February 4th, 2006
To Allahyarham Tan Sri Azizan Zainul Abidin.
Al fatihah…
Petroliam Nasional Berhad (PETRONAS) being the catalyst of the Malaysian economy had recently announced a phenomenal return of approximately RM25.0 billion to the Malaysian public. A remarkable performance since the day it was founded.
It all started when the Petroleum Development Act was introduced back in 1974 giving PETRONAS, as a state owned enterprise, the exclusive rights of ownership, exploration and production of all oil and gas upstream activities. This was then further extended with the involvement of the Ministry of International Trade and Industry (MITI) as well as Ministry of Domestic Trade and Consumer Affairs (MDTCA) via the Petroleum Regulation 1974 (amended 1975 and 1981) allowing PETRONAS to participate in oil and gas downstream activities.
After 30 years of existence, PETRONAS that was incorporated as a national petroleum corporation on 17th August 1974, has today grown into a giant corporation controlling up and downstream oil & gas operations with business interests in 35 countries all over the world.
Backed by a workforce over 30,000 in 93 wholly-owned subsidiaries, 19 partly-owned outfits and 55 associated companies, PETRONAS has a total Shareholders Funds of more than USD29.0 billion equivalent to RM110.5 billion. This oil & gas giant is now ranked number 28th of the Fortune Global 500 Companies in terms of profits and 70th in terms shareholders funds, outperforming herself from her initial intention to only secure Malaysian oil & gas reserves from being further exploited by major foreign oil and gas players.
As a national treasure, the Group owns amongst others, not one but two tallest buildings in the world (the KLCC Twin Tower), two listed flagships in different sectors namely MISC in shipping and KLCC Berhad in property as well as the listed PETRONAS Gas and PETRONAS Dagangan on Bursa Malaysia with a combined market capitalisation of RM 46.34 billion.
GLOBALISATION AND SURVIVAL OF THE MALAYS BEYOND 2020
In the recent months, the Malay intellectuals, leaders and top government officers have gathered in numerous sessions to predict the future challenges facing the Malays. In addition to the regular common domestic issues such as poverty, education, bribery and money politics, the globalisation issue is indeed the real challenge facing the Malays for its survival beyond 2020.
PETRONAS, under the leaderships of YM Tengku Razaleigh Hamzah as the first Chairman of the Group until Allahyarham Tan Sri Azizan as the last Chairman, is indeed the engine of the Malaysian economy. It has propelled the vast national development in a few mega projects particularly the development of Putrajaya as the national administrative centre of Malaysia.
Despite the success story of PETRONAS’ legacy since the first day it was incorporated, there is still a large gap between the growth of the PETRONAS and Malay companies. PETRONAS has continuously enjoyed and successfully contributed in the positive balance of payment via streams of US dollar cash inflows into our country whereas the other Malay companies are still struggling to find the correct business model to survive.
If PETRONAS is the organisation that has received the sole mandate to conquer the global business world from the Government of Malaysia, she must also be responsible to groom others too.
PROPOSAL TO SHARE THE MANDATE TO CONQUER THE WORLD
In order to take a large a leap forward, the Malaysian Government must look into identifying the right structure for the Malay companies to expand their business globally. In this case, PETRONAS must lead the initiative.
If today PETRONAS focuses on establishing its international upstream and downstream operations by collaborating with the best international contractors and backed by the best international corporate / financial advisers who are mostly foreigners, the Group must now look into nurturing “selected” large Malay companies to grow global with them.
With the exceptional team led by YBhg Tan Sri Hassan Merican, PETRONAS Group President / Chief Executive and YABhg Tun Mahathir Mohamad, the Main Adviser of PETRONAS, we are very confident that PETRONAS will be able to achieve this mission and the success story will be continued by other Government Linked Companies such as TNB, Telekom, Sime Darby and many more.
Happy 30th Birthday PETRONAS !
“SUCCESS VIA STRATEGIC THINKING AND EFFECTIVE MOVEMENT”
To Allahyarham Tan Sri Azizan Zainul Abidin.
Al fatihah…
Petroliam Nasional Berhad (PETRONAS) being the catalyst of the Malaysian economy had recently announced a phenomenal return of approximately RM25.0 billion to the Malaysian public. A remarkable performance since the day it was founded.
It all started when the Petroleum Development Act was introduced back in 1974 giving PETRONAS, as a state owned enterprise, the exclusive rights of ownership, exploration and production of all oil and gas upstream activities. This was then further extended with the involvement of the Ministry of International Trade and Industry (MITI) as well as Ministry of Domestic Trade and Consumer Affairs (MDTCA) via the Petroleum Regulation 1974 (amended 1975 and 1981) allowing PETRONAS to participate in oil and gas downstream activities.
After 30 years of existence, PETRONAS that was incorporated as a national petroleum corporation on 17th August 1974, has today grown into a giant corporation controlling up and downstream oil & gas operations with business interests in 35 countries all over the world.
Backed by a workforce over 30,000 in 93 wholly-owned subsidiaries, 19 partly-owned outfits and 55 associated companies, PETRONAS has a total Shareholders Funds of more than USD29.0 billion equivalent to RM110.5 billion. This oil & gas giant is now ranked number 28th of the Fortune Global 500 Companies in terms of profits and 70th in terms shareholders funds, outperforming herself from her initial intention to only secure Malaysian oil & gas reserves from being further exploited by major foreign oil and gas players.
As a national treasure, the Group owns amongst others, not one but two tallest buildings in the world (the KLCC Twin Tower), two listed flagships in different sectors namely MISC in shipping and KLCC Berhad in property as well as the listed PETRONAS Gas and PETRONAS Dagangan on Bursa Malaysia with a combined market capitalisation of RM 46.34 billion.
GLOBALISATION AND SURVIVAL OF THE MALAYS BEYOND 2020
In the recent months, the Malay intellectuals, leaders and top government officers have gathered in numerous sessions to predict the future challenges facing the Malays. In addition to the regular common domestic issues such as poverty, education, bribery and money politics, the globalisation issue is indeed the real challenge facing the Malays for its survival beyond 2020.
PETRONAS, under the leaderships of YM Tengku Razaleigh Hamzah as the first Chairman of the Group until Allahyarham Tan Sri Azizan as the last Chairman, is indeed the engine of the Malaysian economy. It has propelled the vast national development in a few mega projects particularly the development of Putrajaya as the national administrative centre of Malaysia.
Despite the success story of PETRONAS’ legacy since the first day it was incorporated, there is still a large gap between the growth of the PETRONAS and Malay companies. PETRONAS has continuously enjoyed and successfully contributed in the positive balance of payment via streams of US dollar cash inflows into our country whereas the other Malay companies are still struggling to find the correct business model to survive.
If PETRONAS is the organisation that has received the sole mandate to conquer the global business world from the Government of Malaysia, she must also be responsible to groom others too.
PROPOSAL TO SHARE THE MANDATE TO CONQUER THE WORLD
In order to take a large a leap forward, the Malaysian Government must look into identifying the right structure for the Malay companies to expand their business globally. In this case, PETRONAS must lead the initiative.
If today PETRONAS focuses on establishing its international upstream and downstream operations by collaborating with the best international contractors and backed by the best international corporate / financial advisers who are mostly foreigners, the Group must now look into nurturing “selected” large Malay companies to grow global with them.
With the exceptional team led by YBhg Tan Sri Hassan Merican, PETRONAS Group President / Chief Executive and YABhg Tun Mahathir Mohamad, the Main Adviser of PETRONAS, we are very confident that PETRONAS will be able to achieve this mission and the success story will be continued by other Government Linked Companies such as TNB, Telekom, Sime Darby and many more.
Happy 30th Birthday PETRONAS !
“SUCCESS VIA STRATEGIC THINKING AND EFFECTIVE MOVEMENT”
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