Petronas

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Type state-owned
Founded 1974
Headquarters Kuala Lumpur, Malaysia
Key People Shamsul Azhar Bin Abbas (CEO)
Revenue US$97.36 billion (2011)[1]
Net income US$21.92 billion[2]
% change on previous year +25.4%[3]
Total Assets US$157.38 billion (end 2011)[4]
Employees 43,860[5]
Website www.petronas.com.my

Global Snapshot

Petronas, short for "Petroliam Nasional Berhad", was founded in 1974 and is Malaysia's state-owned national oil company and the country's most profitable company. The company is Malaysia's only representative in the Fortune 500[6] and in 2012 was the 25th largest global oil company by production, at 1.4 million barrels per day (bpd).[7]

Petronas' subsidiaries operate in more than 20 countries, primarily in Asia and Africa. In 2011 the company had reserves of more than 27 billion barrels of oil equivalent (boe) and is a major producer of liquid petroleum gas (LPG) and liquefied natural gas (LNG).[8]

In 2007, the Financial Times identified Petronas as one of the "new seven sisters"- one of the most influential energy companies from countries outside the Organisation for Economic Co-operation and Development (OECD).[9] In turn, the Economist refers to Petronas as "a successful example of a national oil company" commenting that, in contrast to Brazil's Petrobras, Malaysia has not made significant domestic oil discoveries in recent years. During the 1990s the company began expanding abroad, mostly in Africa and by 2007 had invested in 66 upstream projects in 22 countries.[10]

Official Accreditations and Global Perceptions

EITI Supporter Status

As of December 2011, Petronas was not a supporter of the EITI.

UN Global Compact

As of December 2011, Petronas was not a member of the UN Global Compact.

CSR Review

The 2011 Annual Report[11] highlights the following achievements in corporate social responsibility:

  • The successful launch of the community outreach initiative 'Program Sentuhan Harapan' in Miri, Sarawak, where the Malaysian prime minister and company officials presented hampers containing basic food items to deserving families.
  • Continued commitment to cancer research in Malaysia, with a US$0.9 million contribution to the Cancer Research Initiatives Foundation (CARIF).
  • Membership of the Oil Spill Response Limited (OSRL), from June 2011.
  • 2010 launch of ZeTo, or Zero Tolerance Rules, for high-risk activities, aiming to improve safety performance. Over the year under review there were 52 cases of ZeTo rules violations and 25 staff and 27 contractors were investigated.
  • Fall in the 'Fatal Accident Rate' for the fifth year in a row.

External Coverage

  • In December 2009 Petronas signed a sponsorship deal with the Mercedes Formula One team, allowing for the company's branding to be used on cars and team liveries in a long term agreement.[12]

Global Operations by Country

Egypt

Main article: Petronas Operations in Egypt

Iraq

Main article: Petronas Operations in Iraq

Niger

Main article: Petronas Operations in Niger

References

  1. "Petronas, Forbes, retrieved 19 December 2012.
  2. "Petronas, Forbes, retrieved 19 December 2012.
  3. "Petronas, Forbes, retrieved 19 December 2012.
  4. "Petronas, Forbes, retrieved 19 December 2012.
  5. "Petronas, Forbes, retrieved 19 December 2012.
  6. "Malaysia's Petronas profit falls 23 percent ", The Boston Globe, 1 july 2010 .
  7. "The World's 25 Biggest Oil Companies", Forbes, 7 July 2012 .
  8. "Petronas" Hoovers, retrieved 15 December 2011.
  9. "The New Seven Sisters", Financial Times, 12 March 2007.
  10. "Drilling and nation-building" Economist, 8 October 2009.
  11. "2011 Annual Report, Petronas, 2011.
  12. "Petronas to sponsor Mercedes Formula One team next year, Guardian, 21 December 2009.

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