‘Petronas uses middlemen to sell crude oil’
By Patrick Lee, Free Malaysia Today
PETALING JAYA: Former land and cooperatives deputy minister Tan Kee Kwong has alleged that state-owned oil firm Petronas was using middlemen to sell its crude oil.
In an open letter to the government, Tan, who is now with PKR, dubbed the middlemen as “option holders” and claimed that Petronas was forced to sell crude oil to them at “ridiculously low prices”.
He also alleged that in its contracts, Petronas had to sell a barrel of oil at a set price to these “option holders” even when price increases on the open market.
“Why does Petronas need to do this? Why can’t it sell the crude oil on the open market?” he said, asking Prime Minister Najib Tun Razak to reveal these “option holders”.
“You can imagine how much an option holder makes when the crude oil price increases,” he added.
