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PETRONAS, short for Petroliam Nasional Berhad, is Malaysia's owned oil and gas company that was founded on August 17 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.
Since its incorporation PETRONAS has grown to be an integrated international oil and gas company with business interests in 31 countries. As of the end of March 2005, the PETRONAS Group comprised 103 wholly-owned subsidiaries, 19 partly-owned outfits and 57 associated companies. Together, these companies make the PETRONAS Group, which is involved in various oil and gas based activities.
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 built the PETRONAS Twin Towers (opened 1998), once the world's tallest buildings, as its headquarters.
In 2004, Minister in the Prime Minister's Department, Datuk Mustapa Mohamed, stated that PETRONAS contributed RM 25 Billion to the country's treasury accounting for 25 percent of revenue collected via dividends and other revenues.
Motorsport
PETRONAS was one of the main sponsors of the Sauber Formula One team, and it supplies lubricants and fuel to the team. It also owned 40% of Sauber PETRONAS Engineering, the company that builds chassis which formerly utilized Ferrari designed engines used by the Sauber team, until being bought out by German motor company BMW. PETRONAS is also the main sponsor for Malaysian Grand Prix and co-sponsors the Chinese Grand Prix. For the 2006 Formula One season, PETRONAS is the exclusive premium partner of the newly-formed BMW Sauber F1 Team. BMW has acquired the controlling stake of the former Sauber PETRONAS Engineering. PETRONAS also sponsors the Malaysian Cub Prix races.
Education Sponsorship Unit
The Education Sponsorship Unit (ESU) award education scholarships in the form of convertible loan to Malaysian and international students studying at local universities or abroad. The scholarship are awarded based on academic results, curricular activities, interview result, and family background. Students who receive scholarships from PETRONAS are under contract agreement to work for the company two years for every one year they receive scholarship.
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Oil companies | Companies of Malaysia
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