Petronas — The Full Wiki

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Petronas . short for Petroliam Berhad [ 1 ]. is a Malaysian-owned oil and gas company was founded on August 17, 1974. owned by the Government, the corporation is with the entire oil and gas resources in and is entrusted with the responsibility of and adding value to these Petronas is ranked among Global 500 ‘s largest in the world.

Fortune ranks as the 95th largest company in the in 2008 and 80th largest in It also ranks Petronas as the 8th profitable company in the world and the profitable in Asia. [ 2 ] [ 3 ] [ 4 ]

Since its Petronas has grown to be an integrated oil and gas company with business in 31 countries. As of the end of March 2005, the Group comprised 103 wholly-owned 19 partly-owned outfits and 57 associated Together, these companies the Petronas Group, which is in various oil and gas based activities. The Times has identified Petronas as one of the new sisters [ 5 ]. the most influential and state-owned national oil and gas companies countries outside the OECD .

The is engaged in a wide spectrum of activities, including upstream and production of oil and gas to downstream oil refining ; and distribution of petroleum products ; gas processing and liquefaction ; gas transmission network operations; marketing of natural gas ; petrochemical manufacturing and shipping; automotive engineering ; and investment.

The Petronas Twin were officially opened on 42nd National Day, 31 1998 — in the Corporation’s Anniversary year.

Contents

Petronas was not the first company to oil or gas in Malaysia. It was Royal Dutch that began the oil exploration in then a British colony, at the end of the century. In 1910, the first oil was drilled in Miri, Sarawak.

became the first oil producing known as the Grand Old Lady. was still the only oil company in the in 1963, when the Federation of having achieved independence Britain six years before, Sarawak and Sabah, both on the of Borneo, and became Malaysia. The in the two new states retained their with Royal Dutch which brought Malaysia’s offshore oil field onstream in

Meanwhile, the federal government to Esso, Continental Oil. and licensing exploration off the state of in the Malay Peninsula, the most region and the focus of federal By 1974, however, only was still in the area. It made its discoveries of natural gas in that and then rapidly made a bigger producer of oil than Sarawak or Sabah.

By 1974, output of crude oil stood at 81,000 barrels per day (12,900 m 3

Setting up a state company:

Several factors converged in the 1970s to prompt the Malaysian into setting up a state oil and gas as first proposed in its Five Plan published in 1971. were years in which in the world oil industry began to away from the majors, then controlled more 90% of the oil trade, toward the Organization of Exporting Countries (OPEC ), as as a proliferation of new private and state joining in the search for reserves.

By the majors, reduced in number seven to five, were less than 20% of the world It seemed that Malaysia either have to join the or continue to leave its oil and gas entirely to Dutch/Shell and Esso, multinational necessarily attuned to the requirements of directors and shareholders, rather to the priorities the government of a developing might seek to realize.

an agreement between Malaysia and signed in 1969, had settled and disputes about each claims over territorial and offshore resources at a time both were heavily to Organization for Economic Co-operation and (OECD ) governments and banks as as to the International Monetary Fund and the World Bank. Setting up a oil and gas company, through which the could get international capital but tangling with foreign oil or governments, had worked for Indonesia: why not for as well? The oil crisis of 1973–74 the government even more of Malaysia’s dependence on foreign oil and capital in general.

Another in the decision was that the technology had been developed for extensive and drilling offshore. The local included a combination of broad of sedimentary rock with and shallow waters around the Shelf, making exploration for gas and oil easier and more successful in most areas of the world. crude turned out to be mostly quality with low sulfur

A final and crucial factor in the of Petronas, and its continuation in much the form since, has been the stability of Malaysia. Since the of parliament in 1971, the country has ruled by the National Front Nasional ), the heirs to the Alliance which had been dominant 1957 to 1969 and the originators in of the New Economic Policy. which was to improve the economic position of —native Malays and other in Sabah and Sarawak—relative to Chinese and Malaysians and to foreign corporations. The this policy has caused for companies and investors are outweighed by the they believe they from Malaysia’s political

The Malaysian government chose to a state company, rather using taxes, production leasing, or other familiar of supervision. The government wanted, and the cooperation of the majors but also to assert national rights the use of the country’s resources. A state having both supervisory over the majors and production of its own, was a workable compromise allowing the majors full and excluding them, along their capital and expertise,

Petronas was established in August and operates under the terms of the Development Act passed in October It was modeled on Pertamina. the Indonesian oil and gas company founded in 1971 in to Permina, which had been set up in According to the 1971 plan, goals would be to safeguard sovereignty over oil and gas reserves, to for both present and future need for oil and gas, to take in distributing and marketing petroleum and products at reasonable prices, to provision of plant, equipment, and by Malaysian companies, to produce fertilizers, and to spread the benefits of the industry throughout the nation.

created Petronas, the government had to what forms its dealings private oil companies would Starting with its legal on oil and gas activities and resources, it had several it could simply award without taking part in management, or profits; it could try services at the supply end; or it make contracts to cover production-sharing, joint ventures—sharing profits and costs—or all stages of the under carried-interest contracts.

first move was to negotiate the of the leases granted to Royal on Borneo and to Esso in the Peninsula production-sharing contracts, which been the favored instrument, joint ventures, ever These first contracts into effect in 1976. for royalties to both federal and governments, and for cost recovery they laid down the remainder would go 70% to Petronas and 30% to the company.

Esso began oil in two offshore fields in 1978, its share of the supply, unlike whose share was consumed the country.

Petronas went for the first time in 1976, it was chosen by the Association of South Asian Nations (ASEAN ) to construction on the second ASEAN industrial project, a urea The subsidiary, Asean Bintulu (ABF), is based in Sarawak and now ammonia and urea all over the

Also in 1976, Malaysia a net exporter of oil, but exports at such a low level as to make the ineligible to join OPEC. situation benefited Malaysia, and by allowing the company a degree of and political flexibility and reinforcing chief purpose, Malaysian

Petronas supervised its foreign oil activities, taking no direct in production until 1978, the government saw to the creation of a subsidiary for oil and production, Petronas Carigali. It its work in an oil field off the Peninsula. retained its supervisory powers all oil and gas ventures, particularly on issues of and safety and environmental control.

natural gas: the late to the mid-1980s

The government was determined to Malaysia’s natural gas as well as its In 1974, it saw to the ordering of five for liquefied natural gas (LNG ) by the International Shipping Company of which it owned 61%. were to take LNG exports out of save the cost of hiring tankers, and expand the country’s under its own control—in contrast to shipping, which was controlled by conferences.

Shell BV, the Royal subsidiary that was building the LNG off Sarawak with Japanese and Development Bank aid, production sharing with but baulked at sharing equity, management, or refining. Negotiations on, pushing commencement further and back, until 1977, Petronas and the government, faced the costs of maintaining the tankers delivery and first use, management rights—leading to a repeal of of the Petroleum Development Act—and for Petronas’s taking 60% of equity in the new Malaysia LNG.

The Sarawak state government 5%, and the other 35% was divided equally Shell BV and the Mitsubishi Corporation. of LNG in Sarawak at last began in

After negotiations lasting 1977 to 1982, Petronas had contracts with Tokyo Power and Tokyo Gas for the sale and of LNG through to the year 2003. LNG was to send almost the entire of its Bintulu gas fields to Japan, these contracts and another signed in 1990, to supply Gas of Fukuoka, in southwestern Japan, for 20 from 1993.

When in Petronas Carigali formed an and production company with National Elf Aquitaine of France, it Elf better terms for recovering than it had offered in earlier This development came the background of the government’s imposition of a policy on Petronas, Royal Shell. and Esso in an attempt to the exhaustion of oil reserves.

These then estimated to be about billion barrels (4.52E+8 m 3 ), and it was predicted that by the late Malaysia would be a net oil importer again. By 1980, oil and gas already 24% of Malaysian exports, and the government to impose a tax on these exports at a 25% The new policy and the new tax combined to cause output and exports of crude oil to in 1981 for the first time Petronas was established.

Output again, beyond its 1980 in the following year, but exports until 1984 to surpass 1980 level.

However, the policy was being undermined by circumstances. Through the early a worldwide oil glut, which proved unable to control, the Malaysian government to increase to offset deterioration in its balance of payments to a deficit of $1 billion. It clear that this only be sustained by relaxing the for joint ventures between and the major oil companies.

In 1982, the share, which had risen to was cut to 70%, and taxes on company were also cut.

went into refining and in 1983. It initiated the construction of at Malacca and at Kerteh in order to its dependence on Royal Dutch/Shell’s two at Port Dickson and Esso’s in Sarawak. These two majors, and foreign companies, already much of the domestic retail but the new subsidiary Petronas Dagangan was the initial advantage of preference in the of its stations.


By 1990, 252 service carried the Petronas brand, all but 20 on a basis, and another 50 were Some were set up on grounds of benefit rather than of commercial calculation.

As production Royal Dutch/Shell and Esso’s fields moved nearer the companies sought new fields and new In 1985, the government and Petronas the standard production-sharing contract, the rate of recovery of capital from 30% to 50% of gross production in the of oil and from 35% to 60% in the case of natural abolishing signature, discovery, and bonus payments and increasing the partners’ share of the profits.

At the drastic fall in oil prices 1986, which cut Malaysia’s from exported oil by more a third even though the of exports rose by 16%, interest in the new arrangements, but by 1989 had signed 22 new contracts with 31 from 11 countries. However, the period was still restricted to years—compared, for example, with the contracts available in neighboring —and there was still a 25% on exported crude oil, a that was intended to promote the refining industry. These cited as disincentives to foreign were eventually relaxed the next several years.

The and Petronas aimed to encourage the of fast-depleting oil within Malaysia and simultaneously to foster heavy which could help the country’s overwhelming dependence on its natural resources. In 1980, products accounted for 88% of the country’s consumption of energy, the rest provided from hydroelectric in Sarawak. too far away from the population centers to become a alternative. Five years gas accounted for 17%, hydroelectricity for coal for 2%, and petroleum products for 62% of consumption, and about half of year’s gas output was being in Malaysia.

The Petronas venture for this shift in fuel and—along with Malaysia LNG Malaysia’s becoming the third producer of LNG in the world, was the Peninsular Gas Project ( Projek Penggunaan Gas ), the aim of which was to supply gas to every of the Peninsula. Its first stage was in 1985, following the success of gasification projects in the states of and Sabah. and involved the extraction of gas three fields in the Natuna between the Peninsula and the island of ; its processing in a plant at Kertih on the east coast; and its distribution to the of Terengganu by pipeline and abroad via an terminal.

Petronas’s least happy was its ownership of the Bank Bumiputra. the but least-profitable, of the commercial banks in Malaysia. Petronas spent than MYR 3.5 billion over years trying to rescue the from the impact of the bad loans it had starting with its support of the property group of Hong which collapsed in 1985, the bank’s share capital with it. In 1991, Petronas the bank back to another company, Minister of Finance and announced its intention to concentrate on gas, and associated activities in

Just as Petronas was disposing of liability, the crisis caused by the regime’s invasion of Kuwait in military action against on behalf of the United Nations. had already raised Malaysia’s oil rate from 605,000 to barrels per day (103,000 m 3 /d) in late as the crisis unfolded.

This only reinforced the company’s of the need to vary its policies, with known reserves of billion barrels (467,000,000 m 3 ), and no new major finds of oil, risked seeing output to 350,000 barrels per day (56,000 m 3 /d) in and running down to depletion another five years. was exacerbated by the possibility that Asia in general would rapid economic growth in the so that demand for oil there rise twice as fast as in the relatively more sluggish, … economies of North and Europe. The Malaysian government, and its oil and gas company, was forced to decide mixture of policies to adopt in

Battling oil depletion: the late

Fortunately for Malaysia, exploration was by no at an end and could yet produce more The Seligi field, which onstream at the end of 1988 and was developed by Production Malaysia, was one of the richest so far found in Malaysian waters, and concessions to the majors would exploration of the deeper waters Malaysia, where unknown could be discovered.

Meanwhile, seismography made it both and commercially justifiable to re-explore which had been abandoned, or assumed to be unproductive, over the century. In 1990, Petronas foreign companies to re-explore of the sea off Sabah and Sarawak on the basis of new using up-to-date techniques.

way to postpone depletion was to develop of oil, and of its substitute, natural outside Malaysia. Late in the governments of Vietnam and Myanmar invited Petronas Carigali to part in joint ventures to for oil in their coastal waters. In a new unit, Petronas Carigali Sdn Bhd, was created to take up a 15% in a field in Myanmar’s waters explored by Idemitsu Myanmar Oil Co.

Ltd. a subsidiary of the Japanese Idemitsu Oil Development Co. Ltd.. in a sharing arrangement with Oil and Gas Enterprise. Thus began first oil exploration outside

In May 1990, the governments of Malaysia and settled a long-running dispute their respective rights to an of 7,300 square kilometers in the of Thailand by setting up a joint authority for the area and encouraging a oil exploration project by Petronas, the Authority of Thailand. and the U.S. Triton Oil. In a separate in October 1990, the Petroleum of Thailand arranged with to study the feasibility of transferring gas from this jointly area, through Malaysia to by way of an extension of the pipelines laid for the stage of the Peninsular Gas Utilization

That project was on course to a major element in the postponement of oil Contracts for line pipes for the stage of the project were in 1989 with two consortia of Japanese. and Brazilian companies.

stage, completed in 1991, the laying of 730 kilometers of pipeline to the tip of the Peninsula, from where gas be sold to Singapore and Thailand ; the of two power stations—Port Dickson and Gudang —from oil to gas; and the of Petronas’s output of methyl butyl ether (MTBE), and polypropylene. which were being produced in joint with Idemitsu Petrochemical Co. of and Neste Oy of Finland. The third and stage of the project was to lay pipelines the northwest and northeast coastlines of the and was completed in 1997.

Another new venture in 1990 was in since Petronas’s existing with MISC and with state oil company would be to transport the additional exports of LNG due to in 1994, under the contract Saibu Gas. Petronas did not sight of the government’s commitment to self-reliance, and the company’s second at Malacca. completed in 1994, a capacity of 100,000 barrels per day m 3 /d), promoted the same

The fact that it was built in a venture with Samsung of the Chinese Petroleum Corporation of and Caltex of the United States did not the policy, for the subsidiary company Penapisan (Melaka) had a decisive 45% of while sharing the enormous of and gaining advanced technology for the More to the point, a side of the refinery’s completion was that was able to refine all of the crude oil it instead of being partially on refining facilities in Singapore.

with its policies of promoting helping to develop associated and varying the sources and uses of oil and played an important role in the economy as a whole. Under which—by current, if not historical, standards—were strongly interventionist, the of oil taxes to the federal government’s hovered at around 12% to 16% until when it showed a marked to 23%, followed by another to 32% in 1981.

From then 1988 the proportion fluctuated 29% and 36%. Petronas was not just big oil company: it controlled a crucial of the economy and remained, for better or an indispensable instrument of the state.

globally: the 1990s and beyond

the mid- to late 1990s, exploration, development, and production key components in Petronas’s strategy with diversification. A key discovery was in the Ruby field in Vietnam in That year, the firm saw its first overseas production the Dai Hung field in Vietnam and its first retail station of Malaysia in Cambodia.

In 1995, a was created to import, store, and liquefied petroleum gas (LPG). In the company’s polyethylene plant in began operations. Petronas a significant milestone during time period—two of its subsidiaries, Dagangan Bhd and Petronas Gas Bhd, public on the Kuala Lumpur Exchange .

In 1996, Petronas the aromatics market by way of a joint that created Aromatics Sdn Bhd. It also formed a with China National Oil Corporation and Chevron Overseas Ltd. to begin exploration of 02/31 of the Liaodong Bay area in While the Asian economy as a suffered from an economic during 1997 and 1998, was quick to bounce back due to government reforms.

From its new in the Petronas Twin Towers. the concern continued its development in the oil and gas

During 1997, Petronas its diversification efforts. The firm set in motion to build three plants in Kuantan as well as an facility in Kerteh. Its first LPG venture in China was launched year and the company acquired a interest in Malaysia International Corporation Berhad (MISC). In Petronas’s tanker-related subsidiary with MISC, increasing stake in MISC to 62%.

year, Petronas introduced the E01, the country’s first prototype engine. The company signed a total of five new sharing contracts (PSCs) in and 1999, and began oil production in the field in Iran.

Petronas the new century determined to expand its efforts. The company forged for two new exploration plots in Pakistan and construction on the Chad-Cameroon Integrated Oil and Pipeline Project. By 2002, had signed seven new PSCs and stakes in eight exploration in eight countries, including Cameroon. Niger.

Egypt. Indonesia. and Vietnam. The firm made considerable progress in its strategy, opening new gas-based facilities in Kerteh and Gebeng.

By Malaysia was set to usurp Algeria as the second-largest producer of LNG with the of the Malaysia LNG Tiga Plant. Minister Mahathir Mohamad on the achievement in a May 2003 Bernama Agency article, claiming the Petronas LNG complex now serves as shining example of a vision of a national aspiration, transformed reality by the same belief Malaysians that ‘we can do Indeed, Petronas had transformed into a global oil company the previous decade, becoming a symbol for success. The company however, that it would to continue its aggressive growth in order to insure its survival in the to come.

The Petronas overseas expansion continues with the acquisition of Energy Ltd Mauritania assets for million in 2007. [ 6 ] The venture successful as they discovered oil in May [ 7 ]

In 2004, Minister in the Prime Department, Datuk Mustapa [ citation needed ]. stated Petronas contributed RM 25 Billion to the treasury accounting for 25% of revenue via dividends and other revenues. continuously provides the Malaysian dividends from its profits. inception in 1974, Petronas paid the government RM 403.3 with RM 67.6 billion in

The payment represents 44% of the 2008 government revenue. [ 8 ] Petronas to focus on international exploration as 40% of revenue in 2008 was derived international projects such as Sudan. Chad and Mauritania. The international reserves stood at billion barrels oil equivalent in [ 9 ]

Oil revenue payments to the Malaysian

On July 4, 2009 Petronas Tun Dr Mahathir Mohamad asked did the government spend with the billion payment from the oil company over the past six when his successor Tun Abdullah Badawi was prime minister. He that Petronas has been dividends. taxes. royalties and duties to the government since after it was set up as the national custodian for fuels.

Petronas began by the government RM300 million in rising to RM2 billion in 1981, Mahathir assumed office. The from 1981 to 2003 was billion for the 22 years that Dr Mahathir’s tenure as the country’s prime minister. [ 10 ] Opposition Lim Kit Siang urged the Barisan government to open its books on and give a full accounting of how from the national oil company had spent since its inception.

Lim that previously Mahathir did not any issues about the misuse of from Petronas, set up in 1976 as the oil company, to bail out dubious He pointed to the infamous incident RM2 billion was used to bailout son Mirzan Mahathir’s shipping Konsortium Perkapalan Bhd (KPB) in when KPB was floundering in billion-ringgit with its share price to RM3.78 by February 1998, a of its pre-financial crisis level of RM17. He claimed that were other occasions Dr Mahathir when “Petronas was as a national piggy bank” as the RM2.5 billion and RM1 billion of Bank Bumiputra in 1986 and aiding MAS and Proton in their struggles as well as to fund such as the Petronas Twin and the shifting of the federal administration to Lim also demanded a full of the RM15.2 billion royalty to the Terengganu government from to 2009, which he claims “hijacked by the federal government the Terengganu state government to PAS. [ 11 ]

State oil royalty

The Statistics Department revealed the states of Kelantan. Sabah and had contributed 62.5 per cent of the oil in Malaysia and are entitled to oil royalty as per Petroleum Development Act 1974. [ 12 ] The PAS state government of Kelantan had their entitlement of oil royalty from Petronas and the federal [ 13 ] The Barisan Nasional -ruled government has insisted oil from the development area with was not from part of Kelantan’s and has only offered RM20 as compassionate payment. UMNO Tengku Razaleigh Hamzah. one of the chairmen of Petronas, has disagreed the government’s move, saying the for oil royalty was first agreed Sarawak and later extended to all [ 14 ] Tengku Razaleigh mentioned the original purpose of the Petroleum Act was to ensure the poorest states in like Kelantan received He also advised that comply with its agreement the state governments. [ 15 ] [ 16 ]

The Barisan federal government on February 21, argued why states in the Malay are not entitled to oil royalty, but was silent its decision to resume paying the 5 per cash payment direct to Terengganu. The Information, Communication and Ministry took out full advertisements in Malay weeklies eight questions and answers to Tengku Razaleigh’s argument Kelantan and all other states are to the 5 per cent oil royalty under the Development Act 1974. Its main is that oil and gas are extracted from that are beyond the three-nautical limit prescribed as territorial under Malaysia’s Emergency (Essential Powers) No 7 1969. [ 17 ] Razaleigh Hamzah on February 22, rubbished attempts by the federal to explain the non-payment of oil royalties to the government. [ 18 ] He pointed out that the fails to point out that all the oil found in Malaysia is located than three nautical offshore, and Petronas has nevertheless making oil payments to the states not controlled by the opposition. [ 19 ] [ 20 ]

Subsidiaries

Petronas has more 100 subsidiaries and around 40 Joint companies in which Petronas has at 50% stake in the company. Although is considering to listing more of its [ 21 ]. so far the company has listed at least 3 of its in the Bursa Malaysia :

Petronas Berhad

Involved in the distribution and of finished petroleum products and of service stations for the domestic The company has over 800 petrol around Malaysia as of July [ 22 ] and further increase to 870 stations in 2008 [ 23 ]

The company also up with local food and players, banks and transportation to provide better services at petrol stations. Players McDonalds. Kentucky Fried

Dunkin Donuts. Konsortium Berhad. Maybank and also Bank .

Petronas Gas Berhad

in the provision of gas processing and transmission to Petronas and its customers as a throughput Owns and operates the Peninsular Gas which is 2,550 kilometers in and runs from Kerteh in to Johor Bahru in the South and in the North of Peninsular Malaysia.

Berhad

Involved in ship-owning, and other logistics and maritime services and activities. Currently has the fleet of LNG transport vessels

principal subsidiaries

Some of the key are:-

Others include Assets Sdn Bhd; Petronas Services Sdn Bhd; Petronas Corp. Sdn Bhd; Petronas S.A.; Petronas Australia Pty Petronas Thailand Co. Ltd.; Philippines Inc.; Petronas Co. Ltd.; Petronas Technical Sdn Bhd; Petronas South Pty Ltd.; Petronas India Company Pte Ltd.; Petronas Company Ltd.; Petronas Corp.

Ltd.; Petronas Thailand Co. Ltd.; Myanmar Trading Co. Ltd.; Petronas (Netherlands) B.V. and Indianoil

Motorsport

Visible Petronas at the car of BMW Sauber F1.

Petronas was one of the main of the BMW Sauber Formula One team, and it lubricants and fuel to the team. It owned 40% of Sauber Petronas the company that builds which formerly utilized designed engines used by the team, until being out by German motor company Petronas is also the main for Malaysian Grand Prix. and the Chinese Grand Prix.

is the exclusive premium partner of the BMW F1 Team. BMW has acquired the controlling of the former Sauber Petronas Petronas also sponsors the Cub Prix races.

It also many other sporting and teams, mostly motorsports. of these sponsorships includes the (Petronas EON Rally Team), the now Foggy Petronas Superbike (in which Petronas debutes own superbike, the FP1 ), and also the Petronas Team, a 4X4 adventure team.

recently Petronas is also a sponsor for PETRONAS TOYOTA TOM’S car no. #36 which is currently in Super GT series, which won the team title in 2008 and title in 2009. The series race in Malaysia every at Sepang International Circuit. signed a three-year sponsorship with Fiat Yamaha team.

The PETRONAS branding can be starting Qatar race on the 10 to 12 2009.

In terms of further One involvement, every year takes the BMW-Sauber teams to parts of Malaysia for F1 demos so the who are unable to go to the track itself get to a little bit of what F1 offers. promotional events are held in the run up to the and the drivers play an integral in this so much so that Heidfeld concedes that are more fans for BMW-Sauber in in than most other

As part of its corporate social programme, Petronas also underprivileged children to watch the

On December 21, 2009, Petronas was as moving from BMW Sauber to the Mercedes Grand Prix [ 24 ]

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