In Chapter 1, I exposed how INPEX pays just 0.70% tax on $billions in Northern Territory gas extraction.
In Chapter 2, I revealed the legal weapon — Force Majeure — that could save the Territory from fiscal collapse.
Now, Western Australia [WA] is about to make the same catastrophic error.
The WA Labor government, in partnership with the Federal Labor government, is planning to pour over $800 million in taxpayer money into a privately-owned corporate oil refinery near Karratha — owned by billionaire Vikas Rambal — his Perdaman company.
This won’t be a state-owned wealth generator like Norway’s model.
It will be another giveaway to private interests, following the UK’s failed privatization path that cost Britain £800 billion.
While taxpayers guarantee the loans, private shareholders will reap the profits.
And just like INPEX, we have no idea what tax Perdaman will pay — because they don’t appear in the ATO corporate tax transparency data.
This is the UK’s North Sea oil disaster, replaying in Western Australia.
The Perdaman Deal: Public Risk, Private Profit
The Numbers Don’t Lie
Project Scale:
Total project cost: $6 - 6.5 billion.
Estimated lifetime revenue: $77 billion
Location: 20km north-west of Karratha, WA.
Product: Oil refinery + urea fertiliser plant.
Taxpayer Funding:
NAIF loans: $220 million federal loan
Infrastructure loans: $255 million — Pilbara Ports Authority $159M + Water Corporation $96M.
Export Finance Australia: $269 million loan.
WA Government direct funding: $50+ million for infrastructure.
Total taxpayer exposure: Over $800 million in government-backed loans.
Ownership:
Perdaman: Family-owned multinational — Vikas Rambal, billionaire.
NOT state-owned — unlike Norway’s 67% government stake in Equinor.
Profits flow to: Private shareholders, not citizens
The Tax Transparency Black Hole
Here’s where it gets disturbing.
I searched through Michael West Media’s TaxData database — which contains ATO corporate tax transparency data for 1,274+ companies from 2014-2024.
Perdaman does not appear.
This means one of three things:
They’ve paid ZERO tax — below taxable income thresholds.
They’re structured to avoid tax reporting.
They’re still in development with no profitable operations.
Given that Perdaman’s existing operations should be generating revenue, their absence from the tax data is a massive red flag.
The Historical Pattern: Rambal’s Tax Dispute
The $20 Million ATO Battle
Vikas Rambal, Perdaman’s owner and chairman, has an ATO history.
In 2014, the Australian Taxation Office pursued Rambal over $20 million in unpaid taxes from a previous business venture.
Rambal disputed the ruling, arguing he owed less than $10 million.
The case was eventually settled, but the details remain confidential.
This history raises critical questions:
Will Perdaman pay fair tax on $77 billion in lifetime revenue?
Are taxpayer-backed loans being used to subsidize private wealth?
Where is the transparency?
UK vs Norway: The Template for Disaster
The Privatization Trap
Let me show you exactly what WA is repeating.
UK Model — Privatization:
Government: Gave away North Sea oil to private corporations.
Tax revenue: $400 billion total — 1975-2025.
Effective tax rate: $11/barrel
Result: £2.8 trillion national debt, £42,000 debt per citizen
Who benefited: Private shareholders — many foreign.
Norway Model — State Ownership:
Government: Kept 67% state ownership via Equinor
Tax revenue: $1.2 trillion total — 1971-2025.
Effective tax rate: $29.80/barrel — 3x higher than UK.
Result: $2 trillion sovereign wealth fund, $385,000 per citizen.
Who benefited?: Norwegian citizens!
The £800 Billion Gap represents the difference between privatization and public ownership.
WA Is Following the UK Path
Perdaman/WA Model:
Government: Providing $800M+ in taxpayer loans
Ownership: 100% private — Rambal family.
Tax transparency: NONE — not in ATO data.
Risk: Taxpayers guarantee loans
Profit: Private shareholders
Norway Model — What WA Should Do:
Government: State ownership + control.
Ownership: 67% government stake.
Tax transparency: Full public disclosure.
Risk: State manages risk.
Profit: Citizens via sovereign fund.
Who’s laughing here Aussies? The Clever Country, that is who!
The Legal Weapon: Force Majeure Applies Here Too
The Same Doctrine, Different Context
Recall the Force Majeure pathway I outlined in Part 2?
China, Singapore, South Korea, and India successfully invoked Force Majeure in 2026 due to the Strait of Hormuz closure.
They’re thousands of kilometers away, but the indirect economic disruption was sufficient.
WA can invoke the same principle:
The 2026 geopolitical shock + WA fiscal pressures + Perdaman’s unclear tax contribution = fundamental change of circumstances
Under the Doctrine of Frustration (Codelfa Construction Pty Ltd v State Rail Authority of NSW), WA can argue:
The 2026 global environment makes the original loan terms radically different.
Taxpayers shouldn’t guarantee private profits while the state struggles.
Public interest demands renegotiation.
Three Demands for Western Australians
The Road to Prosperity
1. Demand Transparency
WA must immediately disclose:
The Perdaman company’s complete tax history - ATO records.
All loan terms and conditions.
Risk assessments for taxpayer exposure.
Expected tax revenue over the project’s life.
2. Halt the Giveaway
Before spending another taxpayer dollar:
Conduct a full public inquiry into the Perdaman tax records.
Compare state-owned vs private ownership models.
Assess Norway’s success vs UK’s failure.
Require 51% state ownership minimum.
3. Legislate for the Future
Pass a WA Resource Sovereignty Act requiring:
Minimum 51% state ownership of all major resource projects
Full tax transparency (public disclosure of all payments)
No fiscal stability agreements or corporate immunity clauses
Revenue dedicated to a WA sovereign wealth fund
Why WA MUST Get Oil & Gas Contracts, Perfect!
There is a massive new Oil & Gas development in the Northwest Shelf area.
This video below explains how the Bedout sub-basin developed over millions of years.
West Australians have yet another opportunity to ensure that they — and not pigs & corporate wolves — get to reap this Bonanza for their State and future generations.
Please, please, please West Aussies — don’t cock-up these contracts!
References & Further Reading:
Michael West Media TaxData: https://taxdata.michaelwest.com.au/
Perdaman Project Details: https://www.naif.gov.au/our-projects/perdaman-urea-project-and-supporting-infrastructure/
UK vs Norway Analysis: https://michaelwest.com.au/the-800-billion-mistake-how-britain-gave-away-north-sea-oil/
ATO Corporate Tax Transparency: https://www.ato.gov.au/about-ato/research-and-statistics/in-detail/taxation-statistics/taxation-statistics-2023-24/
Vikas Rambal Tax Dispute: https://thewest.com.au/business/finance/rambal-ato-end-tax-tussle-ng-ya-369650
Force Majeure Precedent: https://energynow.com/2026/03/charted-oil-trade-through-the-strait-of-hormuz-by-country-visual-capitalist/
Professor Steve Keen on Strait of Hormuz:
NT Budget & Debt Crisis: https://www.abc.net.au/news/2025-05-13/nt-budget-2025-treasurer-bill-yan-debt-police-corrections/105280812