No need to audit Petronas, Umno Youth told
Zaid Ibrahim told Umno Youth that conducting a financial audit of Petronas is unnecessary and will only divert attention from more critical matters affecting the national oil company.
PETALING JAYA : Former law minister Zaid Ibrahim has dismissed calls by Umno Youth for the government to audit Petronas's financial results, urging the wing instead to concentrate on more pressing issues affecting the national oil company and the country's long-term energy strategy.
Zaid said unless there is a clear and specific concern that justifies an audit, such a move is unnecessary and risks diverting attention from more critical matters.
'What you should be worried about is this: were you told about the deal struck between the Madani government and Sarawak on the Petronas-Petros dispute?
'Was the settlement fair to Petronas, and was it made in the (nation's best) interest?' he said in a post on X.
Zaid also questioned the government's continued reliance on Petronas for national revenue, warning that it may be draining the company to the point where it can no longer compete effectively in the global energy market.
'You (Umno Youth) should be asking whether the government has a serious plan to diversify its revenue sources beyond Petronas.'
He also raised concerns about whether Petronas still attracts leaders with the strategic foresight and competence of past technocrats such as Idris Jala and Hassan Marican, or even former prime minister Najib Razak, who once served the company as a junior executive.
Umno Youth yesterday called on the government to provide a full audit and transparent report on Petronas's actual financial position to the public after its decision to cut 10% of its workforce due to falling crude prices.
Its chief, Dr Akmal Saleh, said that as a wholly government-owned entity, any drastic decision affecting thousands of employees should not be made without proper checks and balances.
Petronas said at least 5,000 staff (mostly contract workers) would be affected by the move.
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