PETRONAS, short for Petroliam Nasional
Berhad (National Petroleum Limited), is a Malaysian oil and gas company
that was founded on 17 August 1974. Wholly owned by the Government of Malaysia,
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. PETRONAS is ranked among Fortune Global 500's largest
corporations in the world. Fortune ranks PETRONAS as the 75th
largest company in the world in 2013. Fortune also ranks
PETRONAS as the 8th most profitable company in the world and the most
profitable in Asia.
Since its incorporation,
PETRONAS has grown to be an integrated international oil and gas company with
business interests in 35 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 Financial Times has
identified PETRONAS as one of the "new seven sisters"the most
influential and mainly state-owned national oil and gas companies from
countries outside the OECD.
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 provides a
substantial source of income for the Malaysian government, with half of the
government's budget dependent on PETRONAS' dividend, moreover in 2011
government actual balance has 5 percent deficit of Gross Domestic Product.
The company is
headquartered at the Petronas Towers which was officially opened on
Malaysia's 42nd National Day, 31 August 1999 – in the corporation's 24th
Anniversary year.
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