Petronas
Since its incorporation in 1974 it has grown from strength to strength to become a fully integrated oil and gas company. It is now even ranked among some of the largest corporations in the world.
Quick Facts about Petroliam Nasional Berhad
- Petronas was Incorporated on 17 August 1974 under the Companies Act 1965
- Ownership: 100% owned by the Malaysian government
- Address: Petroliam Nasional Berhad
- Tower 1, KLCC
- 50088 Kuala Lumpur, Malaysia
- Tel: 603-20515000
- Official website of Petronas
Today it is found in the Fortune Global 500 largest corporations. And has fully-owned subsidiaries which are listed on the Kuala Lumpur Stock Exchange. It has business interest in 35 foreign countries.
Important Achievements
- 1975 First export of crude oil
- 1976 Conclusion of production sharing contract with Shell and Esso
- 1978 Incorporation of Carigali, the exploration arm.
- 1980 Incorporation of Asean Bintulu Fertilizer - marking its entry into petrochemicals
- 1981 Its first gas station set up in Taman Tun Dr Ismail, Kuala Lumpur
- 1982 Carigali's first oil discovery in the Dulang oilfield, offshore Terengganu
- 1983 Malaysian LNG exported its first shipment of liquified natural gas to Japan
- First refinery with 30,000 bpd capacity in Kertih, Terengganu came onstream
- 1984 HQ move to Kompleks Dayabumi
- 1985 First fertilizer export. First liquified export.
- 1990 First overseas operation - Myanmar
- 1994 Petronas Dagangan Bhd - first subsidiary listed on KLSE
- 1997 HQ moved from Dayabumi Comples to the Twin Towers
History of Petronas
Oil was first found in Malaysia in July 1882 in the Baram district of Sarawak in East Malaysia by the British Resident. It was initially used by the local folks for medicinal purposes. Later it was used as fuel for lamps and also for waterproofing of boats and roofs.
It was only in 1910 that the rights to explore for oil was given to the Anglo-Saxon Petroleum Company. This company later became know as Sarawak Shell. Miri became the first oil town in the then British Borneo and marked the advent of Malaysia into the oil and gas business. However further onshore exploration was not successful as there were not much oil onshore to justify further drilling activities.
1960s marked the change of fate for Malaysia with the commencement of offshore drilling which was made possible by advancing technology. It saw the discovery of major oil reserves off Sarawak shores.
1970s saw major oil discoveries off the state of Trengganu in Peninsula Malaysia.
In the earlier days concessions were given to foreign oil companies to explore for oil. In return these companies paid a paltry royalty and taxes to the government.
This all changed after the Isreali War in 1973 when the OPEC countries decided to put out an oil embargo. It resulted in the price of crude oil skyrocketing.
In order to better manage this limited and exhaustable resource, Malaysia introduced the Petroleum Development Act 1974 and the national oil company, Petronas, was incorporated.
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