Petronas, also known as Petroliam Nasional Berhad, is a Malaysian multinational corporation that was founded in 1974. It is the state-owned oil and gas company of Malaysia and is headquartered in Kuala Lumpur.
Petronas was established as a response to the country's increasing reliance on imported oil and gas, as well as the need to develop domestic resources. The company was initially focused on exploring and producing oil and natural gas within Malaysia, but it has since expanded its operations to other countries around the world.
In the early years of its existence, Petronas faced many challenges. It had to build up its technical capabilities and infrastructure in order to extract and process oil and gas, and it had to negotiate complex contracts with foreign partners. Despite these challenges, Petronas was able to establish itself as a major player in the global energy industry.
Over the years, Petronas has made a number of significant discoveries and developed numerous oil and gas fields in Malaysia and around the world. It has also diversified its business into other areas, such as refining, marketing, and trading. Today, Petronas is one of the largest oil and gas companies in the world and a major contributor to the Malaysian economy.
One of Petronas' most notable achievements is the construction of the Petronas Twin Towers in Kuala Lumpur. The towers, which were completed in 1998, are the tallest twin buildings in the world and a iconic symbol of Malaysia's economic development.
In addition to its commercial operations, Petronas is also involved in a number of social and environmental initiatives. The company has established a number of programs to support the local communities in which it operates, and it has also implemented a number of measures to reduce its environmental impact.
In conclusion, Petronas has come a long way since its inception in 1974. From a small, state-owned company focused on domestic oil and gas production, it has grown into a global energy giant with operations in more than 30 countries around the world. Despite the challenges it has faced, Petronas has proven to be a resilient and successful company, and it continues to be an important contributor to the Malaysian economy.
The Brief History and Background of Petronas
Retrieved 5 June 2022. Retrieved 30 July 2022. Even people who watch a lot of PETRONAS advertisements have said that they enjoy watching them and they are always eager for the new advertisements. It began its work in an oil field off the Peninsula. Retrieved 1 November 2020. 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.
Petronas
Late in 1989, the governments of That project was on course to becoming a major element in the postponement of oil depletion. Below are just some of the highlights of the different years. This stage, completed in 1991, included the laying of 730 kilometers 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's output of methyl tertiary butyl ether MTBE , propylene, and polypropylene, which were already being produced in joint ventures with Idemitsu Petrochemical Co. Petronas was not just another big oil company: it controlled a crucial sector of the economy and remained, for better or worse, an indispensable instrument of the state. Retrieved 2 March 2015. Statement of Purpose A progressive energy and solutions partner enriching lives for a sustainable future. Retrieved 16 January 2017.
Petronas Philharmonic Hall
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. Retrieved 15 October 2021. In 1985, the government and Petronas revised the standard production-sharing contract, increasing the rate of recovery of capital costs from 30 percent to 50 percent of gross production in the case of oil and from 35 percent to 60 percent in the case of natural gas, abolishing signature, discovery, and production bonus payments and increasing the foreign partners' share of the profits. Some of their achievement highlights are such as in 2007 Petronas Increased its equity holding in the APA Group to become the single largest shareholder in one of Australia's biggest energy transmission and Distribution Company. The concrete raft foundation, comprising 13,200 cubic metres 470,000 cu ft of concrete was continuously poured through a period of 54 hours for each tower.
