2. I believe all these people cannot but accept this fact. They cannot deny that what I said is true. But I must acknowledge that at least one of them made his first million abroad through trading in oil. With that money he came back and built his empire through opportunities created by the country.

3. Facts are facts whether you acknowledge them or not. One need not be grateful for the facts, but still they are facts. I was just stating facts. If I offend anyone I apologise.

2. This is especially so in business. These people make their first million in the country. And they grew, prospering in the conducive business environment that Malaysia provides.

3. PETRONAS is a Government company. It is a national oil company like those found in most oil-producing countries. But PETRONAS did not confine itself to merely collecting royalty. PETRONAS went into all the different upstream and downstream areas of the petroleum industry. It went abroad, prospecting, producing, transporting, shipping, laying pipes and building ports and terminals. It is also into natural gas liquefaction and petrochemicals.

2. Today the estimated total consumption of oil per day amounts to 70,000,000 plus barrels. Engines has been made more efficient i.e. consume less oil for a given power. But still the demand for oil continues to rise.

3. In 1973 the price of one barrel of crude oil was just 3.50 USD. The oil producing countries were being robbed. They remained poor and at the mercy of the Seven Sisters – the biggest and richest petroleum companies of the world. They dictated the price. And they paid royalty amounting to only 20% or so of the price of crude to the poor countries.