 |
| Brunei Shell's oil refinery in Seria, Belait. China's Zhejiang Hengyi Group has been given the green light to build a US$6 billion oil refinery and chemical plants in Brunei - Picture: BT/Saifulizam |
Early of this month, it was reported in the local paper, that our government has given the green light to a Chinese company to develop a US$6 billion oil refinery at Pulau Muara Besar (PMB).
It was certainly a good news. If my memory serve me right, this so called development plan for PMB had been going on and off since 2003!..How times do fly!
Anyway, what intrigue me as to why the country had to wait for FDI to develop PMB? Can't our country invest in her own land? I found it a bit odd that BEDB had been waiting all this years for other people's fiat money to develop the country. What is wrong with our Brunei dollar? Is it not good enough?
All these questions really baffled me. Brunei is a monetarily sovereign country. It has the exclusive right to create Brunei dollar. IMF, ADB, World Bank, UN, ASEAN, OIC, or any other international organizations or agencies can not tell Brunei not to create Brunei dollar. Brunei can create the Brunei dollar as much or as little as she wants.
If the government do not want to create another bureaucratic public department, she can always create another Government Link Company (GLC). Brunei had created many GLCs before such as RBA, Semaun Holdings, TAIB, BIBD, DST, Dorchester Hotel Groups, Petroleum Brunei and many more. Why do Brunei need a foreign entity to develop PMB?
Brunei had plenty of experiences in developing and running an oil refinery. A good example is Seria Oil Refinery. It was built 1983 and currently being manned by our local. Surely 28 years of running and operating an oil refinery at Seria do count something, isn't it?
Thus, I am at lost as to why our country needs other people money to built another oil refinery in Brunei?! Where is that "Brunei Yakin" slogan?.....A malay proverb said "Tepuk Dada Tanya Selera".
As I pointed out many times in my previous postings, when it come to developing the country, Brunei is not revenue constrained. I only wish that our fellow country men and women have the confidence and understanding that Brunei itself has the money, expertise and experience to develop the country.
As I pointed out many times in my previous postings, when it come to developing the country, Brunei is not revenue constrained. I only wish that our fellow country men and women have the confidence and understanding that Brunei itself has the money, expertise and experience to develop the country.
