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Friday, March 28, 2008

KEDAH and Hitting the Jackpot with Black Gold

As commodities prices have surged with oil at US$100 a barrel and gold about US$1000 an ounce, it is not strange that some people are confused about the prospects of black gold with the proposed mega-pipeline project.

Maybe this story should have been delayed untill April 1st so that it could qualify as as April Fool's Joke.

But some people are serious about spending RM33b more on a project that was budgetted at RM50b when it was mooted in 2007 and this article decribes how it would be a strategic mistake.

I guess we should only make sure that no EPF monies is put at risk here and we should probably not buy shares in banks that fund this project.

It is really astonishing that the newspaper article also mentions that they think it will be a piece of cake.
"Officials of the project said despite the huge increase in costs, they were confident of recouping their investments within a few years."
It is particularly disturbing that the project is being shifted back to Sungei Limau, that just happens to be the MB's constituency.

Maybe building oil refineries is just like setting up 7-Eleven Stores?


1 comment:

Zawi said...

h j angus,
This MB is talking a if this project is his own project and he can do whatever he pleases with it. Does he have anybody to advise him other than the project owners who may have ulterior motives for the project to be carried out at whatever the cost?
This is another folly of man.