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Wholly owned by the Government of Malaysia, the corporation is vested with the entire oil and gas resources in Malaysia and is entrusted with the responsibility of developing and adding value to these resources. Petronas is ranked among Fortune Global 's largest corporations in the world.
Fortune ranks Petronas as the 75th largest company in the world in Fortune also ranks Petronas as the 12th most profitable company in the world and the most profitable in Asia. Since its incorporation, Petronas has grown to be an integrated international oil and gas company with business interests in 35 countries. As of the end of March , the Petronas Group comprised wholly owned subsidiaries, 19 partly owned outfits and 57 associated companies.
Together, these companies make the Petronas Group, which is involved in various oil and gas based activities. The group is engaged in a wide spectrum of petroleum activities, including upstream exploration and production of oil and gas to downstream oil refining ; marketing and distribution of petroleum products ; trading; gas processing and liquefaction ; gas transmission pipeline network operations; marketing of liquefied natural gas ; petrochemical manufacturing and marketing; shipping; automotive engineering ; and property investment.
The company is headquartered at the Petronas Towers which was officially opened on Malaysia's 42nd National Day, 31 August — in the corporation's 24th Anniversary year. It was Royal Dutch Shell that began the oil exploration in Sarawak , then under the White Rajahs , at the end of the 19th century. In , the first oil well was drilled in Miri , Sarawak. This became the first oil producing well known as the Grand Old Lady. Shell was still the only oil company in the area in , when the Federation of Malaya , having achieved independence from Britain six years before, united with Sarawak and Sabah, both on the island of Borneo, and became Malaysia.
The authorities in the two new states retained their links with Royal Dutch Shell, which brought Malaysia's first offshore oil field onstream in Meanwhile, the federal government turned to Esso, Continental Oil , and Mobil, licensing exploration off the state of Terengganu , in the Malay Peninsula, the most populous region and the focus of federal power.
By , however, only Esso was still in the area. It made its first discoveries of natural gas in that year and then rapidly made Terengganu a bigger producer of oil than either Sarawak or Sabah. Several factors converged in the early s to prompt the Malaysian government into setting up a state oil and gas company, as first proposed in its Five Year Plan published in Further, an agreement between Malaysia and Indonesia , signed in , had settled doubts and disputes about each country's claims over territorial waters and offshore resources at a time when both were heavily indebted to Organisation for Economic Co-operation and Development OECD governments and banks as well as to the International Monetary Fund IMF and the World Bank.
Setting up a state oil and gas company, through which the government could get international capital but avoid tangling with foreign oil companies or governments, had worked for Indonesia: The oil crisis of —74 made the government even more aware of Malaysia's dependence on foreign oil and foreign capital in general.
Another factor in the decision was that the technology had recently been developed for extensive exploration and drilling offshore. The local geography included a combination of broad basins of sedimentary rock with calm and shallow waters around the Sunda Shelf, making exploration for gas and oil relatively easier and more successful than in most areas of the world.
Malaysian crude turned out to be mostly high quality with low sulphur content. Since the restoration of parliament in , the country has been ruled by the National Front Barisan Nasional , the heirs to the Alliance Party which had been dominant from to and the originators in of the New Economic Policy , which was designed to improve the economic position of Bumiputras —native Malays and other natives in Sabah and Sarawak—relative to Chinese and Indian Malaysians and to foreign corporations.
The difficulties this policy has caused for foreign companies and investors are outweighed by the benefits they believe they gain from Malaysia's political stability.
The Malaysian government chose to create a state company, rather than using taxes, production limits, leasing, or other familiar instruments of supervision. The government wanted, and needed, the co-operation of the majors but also sought to assert national rights over the use of the country's resources. A state company, having both supervisory powers over the majors and production activities of its own, was a workable compromise between allowing the majors full rein and excluding them, along with their capital and expertise, altogether.
It was modelled on Pertamina , the Indonesian state oil and gas company founded in in succession to Permina , which had been set up in According to the plan, PETRONAS' goals would be to safeguard national sovereignty over oil and gas reserves, to plan for both present and future national need for oil and gas, to take part in distributing and marketing petroleum and petrochemical products at reasonable prices, to encourage provision of plant, equipment, and services by Malaysian companies, to produce nitrogenous fertilisers, and to spread the benefits of the petroleum industry throughout the nation.
However, I have an important job for him, a job as important as that of a Cabinet Minister. Starting with its legal monopoly on oil and gas activities and resources, it had several options: These first contracts came into effect in Esso began oil production in two offshore fields in , exporting its share of the supply, unlike PETRONAS, whose share was consumed within the country. Also in , Malaysia became a net exporter of oil, but exports were at such a low level as to make the country ineligible to join OPEC.
It began its work in an oil field off the Peninsula. PETRONAS retained its supervisory powers over all oil and gas ventures, particularly on issues of health and safety and environmental control. Fortunately for Malaysia, exploration was by no means at an end and could yet produce more reserves. The Seligi field, which came onstream at the end of and was developed by Esso Production Malaysia, was one of the richest oilfields so far found in Malaysia waters, and further concessions to the majors would encourage exploration of the deeper waters around Malaysia, where unknown reserves could be discovered.
Meanwhile, computerised seismography made it both feasible and commercially justifiable to re-explore fields which had been abandoned, or were assumed to be unproductive, over the past century. Another way to postpone depletion was to develop sources of oil, and of its substitute, natural gas, outside Malaysia.
In May , the governments of Malaysia and Thailand settled a long-running dispute over their respective rights to an area of 7, square kilometres in the Gulf of Thailand by setting up a joint administrative authority for the area and encouraging a joint oil exploration project by PETRONAS, the Petroleum Authority of Thailand , and the US company Triton Oil. In a separate deal, in October , the Petroleum Authority of Thailand arranged with PETRONAS to study the feasibility of transferring natural gas from this jointly administered area, through Malaysia to Thailand, by way of an extension of the pipelines laid for the third stage of the Peninsular Gas Utilisation Project.
That project was on course to becoming a major element in the postponement of oil depletion. Contracts for line pipes for the second stage of the project were signed in with two consortia of Malaysian, Japanese, and Brazilian companies. This stage, completed in , included the laying of kilometres of pipeline through to the tip of the Peninsula, from where gas could be sold to Singapore and Thailand ; the conversion of two power stations— Port Dickson and Pasir Gudang —from oil to gas; and the expansion of PETRONAS' output of methyl tert-butyl ether MTBE , propylene , and polypropylene , which were already being produced in joint ventures with Idemitsu Petrochemical Co.
The third and final stage of the project was to lay pipelines along the northwest and northeast coastlines of the Peninsula and was completed in More to the point, a side effect of the refinery's completion was that PETRONAS was able to refine all of the crude oil it produced, instead of being partially dependent on refining facilities in Singapore.
PETRONAS, with its policies of promoting self-reliance, helping to develop associated industries, and varying the sources and uses of oil and gas, played an important role in the Malaysian economy as a whole. During the mid- to late s, international exploration, development, and production remained key components in PETRONAS' strategy along with diversification. A key discovery was made in the Ruby field in Vietnam in That year, the firm also saw its first overseas production from the Dai Hung field in Vietnam and established its first retail station outside of Malaysia in Cambodia.
In addition, the company's polyethylene plant in Kerteh began operations. Between and , it purchased the former sub-Saharaian branch of Mobil Oil, rebranded as Engen Petroleum. While the Asian economy as a whole suffered from an economic crisis during and , Malaysia was quick to bounce back due to successful government reforms.
The firm set plans in motion to build three petrochemical plants in Kuantan as well as an acetic facility in Kerteh. Its first LPG joint venture in China was launched that year and the company acquired a The company also signed a total of five new production sharing contracts PSCs in and , and began oil production in the Sirri field in Iran. The company forged deals for two new exploration plots in Pakistan and began construction on the Chad-Cameroon Integrated Oil Development and Pipeline Project.
The firm also made considerable progress in its petrochemicals strategy, opening new gas-based petrochemical facilities in Kerteh and Gebeng. The company realised, however, that it would have to continue its aggressive growth strategy to insure its survival in the years to come.
The company's international reserves stood at 6. On 17 January , PETRONAS issued a statement that an onshore oil and gas discovery has been made in the state after drilling a test well about 20 kilometres away from the city of Miri in northern Sarawak. The well was found to have a net hydrocarbon thickness of meters. It had flow rates of barrels of crude oil per day and The find is the first onshore oil discovery in Malaysia in 24 years.
Both the company and the province blamed poor global LNG market conditions. The basic structure is geometric, embodying metaphoric and alpha glyphic nuances of an oil drop and a typography 'P', the latter being evident in the triangle assigned at the top right corner.
The triangle is also an essential element to define directional movement and dynamic. The placement of a solid circle in the Logo is interpretive if the wheel of the oil and gas industry while outline of the drop simulates a driving system, the energy which to be derived from oil.
The corporate colour chosen for the logo is emerald green, an obvious reference to the sea from where oil and gas are drilled. Each alphabet is rendered with a rounded profile to assume fluidity and viscosity, while emphasising the oil based operation. The refreshed logo was part of a group-wide exercise to further strengthen the visual potential of Petronas' corporate icon by making it more contemporary while building on the existing equity and legacy of the Petronas brand.
In essence, the refreshed logo symbolises the growth and progression of the Petronas brand. Petronas was established during the oil and gas crisis in the early s.
Over the years it has focused on building its business and operational capabilities and continues to seek more efficient and better methods of managing and adding value to Malaysia's oil and gas resources and meet increasing energy demands. This challenging spirit has propelled Petronas from being a manager of Malaysia's hydrocarbon resources to become a fully integrated oil and gas multinational. The organisation was among the earliest national oil companies NOC to venture globally which has inspired many other NOCs to join the global oil and gas arena, changing the dynamics of today's oil and gas industry.
PETRONAS will continue to play an active role in oil and gas by focusing on collective efforts to do things differently by challenging industry norms to achieve real sustainable long-term growth. Throughout its journey, Petronas has ensured that people benefit from its activities through business and employment opportunities, education sponsorship and quality products and services.
The refreshed version is Petronas' third generation logo. The original Petronas logo was developed in when Petronas was first incorporated. At the centre of the oil drop is a solid circle that symbolises the complete cycle or value chain of the oil and gas industry.
Meanwhile, the familiar Petronas emerald green represents the seas and land where oil and gas originates. The refreshed logo's softer curves have been added to the oil drop which depicts a continuous flow that symbolises Petronas' drive for progress and challenging spirit in meeting the energy demands and expectations of its stakeholders. The Petronas name has been repositioned below the oil drop and the font has been sharpened to enhance visibility and give prominence to the oil drop in the logo.
Involved in the distribution and sale of finished petroleum products and operations of service stations for the domestic market. The company has over petrol stations around Malaysia as of July  and further increase to stations in January . The company has also teamed up with local food and beverage companies, banks and transportation companies to provide better services at their petrol stations.
Involved in ship-owning, ship-operating and other logistics and maritime transportation services and activities. Currently has the largest fleet of LNG transport vessels. Other properties under its care include Dayabumi Complex which located near Dataran Merdeka.
The business is the largest petrochemical producer and seller in South East Asia. Products include olefins , polymers , fertilisers, methanol and other basic chemicals and derivative products. The business builds offshore structures for oil and gas applications, help repair large vessels and converts vessels into Floating production storage and offloading and FSOs. BMW had acquired the controlling stake of the former Sauber Petronas Engineering, but left the sport after the season. Other promotional events are held in the run up to the race and the drivers play an integral part in this so much so that Nick Heidfeld conceded that there were more fans for BMW Sauber in Malaysia than in most other countries.
It also sponsors many other sporting events and teams, mostly motorsports.