The story headlines in yesterdays biz paper read, "Cost reduction saves billions for Petronas". The item even had a photo of a smug looking Petronas official.
The story went on to state that, under the Coral Project, they had made significant inroads, since March 2015, with regards to costs relating to their upstream activities.
What really puzzles:
1. Why these initiatives only since March 2015?
2. Prior to March 2015 there must have been uncontrolled costs?
3. The comments that the initiatives under the Coral Project will be rolled out to other areas can only mean that currently there is no cost control in these areas?
What is really telling is that all these fat cats (the many bosses in Petronas) seem to react only when the crisis hits, if not I suppose they were seated on the top floors of the towers, in rooms larger than many people's houses, being chauffeured in their large cars, and oh yes flying around in the private jet taking a "could not care attitude", or as many would say, "it's company money, why you care". All this while we have been made to believe that Petronas is one of those better run corporations.
No wonder they were always making it difficult to get hold of their financial statements!
What people must understand, particularly those in the employ of Petronas, is that they are all privileged to be working for a company that enhances their knowledge and experience and makes them more marketable.
They must remember that they are a National Oil Corp (NOC), owned by the people of the country and not an Independent Oil Corp (IOC) that is owned by shareholders. A IOC operates in a market environment where competition is rife, a NOC in many respects has everything handed on a platter.
So fat cats ask again, do you think your salary, perks and privileges should be equal to the Shells, Exxons, Conoco Phillips etc?
I put it to you that this should not be. After all until recently almost every upstream activity was through a PSC, which means you took no risks but enjoyed the fruits of your partners.
You see fat cats, your attitudes are in many respects not dissimilar to the office bearers of social clubs, for example golf clubs. If you go to one of these clubs, the first thing that you will notice is, there will reserved parking for all the management committee members, President, Captain, Club Champion, Past President etc. What is amusing is that these persons put their names up, canvass for votes and then upon election have all these privileges. Nobody forces them into it, so why should they be treated any differently to that of ordinary/ non office bearer members.
If I was to adopt the same thinking, you guys choose a career with Petronas, you are compensated for this, so why all the perks.
In fact with all the horror stories of what is said and discussed in the town hall meetings, it should be, (for the fat cats),
1. Drop in salary
2. No more private jet. All flights less than 5 hours, economy, above that maximum business class, irrespective of designation.
3. No more company's cars, in fact you should buy your own, and I will bet you not all will buy the same types of cars that are currently allocated to them.
4. Reduce the size of the rooms, can save on utilities.
5. Who was responsible for these poor cost controls all these years, and what action, if any, has been taken against these people?
Seriously fat cats the time has come to rethink and relook at how you have been living, because it seems that all this while you were not as good as you thought of yourselves, so why must you be rewarded for mediocrity!
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