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Concept
Petronas
Summary
National Petroleum Limited (Malay: Petroliam Nasional Berhad), commonly known as PETRONAS, is a global Malaysian energy group with presence in over 100 countries. Established in 1974, it is a legal entity incorporated under the Malaysian Companies Act and reports to the company's Board of Directors. The corporation is vested with all oil and gas resources in Malaysia and is entrusted with the responsibility of developing and adding value to these resources. In the annual Fortune Global 500 list for 2022, PETRONAS was ranked at 216th. PETRONAS also ranked 48th globally in the 2020 Bentley Infrastructure 500.
The Financial Times has identified PETRONAS as one of the "new seven sisters": , considered to be influential and mainly state-owned national oil and gas companies from countries outside the OECD.
The group is engaged in a broad 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.
PETRONAS provides a substantial source of income for the Malaysian government, accounting for more than 15% of the government’s revenue from 2015 to 2020.
The company is headquartered at the PETRONAS Twin Towers, located in Kuala Lumpur, Malaysia.
Before the formation of Malaysia, Royal Dutch Shell (now Shell plc) first began the oil exploration in Miri, Sarawak; after Charles Brooke signed the first Oil Mining Lease in 1909. In 1910, the first oil well was drilled in Miri. This oil well is later known as the Grand Old Lady. In 1929, oil was discovered in Brunei. There were no other drilling activities in Borneo or British Malaya until 1950s. In 1966, the enactment of Petroleum Mining Act gave Exxon and Shell rights to explore oil territories and produce oil royalties and tax payments to the government.
Official source
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