Petronas, a Fortune 500 company, started in 1974 as a state-owned enterprise fully owned by the Malaysian government and designated as the development company for all oil and gas in Malaysia
Petronas was established in 1974 as a state-owned enterprise. Fully owned by the Government of Malaysia. The Petroleum Development Act was passed by the National Assembly, granting all rights to own and control Malaysia's petroleum resources. The Company is designated as the development company for all oil and gas in Malaysia and is required to carry out value-added processing of these resources. Petronas has grown from a pure oil and gas extraction company to a wide-ranging and value-added entity today.
Through 30 years of development and construction, PETRONAS has grown into a comprehensive multinational oil and gas company with three subsidiaries (PETRONAS Trading Berhad, PETRONAS Berhad and Malaysia International Shipping Berhad) and more than 100 subsidiaries in more than 30 overseas countries, ranking as one of the world's top 500 companies.
PETRONAS manages all upstream operations in Malaysia and engages a number of international oil and gas companies in the exploration, development and production of Malaysian oil and gas through production sharing contracts. PETRONAS is also directly involved in 100 million cubic feet of upstream gas reserves in Malaysia through its subsidiary, Petronas Exploration Berhad. Petronas' downstream operations include LNG and transportation, processing and transporting natural gas, refining and marketing petroleum products, buying and selling crude oil and petroleum products, manufacturing and selling petrochemical products, as well as shipping and related logistics such as transporting LNG, crude oil and petroleum products.
Petronas' upstream operations are focused on strengthening its domestic exploration and production operations and acquiring new overseas blocks to increase and sustain Malaysia's oil and gas reserves. PETRONAS, through its subsidiary, PETRONAS Exploration Sdn Bhd, is directly involved in the exploration, exploitation and production of domestic oil and gas alongside other multinational production sharing contractors. To date, PETRONAS has signed more than 60 production sharing contracts with IOCs to participate in the exploration, development and production of oil and gas in a profit-sharing and cost-recovery manner. Petronas' overseas upstream business covers 25 countries.
PETRONAS' downstream business is focused on expanding its business value chain and enhancing its operations to create the highest value. PETRONAS owns and operates 2 refineries in Malacca and Gedi districts in Malaysia, supplying petroleum products to the market for sale and trading. The refined products are not only for domestic consumption, but also for export. With PETRONAS' acquisition of Engen Ltd, a major oil company in South Africa, including its refinery in Delborn.
