Tuesday, February 17, 2009

PETRONAS, Corrupted or Misunderstood?

According to TCE, June issue, 2008 published by the Institute of Chemical Engineers (ICHEME), the anti-corruption group Transparency International reported that most oil and gas companies lack transparency in financial reporting.

Surprise, surprise, Petronas is in it too!

1) At the top, receiving praise for systematically disclosing payments: BG Group, BHP Billiton, Petro-China, Shell.

2) In the middle: BP, Chevron, Conoco-Phillips, Total.

3) Worst performers for financial transparency: ExxonMobil, Lukoil and PETRONAS.

So if some silly Neanderthals start barking out remarks like PETRONAS is great and it has done its fair share of ethical and respectable financial reporting, it is all BULL SHIT.

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