. Somehow he appeals more, I guess. It’s not about who has the best English or the best content, it’s maybe about who warms up more to you even before the contest begin? Who has a more catchy opening? It’s all starting to make some sense.
This is what happened during the recent Area Humor & Evaluation Contest for toastmasters, and yes, I won 2nd place. I need regain my momentum and fight back to win the Divisional level. I just need to be better for myself, and everyone else.
Don’t worry. I’m just being a tad dramatic here, one like period, which I do have every now and then. Wish me luck for the next one.
I was furious at the fact that I lost, cause I thought I had it pretty much bagged and ready to go. Luckily I didn't show the sign of pure bliss of confidence, else, I would have stormed out of the room deniably claiming my ‘lost’.
Ok, so there I was rewinding the moment, rethinking about . What did i do wrong? How could I have been ONLY second best?
Everyone congratulated me on a speech well done, and some said that I should have won. I gave a fake smile and gave the humble answer where I don’t think I was not good enough to begin with. Secretly I knew I was not making sense. If only you were there, you could see that I have moved leaped from my early un-confident speech. I have transformed myself. It was shaky at the beginning, but I went off marvelously once I have gained my confidence.
I spent that night on the bed, playing my speech on my head over and over again and comparing mine to the guy who won. I keep thinking about why life has been unfair to me, that the contest was not just about who’s the best. Somehow he appeals more, I guess. It’s not about who has the best English or the best content, it’s maybe about who warms up more to you even before the contest begin? Who has a more catchy opening? It’s all starting to make some sense.
This is what happened during the recent Area Humor & Evaluation Contest for toastmasters, and yes, I won 2nd place. I need regain my momentum and fight back to win the Divisional level. I just need to be better for myself, and everyone else.
Don’t worry. I’m just being a tad dramatic here, one like period, which I do have every now and then. Wish me luck for the next one.
Sunday, October 05, 2008
THE 'KITE RUNNER's' 'INFIDELITY CHAIN' made 'EAGLE EYE' 'PUNGGOK RINDUKAN BULAN' 'KAMI'
So, how do you spend a week-long holiday entrapped in the big city – Kuala Lumpur?
Various ways: lepak2 with your boyfriend (check), finish up on those novels which you bought but have not read (check check), watch movies (check check check).
I do have to admit that my Raya was not as glamorous. Wore the new baju kurung on the first day, and that was Raya for me. Wait, I wore the other new baju kurung for a wedding on Saturday night, so I do have another 2 unworn .. opsie.. yeah, I lavishly went on a major shopping spree for 4 baju kurung this year.
So, the two books I read:
THE INFIDELITY CHAIN – a lot of raunchy acts, plots that were quite interesting, good
ending. Not a Must-Have-Book, but definitely the one that kills your boredom on Second Day of Raya
KITE RUNNER – Excellent! A story about family, friendship, war and terror. Finally a book so moving that you’re taken away by the story. A book that made me feels thankful for the tranquility that I enjoy in this country
And the three movies I watched:
EAGLE EYE – Disappointing. Not the Spielberg make that you would expect. A rip off from some other futuristic movie
PUNGGOK RINDUKAN BULAN – I can’t believe Amir Muhammad even had anything to do with it. I lost the story line not even mid-way. And apparently, there were only 3 of us who sat in the big cinema watching the show. I guess everyone else knows better. And here I thought that I am artsy enough to follow this show till the end.
KAMI – Quite good. Love the plot, and love the character Lyn. Suddenly reminded me of Dawson’s Creek. But not the kind of movie to educate you about what these indie acts ie gigs etc all about, more of a movie about teenagers and their many issues. But an enjoyable movie after all.
Work starts Monday (erk.. remember how you used to dread saying that school starts Monday!) Not sure whether I had plenty of rest to begin with, and staying up late just to blog about it.
Good nite everyone (or morning in this case). Look forward for a brand new day tomorrow.
Various ways: lepak2 with your boyfriend (check), finish up on those novels which you bought but have not read (check check), watch movies (check check check).
I do have to admit that my Raya was not as glamorous. Wore the new baju kurung on the first day, and that was Raya for me. Wait, I wore the other new baju kurung for a wedding on Saturday night, so I do have another 2 unworn .. opsie.. yeah, I lavishly went on a major shopping spree for 4 baju kurung this year.
So, the two books I read:
THE INFIDELITY CHAIN – a lot of raunchy acts, plots that were quite interesting, good
ending. Not a Must-Have-Book, but definitely the one that kills your boredom on Second Day of Raya
KITE RUNNER – Excellent! A story about family, friendship, war and terror. Finally a book so moving that you’re taken away by the story. A book that made me feels thankful for the tranquility that I enjoy in this country
And the three movies I watched:
EAGLE EYE – Disappointing. Not the Spielberg make that you would expect. A rip off from some other futuristic movie
PUNGGOK RINDUKAN BULAN – I can’t believe Amir Muhammad even had anything to do with it. I lost the story line not even mid-way. And apparently, there were only 3 of us who sat in the big cinema watching the show. I guess everyone else knows better. And here I thought that I am artsy enough to follow this show till the end.
KAMI – Quite good. Love the plot, and love the character Lyn. Suddenly reminded me of Dawson’s Creek. But not the kind of movie to educate you about what these indie acts ie gigs etc all about, more of a movie about teenagers and their many issues. But an enjoyable movie after all.
Work starts Monday (erk.. remember how you used to dread saying that school starts Monday!) Not sure whether I had plenty of rest to begin with, and staying up late just to blog about it.
Good nite everyone (or morning in this case). Look forward for a brand new day tomorrow.
Thursday, October 02, 2008
Hati-hati di Jalan Raya
I got the call at 7.01 pm, and had the shocked of my life.
3 of my cousin were on the way for balik kampong, when the Kancil they were driving met with an accident… a head-on collision with a 1 tonne lorry. The driver passed away instantly and the two others were in ICU.
My family were the first to arrive in Hospital Raub that night, as their parents were making their way miles away from Padang Pak Amat, Kelantan and we are the only family living closest. We were told that Izzati was brought to Hospital Temerloh due to her criticality, and the oldest, Sulong is being warded with 1 eyes temporary blinded due to the impact from the broken glasses.
Sulong was still half conscious, but he repeatedly asked about Izzati. He was quite relief knowing that his little sister was all right, but little did he knew about the fate of his younger brother. We didn’t want to break the news there and then.
What was supposed to be a short trip to the hospital, turned into an overnight outing. We spent the next few hours in Raub for sahur, and slept at the back of the car waiting for daylight as we would need to perform Dowe’s last ritual right.
It was not until 11 am that day that solat jenazah with Ayah Chik was performed. It was also when Sulong walked out of the ward, that we told him about Dowe. Never did he expect that his little brother would be the first to go. He watched from afar as Dowe’s body were carried on the van.
I know that somehow he blamed himself. If only he didn’t insisted to go home that evening, or if he had just driven back himself. But things just simply happen, and God had better plan for all of us.
I do not want to elaborate in detail what happen cause I don’t feel like reliving those heartbreaking moments.
But Selamat Hari Raya everyone. Drive safe. Don’t rush.
3 of my cousin were on the way for balik kampong, when the Kancil they were driving met with an accident… a head-on collision with a 1 tonne lorry. The driver passed away instantly and the two others were in ICU.
My family were the first to arrive in Hospital Raub that night, as their parents were making their way miles away from Padang Pak Amat, Kelantan and we are the only family living closest. We were told that Izzati was brought to Hospital Temerloh due to her criticality, and the oldest, Sulong is being warded with 1 eyes temporary blinded due to the impact from the broken glasses.
Sulong was still half conscious, but he repeatedly asked about Izzati. He was quite relief knowing that his little sister was all right, but little did he knew about the fate of his younger brother. We didn’t want to break the news there and then.
What was supposed to be a short trip to the hospital, turned into an overnight outing. We spent the next few hours in Raub for sahur, and slept at the back of the car waiting for daylight as we would need to perform Dowe’s last ritual right.
It was not until 11 am that day that solat jenazah with Ayah Chik was performed. It was also when Sulong walked out of the ward, that we told him about Dowe. Never did he expect that his little brother would be the first to go. He watched from afar as Dowe’s body were carried on the van.
I know that somehow he blamed himself. If only he didn’t insisted to go home that evening, or if he had just driven back himself. But things just simply happen, and God had better plan for all of us.
I do not want to elaborate in detail what happen cause I don’t feel like reliving those heartbreaking moments.
But Selamat Hari Raya everyone. Drive safe. Don’t rush.
Wednesday, September 17, 2008
THE FINANCIAL CRISIS OF 1997 - 1998
THE FINANCIAL CRISIS OF 1997 - 1998
By Nor Mohamed Yakcop
A moment comes, which rarely comes in a lifetime, when a particular event redefines a person's life and changes the course permanently. For me, the meeting with Dr. Mahathir Mohamad in Buenos Aires (Argentina) on the evening of October 3, 1997 was such an event. It enabled me to devote the next 6 years of my life working for Dr. Mahathir Mohamad, meeting him almost daily. In the process, it enabled me to see, at very close range, the abilities of this great man http://www.chedet.com/2008/06/oil-price.html> . The combination of many noble qualities in one person is rare, and it is this unique combination that has enabled Dr. Mahathir Mohamad to transform Malaysia from an otherwise typical third world country into a thriving and vibrant nation, well on the way to become a developed nation. It is also this combination of qualities that enabled Dr. Mahathir Mohamad to save Malaysia from becoming another IMF nation during the financial crisis of 1997 - 1998. I am often asked about my involvement in the recovery plan implemented on September 1, 1998.
It began on September 29, 1997, when I received a telephone call from the office of Dr Mahathir Mohamad informing me that the Prime Minister wanted to see me. The PM was in Cuba at that time, and I asked (in jest) if I was to meet the Prime Minister in Cuba ! I was told (not in jest) that he will be arriving in Buenos Aires on October 3, 1997 and I was to make sure I was in Buenos Aires at least a day before he arrived. I packed my bags and left for Buenos Aires, and arrived in Buenos Aires on October 2. The PM arrived the following day at 5 pm and we met immediately at his suite. He informed me that he had asked many people to explain to him what was causing the financial crisis but no one was able to give him a satisfactory reply. He asked me whether I could explain to him what exactly was happening. I asked him how much time he had, and he said two hours.
I explained to him how the forex market works, about short positions and long positions, about hedging and how currencies are borrowed and sold, the difference between "bid" and "offer" and how funds can be transferred from one country to another at the click of a button. I also explained how the equity market works and the relationship between the forex market and the equity market. Dr. Mahathir hardly said anything, asked one or two questions, and listened intently. After two hours, he had to end the meeting to get ready to go for an official dinner. He asked me about my plans for the night and I said I had been invited for the same dinner. Dr. Mahathir said to me: You go back to your room and write down all that you have been telling me for the last two hours, and see me at 7 am tomorrow. I went back to my room, skipped dinner, and wrote it all down, finishing at about 6 am. I saw him the next morning at 7 am and gave him the report.
He asked me to take a rest and come back again at 2 pm.. When I returned, he told me that he had read the report and that he now understands what was happening in the financial markets. We started discussing various methods of overcoming the crisis, and our discussions continued when we returned to Malaysia. I met him almost daily for discussion, sometimes at his house and sometimes at his office. We tried a few mechanisms to overcome the crisis, some of which worked initially, but the hedge funds were so strong that it was difficult to proceed successfully with these mechanisms. In early 1998, Dr. Mahathir Mohamad asked me to explore the idea of imposing an exchange control regime to overcome the crisis. I remember preparing voluminous notes on this subject.
Dr. Mahathir went through the notes carefully, and kept asking for more and more details. We went through many rounds of discussion, until he was finally convinced both with the concept as well as the proposed mechanism. The rest, I guess, is history. Dr. Mahathir also asked me to prepare a paper on how to put an end to Malaysian shares traded in CLOB (Central Limit Order Book) in Singapore. Dr. Mahathir was of the view that an important reason for the falling stock market was the short-selling of Malaysian stocks in CLOB. I prepared the report and Dr. Mahathir understood, for the first time, how exactly CLOB operates. The report, which was also implemented on September 1, 1998, put to an end the trading of Malaysian shares in CLOB.
I should add that the exchange control measures were crafted in such a way as to minimize the control aspects and maximize the outcome. The Prime Minister went through the proposed mechanism many times to make sure that the control elements were as few as possible, but adequate enough to ensure a positive outcome. There were no bureaucratic elements in these measures, such as requiring importers to obtain Bank Negara's permission to import. The Ringgit was also pegged at a level where it was not overvalued. In almost every other country, which imposes exchange control measures and pegs its currency, there would, almost by definition, be numerous bureaucratic controls, and the currency would also be pegged at an overvalued rate.
It is often assumed that the system of exchange control (including fixed exchange rate) that we implemented on September 1, 1998 saved the country. The measures of September 1, 1998 were undoubtedly a necessary condition, but it was not a sufficient condition to overcome the crisis. Malaysia was saved, not by exchange control measures per se, but by Dr. Mahathir Mohamad. Let me explain. Any other developing country, facing a similar crisis, if it had introduced the measures that we introduced in September 1998, the measures would probably have failed. The fact that in Malaysia these measures succeeded is due to the ability and character of Dr. Mahathir Mohamad.
The economy and the financial system, under Dr. Mahathir's leadership, was in a very healthy state-healthy enough for the exchange control measures to be implemented without negative consequences. Moreover, the Prime Minister's hands-on management style enabled quick and timely decisions to be made, which was vital under the new exchange control regime. Dr. Mahathir, as Prime Minister, had ensured that the Malaysian economy was fundamentally strong. Ringgit was strong and stable. On the back of the currency stability (at RM2.50 against the US dollar) Malaysia was doing very well. At the end of 1996, real Gross Domestic Product (GDP) grew at almost 8.5 per cent and the growth was expected to continue for many more years.
The government was enjoying a fiscal surplus. The external debt was low, at 40 per cent of the Gross National Product (GNP). The current account of the balance of payments had narrowed from a deficit of 10 per cent to 5 per cent of GNP, and was expected to improve further. Inflation was at its lowest at 2.1 percent. We had steady growth of over 8 per cent for a major part of that period. And this fundamental strength of Malaysia was a critical factor that enabled the exchange control measures to succeed. For a period of more than a year after the measures of September 1, 1998 were implemented, the Prime Minister met with a small group of us everyday - 6 days a week - for at least 2 hours to go through various economic data, including data on loan growth, exports, imports, property overhang etc.
This enabled the Prime Minister to take quick actions, whenever required. I remember one morning when we were going through the property figures, he looked at me and directed that I should organize a property fair to clear the overhang of properties. I did, and property worth more than RM 3 billion was sold. Even after the crisis was over, Dr. Mahathir continued to meet with the group regularly, though no longer on a daily basis. And Dr. Mahathir continued to go through all the economic data with a sharp pencil. No other Prime Minister in the world, either in developed or developing countries, employs such a hands-on approach in managing the economy.
We can see, therefore, that it was not the exchange control measures per se that saved the country but the man - Dr. Mahathir Mohamad - himself. The period 1997 - 1998 was, to paraphrase Charles Dickens, the worst of times, but it was also the best of times. The worst conditions brought out the best in Dr. Mahathir Mohamad. There is a saying that a good leader is like good tea - you only know the true quality when he is in hot water ! Throughout the crisis, the Prime Minister was focussed on resolving the crisis. Day and night, he thought of nothing else but the crisis.
He read all he could on finance; he kept asking me to prepare notes on various technical issues. Sometimes he was sick with bad flu and cough, but he did not take time off to rest. He was convinced that he had to understand the issues before he could work out the solutions. His native intelligence and ability to focus on core issues were there throughout the crisis. He did not show any sign of fear even at the worst of time, only concern at the fast deteriorating state of the economy. He was, at all times, confident that he would prevail in the end. I would like to add two additional points related to the financial crisis. The first is that, in implementing the measures of September 1, 1998, Dr. Mahathir not only saved Malaysia but the neighbouring countries as well.
Let me explain. When Malaysia imposed its exchange control measures on September 1, 1998, the currency speculators realised that the other affected countries (Thailand, Indonesia and South Korea) could also impose similar controls, and they, therefore, stopped their activities in its track. The speculators backed off. They bought back the currencies that they had sold. This is resulted in the regional currencies appreciating. Moreover, the International Monetary Fund (IMF) was not happy with what Malaysia had done, particularly since, after implementing the measures, we did exactly the opposite of what the IMF wanted us to do, i.e. we lowered our interest rates and injected liquidity into the system. The IMF, therefore, started relaxing conditions in other countries and allowed them to lower their interest rates and allowed them to inject liquidity to stimulate their economies so that Malaysia would not outperform the IMF countries.
Therefore, it is no exaggeration to say that Dr. Mahathir Mohamad not only saved Malaysia, but the other affected countries in the region as well - Thailand, Indonesia and South Korea. My second point is regarding what would have happened if the exchange control measures were not implemented. If the measures were not implemented, many of corporations in Malaysia would have gone under, due to the high interest rates http://jebatmustdie.wordpress.com/2008/04/30/theres-something-about-anwar-alright> . When the corporations fall like dominos, banks would have faced severe liquidity and solvency problems due to the ballooning NPLs. The problems of the banks would have resulted in a credit squeeze, which would have led to another round of corporate failures. The Government's revenue would have fallen drastically as fewer firms would be paying corporate taxes, thereby reducing the Government's ability to stimulate the economy through fiscal policy measures. As a result of the problems faced by corporations and banks, unemployment would have increased substantially, leading to a second round of problems.
This is the classic vicious cycle, which could have, in the end, destroyed the social and political stability of the country. This was a scenario that was waiting to happen. It did not happen because of the decisiveness and guts of Dr. Mahathir Mohamad, who decided to take the path less travelled. We owe Dr. Mahathir much gratitude for what he has done for Malaysia over the last 22 years. Solving the financial crisis of 1997 - 1998 was just one, albeit perhaps the most important, of Dr. Mahathir Mohamad's many contributions to the nation. On a personal note, over the last 6 years, I have come to admire this great man for his abilities, his high moral values and, most of all, for his sincerity. Certainly, a man like Dr. Mahathir Mohamad is not born everyday. (23rd. October, 2003)
Saturday, September 06, 2008
Sign - Hijau Atau Merah?
Dear company collegue,
Anonymously written.
Anonymously written.
For your info, we have already stated our case to the management last Thursday. We have engaged the management enquiring them into getting clarifications for the new salary increment. Believe me, it did catch their attention. And on Friday, a group of staff have collectively stated their case to the advocates, hence HR. The two main issue that was brought up are the concern as the salary difference are not equitable throughout the years of difference, and that the salary gap between those with years of experience almost matches the salary of new entrant.
So far, the Carigali HR seems concerned and has been very helpful, and they are trying to seek further clarification from the Task Force. At the end, the group has demanded two things: HR to share the formulation of how the new salary is calculated and the justification on the differences for the salary adjustment. But then, there’s nothing else that can be done at this point in time.
If you choose to run petition, you can expect that it will trigger just the wrong side of the management. And look at this:
STAFF WILL REJECT
- New entrants are still getting the new salary increment regardless. So you can see yourself earning much lower than the new entrants.
- New allowance package will not kick in (your meal, travel, new salary progression, etc)
STAFF WILL ACCEPT
- We have stressed to them that loyalty will remain a concern
In the end, you see that you are in the losing end with only ONE option to choose from.
Don’t just give in to resentment! Perhaps you are angry that you are not getting what you deserve and started to compare against others. But the HR answer was that you are not supposed to make comparison. What you earn is Private & Confidential and you are not allowed to share it with others. In other words – it’s better than nothing, right?
So listen, I know that in the angry mode you’d be telling yourself that the company does not value your years of experience. The thing is, if you are an E1 in the market (a junior engineer in this case), the market does not treasure your experience and hence what they have applied here. So you would see that you are not getting much higher than the new entrants. Yes, the task force must have consisted of some older G that are probably envious to the current state in which we lack of E2, and E1 are mostly the doer nowadays. They don’t value our experience because during their times, you do not seek independence within 2 years of working experience. Well, they should wake up obviously. I doubt that there was any Technical personnel view accounted for when they came up with the salary revision.
But anyway, that’s an old issue. Let’s look ahead and work with what we have. Yes, pride should be accounted for. The company should reward us for our hard work, and differentiate performers with non-performers. But with debts of more than RM300 K, I am in no position to argue. Perhaps I should just reap the company of its knowledge and trainings, and ensure that I use this opportunity to enrich myself. Some might not be here long, but for some others, you’d realize that the package will reward you long term. They are making it up in other ways, ie. Salary progression increment which has doubled, new allowance package and revision to your current EPF. I had my first tantrum with the company on Thursday, but I soon settled off. Some say that I went back against what I believe so much, and decided to accept. But my answer is I do not want to be on the losing end.
Yes, I will accept. But at the same time, I’ll try harder into making the management listens. If I succumb to rejecting the offer, I might just not get anything. And dear friends, 16th September political uncertainty is something to ponder.
Anonymous?
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