Thursday, March 6, 2008

Petroliam Nasional Bhd or PETRONAS

PETRONAS, short for Petroliam Nasional Bhd, is Malaysia's national petroleum corporation established on 17 August 1974. Wholly-owned by the Government, 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.

Over the years, PETRONAS has grown to become a fully-integrated oil and gas corporation and is ranked among FORTUNE Global 500's largest corporations in the world. PETRONAS has four subsidiaries listed on the Bursa Malaysia and has ventured globally into more than 33 countries worldwide in its aspiration to become a leading oil and gas multinational of choice.

As at end of October 2005, the Petroliam Nasional Berhad Group comprised 101 wholly-owned subsidiaries, 19 partly-owned outfits and 57 associated companies. PETRONAS currently has a workforce of over 30,000, supporting its various businesses and operations groupwide.

Revenue51.0 billion USD (2007)
Net income14.4 billion USD (2007)
Employees 33,944 worldwide

PETRONAS Development (1974 to 2005)


Incorporation of PETRONAS. Parliament passed the Petroleum Development Act.


First export of crude by PETRONAS.


Conclusion of first production sharing contract (PSC) with Esso and Shell.


Entry into the Petroleum product market via aviation refueling and bunkering services.


Incorporation of PETRONAS Carigali Sdn Bhd, the exploration and production subsidiary of PETRONAS.


Incorporation of Asean Bintulu Fertilizer, marking PETRONAS' entry into the petrochemicals sector.


First PETRONAS petrol station set up in Taman Tun Dr Ismail, Kuala Lumpur.


PETRONAS Carigali made its first oil discovery, the Dulang oilfield, offshore Terengganu.


Malaysian LNG exported its first shipment of liquified natural gas (LNG) to Japan from its plant in Bintulu, Sarawak.

PETRONAS' first refinery with 30,000 bpd capacity in Kertih, Terengganu came onstream.


Duyong Gas Development Project completed. The Peninsular Gas Utilisation (PGU) Phase 1 came onstream. Moved into Kompleks Dayabumi.


Introduction of new PSC terms. Asean Bintulu Fertilizer plant came onstream . First fertilizer export. First liquified petroleum gas (LPG) export.


Signing of the country's first Unitisation Agreement between PETRONAS Carigali and Esso Production Malaysia Inc. for the development of Dulang field.


The road to globalisation began. Maiden E&P venture as a member of a consortium in onshore Block D, Myanmar.


Signed a joint venture agreement with BP Chemicals/BPCM Assets Sdn Bhd and Idemitsu Petrochemical Co Ltd for the ethylene and polyethylene projects in Kertih, Terengganu. Inauguration of PGU Phase 2 system by Prime Minister Dato Seri Dr Mahathir Mohamad.

Dato Seri Dr Mahathir Mohamad launched Dulang crude.

First operatorship in overseas E&P venture for blocks 1 and 2 offshore Vietnam.


MTBE/Propylene and Polypropylene plants in Gebeng, Kuantan came onstream marking PETRONAS' entry into the integrated petrochemical business.

Ground breaking ceremony of the Kuala Lumpur City Centre (KLCC) project by Dato Seri Dr Mahathir Mohamad.


PETRONAS signed its first deep water PSC with Mobil. Issued its first US$500 million Yankee and 50 billion yen samurai bonds.


Marketing arm PETRONAS Dagangan Bhd became the first PETRONAS subsidiary listed on the Kuala Lumpur Stock Exchange (KLSE).

PETRONAS Melaka Refinery with 100,000 bpd capacity began operation.

First of PETRONAS' five LNG tankers, Puteri Intan, was delivered.

Oil was discovered in Ruby field, in Block 1 and 2, Vietnam.

First overseas oil production from Dai Hung field in Vietnam.

First overseas retail station opened in Cambodia.


Established PETRONAS Energy Philippines Inc to import, store and distribute LPG for domestic and commercial use in the Lanau District, Mindanao.

Polyethylene plant in Kertih came onstream.

Listing of PETRONAS Gas Bhd on the KLSE.

Commencement of PETRONAS sponsorship of the Red Bull-Sauber-PETRONAS Formula One Racing Team.


Full completion of the LNG Dua project in Bintulu. Incorporated a joint venture company known as Aromatics Malaysia Sdn Bhd to undertake the implementation of the country's first aromatics project.

Issued its first US$1.9 billion global bond. Acquired a 30% stake in Engen Ltd in South Africa. Signed a petroleum contract with China National Offshore Oil Corporation and Chevron Overseas Petroleum Ltd to jointly undertake oil and gas exploration in block 02/31, offshore Liaodong Bay area, China.


Moved to the world's tallest buildings, the 88-storey PETRONAS Twin Towers at the KLCC. Signed agreement with BASF Aktiengesellschaft of Germany to construct and operate three new petrochemical plants at the Gebeng Industrial estate in Kuantan.

Signed a shareholders agreement with BP Chemicals to build Malaysia's first acetic acid plant in Kertih.

The first LPG joint venture project in ZhengJiang, Jiangsu Province, China was officially opened. Aquired a 29.3% stake in Malaysia International Shipping Corporation Berhad (MISC).

PGU III, the final phase of the three-phase PGU project was completed.


PETRONAS injected PETRONAS TANKERS Sdn Bhd into MISC, resulting in MISC becoming a 62% subsidiary of PETRONAS.

Launched Enviro 2000, the natural gas vehicle taxi.

Signed PSCs with two foreign players in Malaysia upstream sector, namely, Santa Fe Energy Resources and YPF Malaysia Ltd.

Malaysia's first commercial prototype engine, PETRONAS E01, developed by PETRONAS engineers, was launched.

Acquired the remaining 70% of Engen Ltd making it fully owned subsidiary of PETRONAS. Launched the first oil production of Ruby Field offshore Vung Tau, Vietnam. PGU III the final phase of the three-phased PGU project was completed.

Launched the first oil production of the Sirri field in Iran.


Signed three PSCs with PETRONAS Carigali and Murphy Oil Corporation, a new foreign player in the upstream sector.

First oil production export from Sudan. Official Opening of the PETRONAS Twin Towers by Dato Seri Dr Mahathir Mohamad on Malaysia's 42nd National Day.

Concluded a Gas Sales Agreement with developers of Block A-18 in the Malaysian-Thailand Joint Development Area to jointly purchase natural gas with Petroleum Authority of Thailand from the block.

Divested 20% equity in Engen Ltd to Worldwide African Investment Holding Pty Ltd.

Signed a Farm-out Agreement with ENI for interests in three exploration blocks offshore Gabon.


Introduced PRIMAX, a revolutionary new generation petrol to Malaysian motorists.

Resak Gas Field offshore Terengganu began production. L

aunched SPRINTA 5000, a fully synthetic motorcycle engine oil.

Signed agreements for two oil and gas exploration blocks, the East Kadanwari Block and Mehar Block, in Pakistan.

Commenced construction of the 1,070 km pipeline for Chad-Cameroon Integrated Oil Development and Pipeline Project. First oil is targetted in 2003.


Signed a PSC with Sonatrach, the Algerian national oil corporation, for the Ahnet Block onshore Algeria.

Dato Seri Dr Mahathir Mohamad launched the book on PETRONAS entitled "A Vision Realised - The Transformation of A National Oil Corporation" written by Datuk Paddy Bowie.

PETRONAS' office in Jakarta officiated by Dato Seri Dr Mahathir Mohamad.

BASF PETRONAS Chemicals Sdn Bhd's integrated chemical complex in Gebeng, Pahang officiated by Dato Seri Dr Mahathir Mohamad.

Rolled out PETRONAS' high performance prototype "GP1" motorcycle engine at the Sepang F1 Circuit.


Signed a Petroleum Contract with PetroVietnam and Pertamina to jointly explore for and develop hydrocarbon resources in Blocks 10 and 11.1 offshore Vietnam.

Official opening of IPPL LPG Terminal, a joint venture with India Oil Corporation.

Secured two reconnaissance contracts in Morocco.

PETRONAS Petroleum Industry Complex (PPIC) in Kertih, Terengganu officiated by Dato' Seri Dr Mahathir Mohamad.

Raised US$2.675 billion equivalent from a global bond issue, the largest corporate bond issue to have ever been concluded by an Asian corporation.

Signed an Exploration Production Contract (EPC) with ENH, Mozambique's national oil company for the Zambezi Delta Block offshore Mozambique.

Launced Foggy PETRONAS Racing, a team sponsored by PETRONAS to race in the World Superbike Championship.

Secured interest in Jabung Block, onshore South Sumatra, through the acquisition of Kerr-McGee Indonesia's entire share capital.

Received the delivery of first natural gas from West Natuna, Indonesia.

Awarded four PSCs for Blocks M-15, M-16, M-17 and M-18 offshore Myanmar

Entered into an agreement with Premier Oil Plc, to swap its 25% share in Premier for Premier's interests in producing fields in Myanmar and Indonesia.

Discovered oil and gas reserves in the Turkmen sector of the Caspian Sea, Turkmenistan. Announced the development of its own Formula One fuel for the Sauber PETRONAS cars in the 2003 FIA Formula One World Championship.

Announced the financial close of the purchase by Transasia Pipeline Company Pvt. Ltd, of a 40 per cent stake in PT Transportasi Gas Indonesia.

Petronas Twin Towers.They are 452 metres tall (1,483f), have 88 stories, and were completed in 1998.They were the world's tallest from 1997 (when they were topped out) until October 2003.


Official opening of the polyvinyl chloride (PVC) plant, Phu My Plastics & Chemicals Company Ltd, a joint venture between PETRONAS, PetroVietnam and Tramatsuco.

Signed a Petroleum Contract with PetroVietnam to jointly explore for and develop hydrocarbon resources in Block 01/97 and 02/97 offshore Vietnam.

Awarded two Production Sharing Contracts for deepwater Blocks L and m offshore Malaysia to Murphy Oil Corporation and PETRONAS Carigali Sdn Bhd.

Foggy PETRONAS Racing Team entered 2003 World Superbike Championship. Acquired Mobil Oil Sudan Limited from Mobil International Petroleum Corporation to participate in the retailing business and marketing of petroleum products in Sudan.

Signed an agreement for the acquisition of 50% working interest and joint operatorship of the West Delta Deep Marine concession, offshore Egypt and a 35% interest in the Egyption LNG project from Edison S.p.A.

PETRONAS and PetroChina, in consultation with PERTAMINA, have in a joint exercise acquired the entire share capital Amerada Hess Indonesia Holdings Limited.

Signed a Sale and Purchase Agreement with Lundin Sudan BV for the sale of Lundin's 40.375% participating interest in Block 5A, Sudan.

Appointed Motosikal Dan Enjin Nasional Sdn Bhd (MODENAS) as the local assembler of the road version of PETRONAS FP1 superbikes.

Official opening of PETRONAS Liquefied Natural Gas Complex in Bintulu, Sarawak by Dato' Seri Dr Mahathir Mohamad.

Awarded the exploration Block G in the Federal Democratic Republic of Ethiopia.

Signed a PSC with Pertamina and PetroVietnam to jointly explore for and develop hydrocarbon resources in Block SK305 offshore Sarawak.

Awarded an exploration and production contract for the offshore Indus Block G and H by the Government of Pakistan.

Announced the first oil and pipeline fill operations of its joint venture Chad-Cameroon Integrated Oil Development and Pipeline Project.

Opened its first service station in Sudan, officially marking its entry into the retail marketing business in the country following its acquisition of the entire retail assets of Mobil Oil Sudan Ltd.

Completed the transfer of its 25 percent interest in Premier Oil Plc for the latter's interests in producing fields in Myanmar and Indonesia.

Concluded two Sale and Purchase Agreements to sell the entire 3.6 million tonnes per year liquefied natural gas output of Train 2 of the Egyptian LNG Project to BG Gas Marketing Ltd, a subsidiary of the British Gas Group.

Unveiled the road version of its PETRONAS FP1 motorcycle, Malaysia's very own first superbike. Launched its range of premium grade automotive engine oils in Indonesia, officially entering the country's lubricants market.

Signed a Letter of Intent with Petroplus International NV (Petroplus) to acquire 30 per cent equity in Dragon LNG, a special purpose outfit established by Petroplus to develop a proposed LNG terminal and related facilities in Milford Haven, Wales, United Kingdom.


Entered into a Petroleum Agreement and Association Contract with the Office National de Recherches et d'Explorations Petrolieres (ONAREP), the national oil company of Morocco, for an offshore deepwater Rabat Sale Haute Mer are in Morocco.

Signed a shareholder's agreement with Total and National Iranian Oil Company (NIOC) to form a liquefied natural gas production company, Pars LNG Co.

Signed a new PSC for Block PM314 offshore Peninsular Malaysia with Talisman Malaysia Ltd. and PETRONAS Carigali Sdn Bhd, following the expiry of the PSC for the block awarded in 1988 to Amerada Hess Malaysia.

Signed two PSCs with Newfield Exploration Company and PETRONAS Carigali Sdn Bhd for Block PM318 offshore Peninsular Malaysia and Deepwater Block 2C offshore Sarawak.

Launched its marketing arm in China, PETRONAS Marketing China Company Ltd.

Signed a Gas Sales Agreement with British Gas Trading Ltd, a subsidiary of Centrica Plc of the United Kingdom, marking its entry into the UK natural gas market.

Signed a Memorandum of Understanding (MOU) with Indonesia's PT Perusahaan Listrik Negara towards the development of a LNG regasification terminal in West Java, Indonesia. Announced the development of a new world scale methanol plant adjacent to its existing methanol plant in Labuan.

Signed a PSC with Malaysia-Thailand Joint Authority (MTJDA) for Block B-17-01, an offshore overlapping area between Thailand and Malaysia.

Signed a Sales & Purchase Agreement to acquire Kuwait Petroleum (Thailand) Ltd from Kuwait Petroleum International Ltd., paving the way for the corporation to further expand its presence in the retail and marketing sector of the Thai oil and gas industry.


Awarded a Service Contract by the Philippines Government to explore for oil and gas in the offshore Mindoro Block.

Discovered oil in the Agadem Block 1Permit, Niger.

PETRONAS' subsidiary, ASEAN Bintulu Fertilizer Sdn Bhd signed a shareholders agreement with Namhee Chemical Corporation of Korea to set up a joint venture melamine production facility in Bintulu, Sarawak. The facility will be the country's maiden melamine venture. Launched its range of premium grade automotive engine oils in Switzerland and Liechtenstein. PETRONAS and its partners BG International Limited and Egyptian General Petroleum Corporation, have successfully delivered their first LNG cargo to ASEAN LNG Trading Company Ltd, a subsidiary of PETRONAS.

Commemorated its 10 years of involvement in F1. Ceremony officiated by PM Dato' Seri Abdullah Haji Ahmad Badawi.

Commenced gas production from Rehmat Field in Block 2769-4 (Mubarak) in Pakistan's Sindh Province.