World GTLand bull in China shop

THE EDITOR: World GTL assets and obligations were acquired by the Government at an exorbitant price when it was already bankrupt. In the time of our currency’s weakening it was then sold by the Government at a deep discount.

Is World GTL part of the new energy industry construct that is unfolding? If it is we can discern a number of things, all of which give the outline of “a bull in a China shop.”

First, it would suggest that the different groupings and governments involved at different times in World GTL acquisition and divestment were co-operating as to its passage.

Second, gas supply crunch in the new sectors, such as we saw with Train 1, will also affect World GTL when it eventually comes on stream.

Third, index pricing problems are made worse from issues arising from gas supply and vice versa – the problems of gas supply worsen the diffusion of revenue generation through all the separated entities within a depressive index pricing straightjacket/umbrella.

Fourth, the weaknesses in index pricing were not understood in the genesis of all of this and it is going to be very difficult if not impossible to alleviate defects in the grand design if it exists.

Fifth, many people are serving arrangements they cannot identify or cannot gauge or assess even if they could identify them.

Finally, it seems there was a definite objective to dismantle the power of labour if not altogether cripple labour.

E GALY

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