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2016 Feb 13 - Lower oil price is not a valid reason for cancellation of Regasification project

Lower oil price is not a valid reason for cancellation of Regasification project

KOTA KINABALU, February 13, 2016: Lower gas price is not a valid reason for the cancellation of the Lahad Datu Regasification Terminal which could have helped alleviate the energy woes of Sabah's east coast region.

Sabah Progressive Party (SAPP) President Datuk Yong Teck Lee said the project was approved in 2012 and scheduled to be completed in 2015 and by the time oil and gas prices began to fall in the middle of last year, the project would have been completed or near completion.

"In any case, why would lower gas prices affect the Regasification Terminal investment? Would not lower gas prices make it more viable for our energy producer to produce cheaper electricity?" he said in a statement.

Yong added that lower gas prices only means that Petronas Gas makes less profits from Sabah's oil and gas.

Between June and September last year, Petronas Gas made a whopping profit of RM305 million and up to that point, the reduced profits was due to "foreign exchange loss due to finance lease liabilities" as reported by Petronas Gas to Bursa Malaysia on Thursday.

"Petronas Gas's announcement that the cancellation of the RM1 billion regasification project at Lahad Datu was due to falling oil prices does not make sense.

"As reported in the media, security concerns at Lahad Datu had caused a 'stop work order' to be issued in 2013.

"Falling gas prices is only an afterthought and a flimsy excuse by Petronas because the project should have been completed before the fall of oil and gas prices," he said.

Yong said the cancellation of the Lahad Datuk regasification terminal project is an admission on the part of the Federal Government that it has failed to honour its constitutional duty to provide for Sabah's security, which is the basis for Sabah agreeing to form Malaysia in 1963.

"Sabah's ministers must speak up on this matter and not leave it for Sabahans to find out from Petronas Gas's filing of reports to Bursa Malaysia.

"After all, the regasification project is a joint venture with Sabah Energy Corporation, a 100% Sabah government agency," he said.

In a filing with Bursa Malaysia, Petronas Gas said the termination of the shareholder agreement effective Feb 10 was in view of 'the prolonged uncertainty' of the regasification terminal project. No detail as given in the announcement.
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SAPP Policies

SAPP's 17 point Manifesto - Sabah deserves better in terms of more equitable distribution of opportunities, in social, economic and infrastructural development and a better quality of life. [BM][Chinese]

SAPP's Economic Plan for Sabah - SAPP aims to achieve economic prosperity and financial self-reliance for Sabah. Version in [BM] [Chinese]

SAPP's Land Reform Policy - To promote and protect the rights and interests of local natives and other citizens in Sabah [BM][Chinese]

On Oil Royalty - SAPP is not giving up its struggle for more oil royalty payment for Sabah.

SAPP's Eight (8) Points Declaration - Whereas our mission is to establish a trustworthy govt and a progressive ...

SAPP's 14 point memo in 2006 - Time for Direct Preventive Actions

Our Sabah..

Books on ....
RCI Report on Immigrants in Sabah
The Birth of Malaysia
Malaysia Agreement Article 1-11
The Original Agreement of Malaysia
Heroes of Kinabalu 神山美烈誌
Schedule 9 of the Federal Constitution

more on ...
Twenty points safeguard
20 Perkara
Illegals & IC issues
Bernas Monopoly
No to coal-fired plant
Sabah Gas pipeline
3 million acres oil blocks ceded
The Formation of Msia & Devt in Sabah
Proclamation of Msia 1963...details
Restore Sabah's right to appoint JCs,
Ex-minister: Review 20-point
Supply Sarawak power to Sabah...
Sedition Act 1948
Continental Shelf Act 83 (1966)
Petroleum Development Act 144 (1974)
Petroleum Oil Agreement (1976)

More....


SAPP bid to discuss Sabah claim rejected
Take action against anti-Malaysia elements
Call for Philippines Consulate in Sabah
Get the RM1 billion and solve the QEH debacle
SAPP's objection of coal-fired plants in Sabah
SAPP: Explain the RM 601 loan to KL company
The missing billion ringgit "special grant"
SAPP on SEDIA Bill 2009
SAPP supports the call for the abolishment of Cabotage Policy
Probe illegals having Mykad also
Political Autonomy for Sabah
Sabah Schools still awaiting share of RM30 million
Special fund: Eric wants ACA probe
Oil royalty: SAPP not giving up
Scrap Bernas monopoly on rice
More News in Search Archive.....

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