Allegations were based on a misguided notion that PetroSaudi is a dubious operation, disregarding the fact that this is a reputed company with offices in Saudi Arabia, England and Switzerland with a strong international network.

In actual fact, the opposite is true and PetroSaudi has developed a worldwide reputation as a partner of choice, working in alliances with major international oil companies.

Here’s a quick reminder on two recent events involving PetroSaudi which many Malaysians have forgotten.

During the recent crisis in Egypt, PetroSaudi chairman Prince Turki al-Saud leased two Boeing 747s to bring Malaysians back home from Saudi Arabia after their arrival from crisis-hit Egypt. This was done In the spirit of the special historic ties between Malaysia and Saudi Arabia.

PetroSaudi CEO Tarek E. Obaid said the gesture, made on behalf of the company and the Saudi royal family, demonstrated PetroSaudi’s continued commitment to Malaysia. The prince is a son of King Abdullah of Saudi Arabia.

Click here to read a news article on "Operation Pyramid" the emergency evacuation of Malaysian students from Egypt.

The oil exploration and production company, owned by the Saudi royal family, is involved in a RM8.7 billion joint venture with government-owned 1 Malaysia Development Bhd (1MDB), a vehicle for Middle East investments in Malaysia.

In March this year, King Abdullah sent Saudi Arabia’s National Security Council secretary-general, Prince Bandar Sultan Abdulaziz Al-Saud, as a special envoy to deliver several key messages further cementing the long-term partnership between Saudi Arabia and Malaysia.

PetroSaudi has paid an additional cash profit of US$81.50 million (RM247.19 million) to the 1MDB in conjunction with Prince Bandar’s visit.

It is clear that PetroSaudi is not a dubious corporation. It has a good track record and takes pride that the company “understands the unique challenges of the international environment, and we distinguish ourselves through a particular sensitivity to and investment in the people and nations where we do business.”

“In addition, we are committed to maintaining the highest environmental standards in our work,” its website said.

TNT visited its website, http://www.petrosaudi.com to shed some light on the company.

It says: “PetroSaudi International is a privately owned oil exploration and production company, with offices in Saudi Arabia, England, and Switzerland.  Founded in 2005, we are paving a pathway into the future of the energy industry through compelling multinational projects on the ground and in the marketplace.”

“PetroSaudi is involved in oil and gas projects in energy-producing regions around the world. We understand the complex global systems that define the energy industry and we distinguish ourselves by forging strong relationships in every country we do business. Through teamwork, experience, and sensitivity to local cultures and traditions, we have built a strong international network to carry us into the 21st century.”

PetroSaudi was founded in 2005 by Tarek Essam Ahmad Obaid and private investors. PetroSaudi has brought together a core team of highly regarded and experienced leaders from the international oil and gas industry, well suited to meet our company’s strategic objectives and to address the numerous challenges of the upstream oil and gas sector in the 21st century.

Clearly, PetroSaudi is not a fly-by-night company some people are painting it out to be.

“PetroSaudi is making an investment in our future today through diverse exploration projects in the world’s most important energy-producing regions. Through our current operations, we have built considerable in-house geoscience, operational and commercial capability, and have forged strong relationships with industry-recognized external expertise.”

“PetroSaudi handles the bulk sale and purchase of natural gas, liquefied petroleum gas, jet fuel, chemical feedstocks, and gasoline. We have built a diverse energy portfolio, which includes electricity, biofuels and environmental products. We aim to build a substantive portfolio of upstream oil and gas assets comprising large scale, high quality development and exploration projects”.

1MDB has said the 1MDB-PetroSaudi joint venture is part of a bigger picture to attract multi billion ringgit investment into Malaysia. It has a long-term investment structured for 1MDB to keep its interest in the JV.

Despite the facts, detractors are still relying on false information to discredit 1MDB’s reputation.

Last year, opposition MP Tony Pua said that the RM425 million profit recorded by 1MDB had elements of 'right hand to left hand' deals implying that the FY2009/2010 financial accounts of 1MDB included the much talked about land transfer of the Sunga Besi Airbase. That transfer was only made several months later in June 2011.

TNT, reporting on this subject, has noted: “Whilst in most countries, factual errors like this will lead to public outcry and most probably the resignation of the accusers, Malaysians seem tolerant of the fact of these wild allegations being made by opposition figures.”

Opposition leader Anwar Ibrahim had on September 20th made another accusation that the accounts of 1MDB will never see the light of day.

Now that it has been made public¸ he is casting aspersions and disinformation about PetroSaudi, an act that can only serve to damage the goodwill and trust between Saudi Arabia and Malaysia.