Dateline 2013-09-07, Malaysia Chronicle:
The bulk of that comes from the national oil company, Petronas. Over its lifespan, Petronas has accounted, at times, for up to 50 per cent of the government’s annual revenue.
These exclude the various economic spin-offs from its investments and business activities. It provides, directly or indirectly, tens of thousands of jobs, hundreds of millions of ringgit in business opportunities and other value-added services.
With its huge operations built over the years in Malaysia and around the world, Petronas has emerged as the 25th largest oil and gas company in the world, the 68th largest company in the world, 12th most profitable globally and most profitable in Asia.
Much of the success comes from its investments in various upstream and downstream petroleum activities and prudent management of its financial reserves.
There are not many state oil companies that have been as successful as Petronas.
Petronas needs to step up investments to expand its operations, weather the vagaries of global petroleum prices and boost its earnings to ensure its financial sustainability and that of the country’s economy.
That was the rationale behind Petronas’s plan, announced last year, to turn Pengerang in Johor into a vibrant petroleum hub in Asia, rivalling Singapore.
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