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Showing posts from July, 2016

RM40 billion oil revenue loss this year

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Malaysian Prime Minister Najib Tun Razak shared a moment with US President Barack Obama. He was in Southern California for a working visit. Source: The Star The Prime Minister's Speech Sometime in February this year, the Malaysian Prime Minister, Dato Seri Najib Tun Razak, stood before a crowd of Malaysian students in Southern California. He was there for a six day working visit, to meet 16 fund managers from 11 US firms in San Francisco. The Prime Minister was quoted in New Straits Times as saying: If you look at the oil price today and what it was one year ago, it means we would lose RM40 billion. Can you imagine, without GST, what kind of adverse impact it would have on not only the economy, but also the people’s welfare? It was his way of addressing the recalibration of the Malaysian 2016 Budget, in response to a projected revenue loss due to the dropping price of oil per barrel. It is not clear whether it also took into consideration the drop of the Ringgit. W...

The Origin of the Burning Platform Metaphor

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The Piper Alpha Incident 167 lives were lost in the Piper Alpha Incident On 6th July 1988, 167 lives were lost in the Piper Alpha disaster . From Wikipedia: Piper Alpha was a North Sea oil production platform operated by Occidental Petroleum (Caledonia) Ltd. The platform began production in 1976, first as an oil-only platform and later converted to add gas production. An explosion, and the resulting oil and gas fires, destroyed it on 6 July 1988, killing 167, including two crewmen of a rescue vessel; 61 survived. The total insured loss was about £1.7 billion (US$3.4 billion). At the time of the disaster, the platform accounted for approximately ten percent of North Sea oil and gas production, and the accident was the worst offshore oil disaster in terms of lives lost and industry impact. The Kirk of St Nicholas in Union Street, Aberdeen has dedicated a chapel in memory of those who perished and there is a memorial sculpture in the Rose Garden of Hazlehead Park in Aberdeen...

Recent Accidents At Malaysian Petrol Kiosks

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The incident at Setapak Indah involved a 25 year old lady teacher from Batu Caves. Source: The Sun Daily Setapak Indah: 25 year old victim On 28th June 2016, a 25 year old woman "suffered serious burns all over her body at a petrol station in Setapak Indah ... after she took a call on her handphone inside her carwhile filling it up with petrol. An explosive burst of flames lasting just a second was all it took to severely torch the teacher from Batu Caves." (Source: The Sun, 29th June, 2016. Page 3) The incident occurred at about 1.25pm. Firemen arrived in 10 minutes to find the lady in "a semi-conscious state in the rear passenger seat". She had suffered from 60% burns all over her body. The woman had been seen filling up her car when her cellphone (on the rear passenger seat) rang. She locked the fuel nozzle trigger and entered the car to answer the call. She closed the door and picked up the call. Immediately, there was a loud explosion and flame...