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Tower 1, PETRONAS Twin Towers, Kuala Lumpur City Centre, 50088 Kuala Lumpur, MalaysiaTelephone: (603) 2331 5000 / 2331 0022 / 2331 0088
Telefax: (603) 2026 5050 / 2026 5055www.petronas.com.my
Design: Johan Design Associates, Malaysia.
V I S I O N S TA T E M E N T
To Be A Leading Oil And Gas Multinational Of Choice
M I S S I O N S TA T E M E N T
We Are A Business Entity
Petroleum Is Our Core Business
Our Primary Responsibility Is To Develop And Add Value To This National Resource
Our Objective Is To Contribute To The Well Being OfThe People And The Nation
S H A R E D V A L U E S
LoyaltyLoyal To Nation And Corporation
ProfessionalismCommitted, Innovative And Proactive And AlwaysStriving For Excellence
IntegrityHonest And Upright
CohesivenessUnited In Purpose And Fellowship
C O R P O R A T E
s t a t e m e n t s
P E T R O L I A M N A S I O N A L B E R H A D 1
2 Company Profile
4 Corporate Information
5 Board Of Directors
6 Management Committee
8 PETRONAS Group Of Companies
1 0 Chairman’s Statement
1 6 The Year In Review 4 4 Five-Year Financial Highlights
4 6 The Year’s Highlights
5 0 Malaysia’s Contract Areas And Oil And Gas Fields
c o n t e n t s
P E T R O L I A M N A S I O N A L B E R H A D 32
PETRONAS, the acronym for Petroliam Nasional Berhad, is Malaysia’s
national petroleum corporation. Incorporated on 17 August 1974 under
the Companies A c t , 1 9 6 5 , it is wholly owned by the Malay s i a n
Government. The Petroleum Development Act, 1974 vests in PETRONAS
the entire ownership and control of the petroleum resources in Malaysia.
RANKED among the Fortune Global 500 companies, PETRONAS is an
integrated international oil and gas company with business interests in
more than 30 countries. As at end March 2002, the PETRONAS Group
comprised 72 wholly - o w n e d , 21 partly-owned subsidiaries and
47 associated companies.
THE GROUP is engaged in a wide range of 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
o p e r ations; marketing of liquefied natural gas; petrochemical
manufacturing and marketing; shipping and property investment.
p r o f i l eC O M P A N Y
P E T R O L I A M N A S I O N A L B E R H A D 32
PETRONAS, the acronym for Petroliam Nasional Berhad, is Malaysia’s
national petroleum corporation. Incorporated on 17 August 1974 under
the Companies A c t , 1 9 6 5 , it is wholly owned by the Malay s i a n
Government. The Petroleum Development Act, 1974 vests in PETRONAS
the entire ownership and control of the petroleum resources in Malaysia.
RANKED among the Fortune Global 500 companies, PETRONAS is an
integrated international oil and gas company with business interests in
more than 30 countries. As at end March 2002, the PETRONAS Group
comprised 72 wholly - o w n e d , 21 partly-owned subsidiaries and
47 associated companies.
THE GROUP is engaged in a wide range of 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
o p e r ations; marketing of liquefied natural gas; petrochemical
manufacturing and marketing; shipping and property investment.
p r o f i l eC O M P A N Y
P E T R O L I A M N A S I O N A L B E R H A D 54
Chairman
Tan Sri Dato’ Seri Azizan Zainul Abidin
Members
Tan Sri Dato’ Mohd. Hassan Marican
Tan Sri Dato’ Dr. Samsudin Hitam
Dato’ Seri Dr. Zainul Ariff Haji Hussain
Tan Sri Dato’ Zaki Tun Azmi
Dato’ Iskandar Dzakurnain Badarudin
Dato’ Mohamad Idris Mansor
Datuk Ishak Imam Abas
Haji Ithnin Haji Hassan
(Alternate to Tan Sri Dato’ Dr. Samsudin Hitam)
Haji Mohd. Zarif Mohd. Zaman
(Alternate to Dato’ Iskandar Dzakurnain Badarudin)
Company Secretary
Mohammed Azhar Osman Khairuddin
Registered Office
Tower 1
PETRONAS Twin Towers
Kuala Lumpur City Centre
50088 Kuala Lumpur
Malaysia
Telephone : (03) 2331-5000
Telefax : (03) 2026-5050
Website : www.petronas.com.my
i n f o r m a t i o nB O A R D O F
d i r e c t o r s
Seated From Left:
Dato’ Seri Dr. Zainul Ariff Haji Hussain, Tan Sri Dato’ Seri Azizan Zainul Abidin, Tan Sri Dato’ Zaki Tun Azmi, Tan Sri Dato’ Mohd.Hassan Marican
Standing From Left:
Dato’ Iskandar Dzakurnain Badarudin,Haji Ithnin Haji Hassan,Datuk Ishak Imam Abas,Dato’ Mohamad Idris Mansor, Mohammed Azhar Osman Khairuddin
C O R P O R A T E
P E T R O L I A M N A S I O N A L B E R H A D 54
Chairman
Tan Sri Dato’ Seri Azizan Zainul Abidin
Members
Tan Sri Dato’ Mohd. Hassan Marican
Tan Sri Dato’ Dr. Samsudin Hitam
Dato’ Seri Dr. Zainul Ariff Haji Hussain
Tan Sri Dato’ Zaki Tun Azmi
Dato’ Iskandar Dzakurnain Badarudin
Dato’ Mohamad Idris Mansor
Datuk Ishak Imam Abas
Haji Ithnin Haji Hassan
(Alternate to Tan Sri Dato’ Dr. Samsudin Hitam)
Haji Mohd. Zarif Mohd. Zaman
(Alternate to Dato’ Iskandar Dzakurnain Badarudin)
Company Secretary
Mohammed Azhar Osman Khairuddin
Registered Office
Tower 1
PETRONAS Twin Towers
Kuala Lumpur City Centre
50088 Kuala Lumpur
Malaysia
Telephone : (03) 2331-5000
Telefax : (03) 2026-5050
Website : www.petronas.com.my
i n f o r m a t i o nB O A R D O F
d i r e c t o r s
Seated From Left:
Dato’ Seri Dr. Zainul Ariff Haji Hussain, Tan Sri Dato’ Seri Azizan Zainul Abidin, Tan Sri Dato’ Zaki Tun Azmi, Tan Sri Dato’ Mohd.Hassan Marican
Standing From Left:
Dato’ Iskandar Dzakurnain Badarudin,Haji Ithnin Haji Hassan,Datuk Ishak Imam Abas,Dato’ Mohamad Idris Mansor, Mohammed Azhar Osman Khairuddin
C O R P O R A T E
P E T R O L I A M N A S I O N A L B E R H A D 76
Tan Sri Dato’ Mohd.Hassan MaricanPresident & Chief Executive Officer
Dato’ Mohamad Idris MansorSenior Vice-President,Exploration & Production Business
Datuk Ishak Imam AbasSenior Vice-President, Finance
Dato’ Haji Mohd.Ali Haji YasinVice-President, Logistics & Maritime Business
Dato’ Shamsul Azhar AbbasVice-President, Oil Business
Muri MuhammadVice-President,Gas Business
Dato’ Abdul Rahim Abu BakarVice-President, Petrochemical Business
Abdul Rahim Haji HashimVice-President, Human Resource Management
Mariam Rahimah Haji MukhtarVice-President,Education
Abdul Hamid IbrahimManaging Director/Chief Executive Officer,PETRONAS Gas Bhd
Anuar AhmadManaging Director/Chief Executive Officer,PETRONAS Dagangan Bhd
Abdullah KarimManaging Director/Chief Executive Officer,Malaysia LNG Sdn. Bhd.
Mohammed Azhar Osman KhairuddinSenior General Manager,Legal & Corporate Affairs Division
Nasarudin Md. IdrisSenior General Manager,Corporate Planning & Development Division
Mohamad Johari DasriManaging Director/Chief Executive Officer,PETRONAS Carigali Sdn.Bhd.
Faridah Haris HamidSecretary
Seated From Left:
Dato’ Mohamad Idris Mansor, Tan Sri Dato’ Mohd.Hassan Marican,Datuk Ishak Imam Abas
Standing From Left:
Mohamad Johari Dasri,Abdullah Karim,Mohammed Azhar Osman Khairuddin,Abdul Rahim Haji Hashim,Nasarudin Md.Idris,Dato’ Abdul Rahim Abu Bakar,
Dato’ Haji Mohd.Ali Haji Yasin,Dato’ Shamsul Azhar Abbas,Mariam Rahimah Haji Mukhtar, Muri Muhammad,Abdul Hamid Ibrahim,Faridah Haris Hamid,Anuar Ahmad
c o m m i t t e eM A N A G E M E N T
P E T R O L I A M N A S I O N A L B E R H A D 76
Tan Sri Dato’ Mohd.Hassan MaricanPresident & Chief Executive Officer
Dato’ Mohamad Idris MansorSenior Vice-President,Exploration & Production Business
Datuk Ishak Imam AbasSenior Vice-President, Finance
Dato’ Haji Mohd.Ali Haji YasinVice-President, Logistics & Maritime Business
Dato’ Shamsul Azhar AbbasVice-President, Oil Business
Muri MuhammadVice-President,Gas Business
Dato’ Abdul Rahim Abu BakarVice-President, Petrochemical Business
Abdul Rahim Haji HashimVice-President, Human Resource Management
Mariam Rahimah Haji MukhtarVice-President,Education
Abdul Hamid IbrahimManaging Director/Chief Executive Officer,PETRONAS Gas Bhd
Anuar AhmadManaging Director/Chief Executive Officer,PETRONAS Dagangan Bhd
Abdullah KarimManaging Director/Chief Executive Officer,Malaysia LNG Sdn. Bhd.
Mohammed Azhar Osman KhairuddinSenior General Manager,Legal & Corporate Affairs Division
Nasarudin Md. IdrisSenior General Manager,Corporate Planning & Development Division
Mohamad Johari DasriManaging Director/Chief Executive Officer,PETRONAS Carigali Sdn.Bhd.
Faridah Haris HamidSecretary
Seated From Left:
Dato’ Mohamad Idris Mansor, Tan Sri Dato’ Mohd.Hassan Marican,Datuk Ishak Imam Abas
Standing From Left:
Mohamad Johari Dasri,Abdullah Karim,Mohammed Azhar Osman Khairuddin,Abdul Rahim Haji Hashim,Nasarudin Md.Idris,Dato’ Abdul Rahim Abu Bakar,
Dato’ Haji Mohd.Ali Haji Yasin,Dato’ Shamsul Azhar Abbas,Mariam Rahimah Haji Mukhtar, Muri Muhammad,Abdul Hamid Ibrahim,Faridah Haris Hamid,Anuar Ahmad
c o m m i t t e eM A N A G E M E N T
P E T R O L I A M N A S I O N A L B E R H A D 98
Polyethylene Malaysia Sdn. Bhd. (40%)
** 25% interest each held by PCM I & PCM III
*** Via 51% interest held by PICL & 49% interest held by PETRONAS (Thailand) Co. Ltd.
Carigali-PTTEPI Operating Co. Sdn. Bhd. (50%)
Tchad Oil Transportation S.A. (29.75%)
BASF PETRONAS Chemicals Sdn. Bhd. (40%)
BP PETRONAS Acetyls Sdn. Bhd. (30%)
Premier Oil PLC. (25%)
Petlin (Malaysia) Sdn. Bhd. (40%)
Advanced Engine Research Sdn. Bhd. (50%)
Putrajaya Holdings Sdn. Bhd. (40%)
Labuan Reinsurance (L) Ltd. (10%)
Thang Long LPG JV Company (49%)
Cameroon Oil Transportation S.A. (30.27%)
P.T. Asean Aceh Fertilizer (13%)
Shell MDS (Malaysia) Sdn. Bhd. (6.86%)Malaysian Technology Development Corp. Sdn. Bhd. (5.24%)
Phu My Plastics And Chemical Company Ltd. (50%)
Australian Pipeline Trust Ltd. (10%)Gasinvest S.A. (18.3%)
Zhenjiang Zhonghai PETRONAS NIC Oil and Gas Co. Ltd. (20%)
Guangdong Yangjiang Hailing (SINOPEC-PETRONAS-NIC)Petro-Chemical Co. Ltd. (30%)
Carigali-Triton Operating Co. Sdn. Bhd. (50%)
Optimal Chemicals (Malaysia) Sdn. Bhd. (50%)
Idemitsu SM (Malaysia) Sdn. Bhd. (30%)
PS Terminal Sdn. Bhd. (50%)
Lub Dagangan Sdn. Bhd. (20%)
PS Pipeline Sdn. Bhd. (50%)
Petrofibre Network (M) Sdn. Bhd. (40%)(formerly known as Celcom PETRO NETWORK (M) SDN. BHD.)
Malaysian Maritime Academy Sdn. Bhd. (30%)
Sauber PETRONAS Engineering AG (40%)
PETRONAS Carigali Sdn. Bhd.
PETRONAS Hartabina Sdn. Bhd.
PETRONAS Penapisan (Terengganu) Sdn. Bhd.
PETRONAS Penapisan (Melaka) Sdn. Bhd.
PETRONAS Management Training Sdn. Bhd.
PETRONAS Methanol (Labuan) Sdn. Bhd.
PETRONAS Gas Supply (Labuan) Sdn. Bhd.
MTBE Malaysia Sdn. Bhd.
Polypropylene Malaysia Sdn. Bhd.
PETRONAS Carigali (JDA) Sdn. Bhd.
PETRONAS Carigali Overseas Sdn. Bhd.PARSI International Ltd.
PETRONAS Carigali Myanmar II Inc.PETRONAS Carigali Chad Exploration & Production Inc.
PETRONAS Carigali (Dai Hung) Sdn. Bhd.
PETRONAS Carigali (Vietnam) Sdn. Bhd.
PETRONAS Carigali International Sdn. Bhd.
PETRONAS Carigali (Turkmenistan) Sdn. Bhd.
PETRONAS Carigali Overseas (UK) Ltd.
PETRONAS Carigali (Sudan) Sdn. Bhd.
PETRONAS Carigali (Pasemah) Ltd.
PETRONAS Carigali (Ketapang) Ltd.
PETRONAS Carigali (Pakistan) Ltd.
PETRONAS Carigali White Nile (5B) Ltd.
PETRONAS Carigali Nigeria Ltd.
PETRONAS Carigali Niger Exploration & Production Ltd.
PETRONAS Carigali Mozambique E & P Ltd.
PETRONAS Carigali Bahrain Ltd.
White Nile (5B) Petroleum Operating Co. Ltd.
PETRONAS Carigali (Chad EP) Inc.Seerat Refinery Investment Inc.Doba Pipeline Investment Inc.PETRONAS Chad Marketing Inc.
PETRONAS Philippines Inc.
PETRONAS (Thailand) Co. Ltd.
PETRONAS Argentina S.A.
PETRONAS Australia Pty. Ltd.
East Australian Pipeline Marketing Pty. Ltd.
PETRONAS NGV Sdn. Bhd.
PETRONAS South Africa (Pty.) Ltd.
PETRONAS China Company Ltd.PETRONAS Ammonia Sdn. Bhd.PETRONAS International Corporation Ltd.
PETRONAS Carigali Myanmar Inc.
PETRONAS Carigali Myanmar III Inc.
*** PETRONAS Marketing (Thailand) Co. Ltd.
PETRONAS India (Holdings) Company Pte. Ltd.
Styrene Monomer (Malaysia) Sdn. Bhd.
PETRONAS Maritime Services Sdn. Bhd.
Sungai Udang Port Sdn. Bhd.
Kertih Port Sdn. Bhd.
Malaysian International Trading Corporation Sdn. Bhd.
Malaysian International Trading Corporation (Japan) Sdn. Bhd.
PETRONAS Technical Services Sdn. Bhd.
PETRONAS Research & Scientific Services Sdn. Bhd.
Kuantan Terminal Sdn. Bhd.
Institute of Technology PETRONAS Sdn. Bhd.
PETRONAS Cambodia Co. Ltd.
PETRONAS Cambodia Tankage Co. Ltd.
PETRONAS Fertilizer (Kedah) Sdn. Bhd.
Sanzbury Stead Sdn. Bhd.
PETRONAS Trading Corporation Sdn. Bhd.
Asean Bintulu Fertilizer Sdn. Bhd. (63.5%)
Ethylene Malaysia Sdn. Bhd. (72.5%)Malaysia LNG Dua Sdn. Bhd. (60%)
Gas District Cooling (Putrajaya) Sdn. Bhd. (100%)
Gas District Cooling (KLIA) Sdn. Bhd. (60%)
Aromatics Malaysia Sdn. Bhd. (70%)
Gas District Cooling (M) Sdn. Bhd. (95.83%)
Malaysia LNG Sdn. Bhd. (65%)
PETRONAS Dagangan Bhd. (69.86%)
PETRONAS Gas Berhad (60.63%)
Kuala Lumpur Aviation Fuelling System Sdn. Bhd. (65%)
Japan Malaysia LNG Co. Ltd. (70%)
PETRONAS Carigali (Tanjung Aru) Ltd.
PETRONAS Carigali Vietnam (Blocks 10 & 11-1) Ltd.
PETRONAS Myanmar Ltd.
Perecom Industries Sdn. Bhd.Myanmar PETRONAS Trading Co. Ltd.
Petrosains Sdn. Bhd.
PETRONAS Assets Sdn. Bhd.
PETRONAS Energy Philippines Inc. (60%)
KLCC (Holdings) Bhd. (49.5%)
Gas District Cooling (UTP) Sdn. Bhd. (100%)
Gas Malaysia Sdn. Bhd. (20%)
Optimal Glycols (Malaysia) Sdn. Bhd. (50%)
Trans Thai-Malaysia (Thailand) Ltd. (50%)
Trans Thai-Malaysia (Malaysia) Sdn Bhd. (50%)
IndianOil Petronas Pvt. Ltd. (50%)
Composites Technology Research Malaysia Sdn. Bhd. (10%)
Perusahaan Otomobil Nasional Berhad (11.7%)
Bintulu Port Holdings Berhad (22.79%)
Transportadora De Gas Mercosur (14.6%)
Duta Inc. (40%)
Bataan Polyethylene Corporation (38.6%)
Kertih Terminal Sdn. Bhd. (40%)
CS Mutiara Petroleum Company Sdn. Bhd. (50%)
Midciti Resources Sdn. Bhd. (49.5%)
Malaysian Refining Company Sdn Bhd. (53%)
Malaysia International Shipping Corporation Berhad (62.44%)
Malaysia LNG Tiga Sdn. Bhd. (60%)OGP Technical Services Sdn. Bhd. (60%)
Vinyl Chloride (Malaysia) Sdn. Bhd. (60%)Optimal Olefins (Malaysia) Sdn. Bhd. (64.25%)
Greater Nile Petroleum Operating Company (30%)SIRRI International Ltd.
PETRONAS Carigali Nile Ltd.
OTHER COMPANIESPARTLY-OWNED SUBSIDIARIESWHOLLY-OWNED SUBSIDIARIES
** Global Resources Ltd. (50%)
Taninthayi Pipeline Co. LLC (30%)
Engen Limited (80%)
c o m p a n i e s at 31 March 2002
P E T R O N A S G R O U P O F
P E T R O L I A M N A S I O N A L B E R H A D 98
Polyethylene Malaysia Sdn. Bhd. (40%)
** 25% interest each held by PCM I & PCM III
*** Via 51% interest held by PICL & 49% interest held by PETRONAS (Thailand) Co. Ltd.
Carigali-PTTEPI Operating Co. Sdn. Bhd. (50%)
Tchad Oil Transportation S.A. (29.75%)
BASF PETRONAS Chemicals Sdn. Bhd. (40%)
BP PETRONAS Acetyls Sdn. Bhd. (30%)
Premier Oil PLC. (25%)
Petlin (Malaysia) Sdn. Bhd. (40%)
Advanced Engine Research Sdn. Bhd. (50%)
Putrajaya Holdings Sdn. Bhd. (40%)
Labuan Reinsurance (L) Ltd. (10%)
Thang Long LPG JV Company (49%)
Cameroon Oil Transportation S.A. (30.27%)
P.T. Asean Aceh Fertilizer (13%)
Shell MDS (Malaysia) Sdn. Bhd. (6.86%)Malaysian Technology Development Corp. Sdn. Bhd. (5.24%)
Phu My Plastics And Chemical Company Ltd. (50%)
Australian Pipeline Trust Ltd. (10%)Gasinvest S.A. (18.3%)
Zhenjiang Zhonghai PETRONAS NIC Oil and Gas Co. Ltd. (20%)
Guangdong Yangjiang Hailing (SINOPEC-PETRONAS-NIC)Petro-Chemical Co. Ltd. (30%)
Carigali-Triton Operating Co. Sdn. Bhd. (50%)
Optimal Chemicals (Malaysia) Sdn. Bhd. (50%)
Idemitsu SM (Malaysia) Sdn. Bhd. (30%)
PS Terminal Sdn. Bhd. (50%)
Lub Dagangan Sdn. Bhd. (20%)
PS Pipeline Sdn. Bhd. (50%)
Petrofibre Network (M) Sdn. Bhd. (40%)(formerly known as Celcom PETRO NETWORK (M) SDN. BHD.)
Malaysian Maritime Academy Sdn. Bhd. (30%)
Sauber PETRONAS Engineering AG (40%)
PETRONAS Carigali Sdn. Bhd.
PETRONAS Hartabina Sdn. Bhd.
PETRONAS Penapisan (Terengganu) Sdn. Bhd.
PETRONAS Penapisan (Melaka) Sdn. Bhd.
PETRONAS Management Training Sdn. Bhd.
PETRONAS Methanol (Labuan) Sdn. Bhd.
PETRONAS Gas Supply (Labuan) Sdn. Bhd.
MTBE Malaysia Sdn. Bhd.
Polypropylene Malaysia Sdn. Bhd.
PETRONAS Carigali (JDA) Sdn. Bhd.
PETRONAS Carigali Overseas Sdn. Bhd.PARSI International Ltd.
PETRONAS Carigali Myanmar II Inc.PETRONAS Carigali Chad Exploration & Production Inc.
PETRONAS Carigali (Dai Hung) Sdn. Bhd.
PETRONAS Carigali (Vietnam) Sdn. Bhd.
PETRONAS Carigali International Sdn. Bhd.
PETRONAS Carigali (Turkmenistan) Sdn. Bhd.
PETRONAS Carigali Overseas (UK) Ltd.
PETRONAS Carigali (Sudan) Sdn. Bhd.
PETRONAS Carigali (Pasemah) Ltd.
PETRONAS Carigali (Ketapang) Ltd.
PETRONAS Carigali (Pakistan) Ltd.
PETRONAS Carigali White Nile (5B) Ltd.
PETRONAS Carigali Nigeria Ltd.
PETRONAS Carigali Niger Exploration & Production Ltd.
PETRONAS Carigali Mozambique E & P Ltd.
PETRONAS Carigali Bahrain Ltd.
White Nile (5B) Petroleum Operating Co. Ltd.
PETRONAS Carigali (Chad EP) Inc.Seerat Refinery Investment Inc.Doba Pipeline Investment Inc.PETRONAS Chad Marketing Inc.
PETRONAS Philippines Inc.
PETRONAS (Thailand) Co. Ltd.
PETRONAS Argentina S.A.
PETRONAS Australia Pty. Ltd.
East Australian Pipeline Marketing Pty. Ltd.
PETRONAS NGV Sdn. Bhd.
PETRONAS South Africa (Pty.) Ltd.
PETRONAS China Company Ltd.PETRONAS Ammonia Sdn. Bhd.PETRONAS International Corporation Ltd.
PETRONAS Carigali Myanmar Inc.
PETRONAS Carigali Myanmar III Inc.
*** PETRONAS Marketing (Thailand) Co. Ltd.
PETRONAS India (Holdings) Company Pte. Ltd.
Styrene Monomer (Malaysia) Sdn. Bhd.
PETRONAS Maritime Services Sdn. Bhd.
Sungai Udang Port Sdn. Bhd.
Kertih Port Sdn. Bhd.
Malaysian International Trading Corporation Sdn. Bhd.
Malaysian International Trading Corporation (Japan) Sdn. Bhd.
PETRONAS Technical Services Sdn. Bhd.
PETRONAS Research & Scientific Services Sdn. Bhd.
Kuantan Terminal Sdn. Bhd.
Institute of Technology PETRONAS Sdn. Bhd.
PETRONAS Cambodia Co. Ltd.
PETRONAS Cambodia Tankage Co. Ltd.
PETRONAS Fertilizer (Kedah) Sdn. Bhd.
Sanzbury Stead Sdn. Bhd.
PETRONAS Trading Corporation Sdn. Bhd.
Asean Bintulu Fertilizer Sdn. Bhd. (63.5%)
Ethylene Malaysia Sdn. Bhd. (72.5%)Malaysia LNG Dua Sdn. Bhd. (60%)
Gas District Cooling (Putrajaya) Sdn. Bhd. (100%)
Gas District Cooling (KLIA) Sdn. Bhd. (60%)
Aromatics Malaysia Sdn. Bhd. (70%)
Gas District Cooling (M) Sdn. Bhd. (95.83%)
Malaysia LNG Sdn. Bhd. (65%)
PETRONAS Dagangan Bhd. (69.86%)
PETRONAS Gas Berhad (60.63%)
Kuala Lumpur Aviation Fuelling System Sdn. Bhd. (65%)
Japan Malaysia LNG Co. Ltd. (70%)
PETRONAS Carigali (Tanjung Aru) Ltd.
PETRONAS Carigali Vietnam (Blocks 10 & 11-1) Ltd.
PETRONAS Myanmar Ltd.
Perecom Industries Sdn. Bhd.Myanmar PETRONAS Trading Co. Ltd.
Petrosains Sdn. Bhd.
PETRONAS Assets Sdn. Bhd.
PETRONAS Energy Philippines Inc. (60%)
KLCC (Holdings) Bhd. (49.5%)
Gas District Cooling (UTP) Sdn. Bhd. (100%)
Gas Malaysia Sdn. Bhd. (20%)
Optimal Glycols (Malaysia) Sdn. Bhd. (50%)
Trans Thai-Malaysia (Thailand) Ltd. (50%)
Trans Thai-Malaysia (Malaysia) Sdn Bhd. (50%)
IndianOil Petronas Pvt. Ltd. (50%)
Composites Technology Research Malaysia Sdn. Bhd. (10%)
Perusahaan Otomobil Nasional Berhad (11.7%)
Bintulu Port Holdings Berhad (22.79%)
Transportadora De Gas Mercosur (14.6%)
Duta Inc. (40%)
Bataan Polyethylene Corporation (38.6%)
Kertih Terminal Sdn. Bhd. (40%)
CS Mutiara Petroleum Company Sdn. Bhd. (50%)
Midciti Resources Sdn. Bhd. (49.5%)
Malaysian Refining Company Sdn Bhd. (53%)
Malaysia International Shipping Corporation Berhad (62.44%)
Malaysia LNG Tiga Sdn. Bhd. (60%)OGP Technical Services Sdn. Bhd. (60%)
Vinyl Chloride (Malaysia) Sdn. Bhd. (60%)Optimal Olefins (Malaysia) Sdn. Bhd. (64.25%)
Greater Nile Petroleum Operating Company (30%)SIRRI International Ltd.
PETRONAS Carigali Nile Ltd.
OTHER COMPANIESPARTLY-OWNED SUBSIDIARIESWHOLLY-OWNED SUBSIDIARIES
** Global Resources Ltd. (50%)
Taninthayi Pipeline Co. LLC (30%)
Engen Limited (80%)
c o m p a n i e s at 31 March 2002
P E T R O N A S G R O U P O F
P E T R O L I A M N A S I O N A L B E R H A D 1110
T H E 2 0 0 2 F I N A N C I A L Y E A R WA S A C H A L L E N G I N G P E R I O D F O R T H E P E T R O N A S G R O U P O F C O M PA N I E S. D U R I N G T H E
Y E A R, W O R L D E N E R G Y D E M A N D C O N T R A C T E D A N D C RU D E O I L P R I C E S P L U N G E D S T E E P LY U N D E R T H E P R E S S U R E O F
A D E P R E S S E D G L O B A L E C O N O M Y A G G R AVAT E D B Y A F T E R M AT H O F T H E E V E N T S O F T H E S E P T E M B E R 1 1 , 2 0 0 1 I N
T H E U N I T E D S TAT E S.
Amidst the difficult business environment , the Group managed to chalk up a revenue of RM67.2 billion for the
y e a r, a drop of 8.4% from RM73.4 billion in the previous years. The reduction in revenue was due mainly to the
sharp decline in the prices of crude oil, petroleum products and petrochemicals which negated the increases
in sales volume achieved in almost all the business sectors of the Group. The impact on group profit was a
reduction in pre-tax profit by 16% from RM29.0 billion to RM24.3 billion while group profit after tax and minority
interest decreased to RM14.6 billion from RM16.5 billion achieved in the previous year.
The strat e gy pursued by PETRONAS in developing the company as an integr ated and global corporation has,
to some extent, helped mitigate the adverse impact of the global economic downturn on the Group’s financial
p e r fo r m a n c e . PETRONAS’ international business, including exports contributed 76.2% or RM51.2 billion of the
G r o u p ’s total revenue, of which RM30.8 billion was from exports.
The Group’s global operations grew further with the addition of 15 new upstream ventures, comprising seven
new production sharing contracts (PSCs) and eight farm-in agr e e m e n t s . The Group’s international explorat i o n
and production portfolio increased to 39 ventures in 21 countries in A s i a , Middle East and A f r i c a . Seven of the
new ventures concluded are in A f r i c a . PETRONAS’ entry into Bahrain and Yemen marked a new thrust made by
the Group in the Middle East.
In the downstream sector, the LPG terminal in Haldia, a joint venture between India Oil and PETRONAS, c a m e
on-stream in January 2002. The US$60 Million LPG terminal, PETRONAS’ first joint venture in India, has a
handling capacity of 600,000 tonnes per year. In V i e t n a m , the Phu My Plastics and Chemicals plant, a joint
venture between PETRONAS, Petro Vietnam and Tr a m atsuco is nearing completion with its commissioning
scheduled for October 2002.
During the financial year, two new country off i c e s , one in New Delhi and the other in Jakarta, were opened to
support the Group’s operations in India and Indonesia respectively. These offices will oversee the effective and
e fficient implementation of PETRONAS’ business activities while helping to strengthen the Group’s presence in
these two countries. An important milestone was charted on 9 september 2001 when the Group celebrated its
10th A n n i v e r s a ry in V i e t n a m , the first host country for PETRONAS as an upstream operator overseas.
C H A I R M A N ’ S
s t a t e m e n t Tan Sri Dato’ Seri Azizan Zainul A b i d i nC H A I R M A N
P E T R O L I A M N A S I O N A L B E R H A D 1110
T H E 2 0 0 2 F I N A N C I A L Y E A R WA S A C H A L L E N G I N G P E R I O D F O R T H E P E T R O N A S G R O U P O F C O M PA N I E S. D U R I N G T H E
Y E A R, W O R L D E N E R G Y D E M A N D C O N T R A C T E D A N D C RU D E O I L P R I C E S P L U N G E D S T E E P LY U N D E R T H E P R E S S U R E O F
A D E P R E S S E D G L O B A L E C O N O M Y A G G R AVAT E D B Y A F T E R M AT H O F T H E E V E N T S O F T H E S E P T E M B E R 1 1 , 2 0 0 1 I N
T H E U N I T E D S TAT E S.
Amidst the difficult business environment , the Group managed to chalk up a revenue of RM67.2 billion for the
y e a r, a drop of 8.4% from RM73.4 billion in the previous years. The reduction in revenue was due mainly to the
sharp decline in the prices of crude oil, petroleum products and petrochemicals which negated the increases
in sales volume achieved in almost all the business sectors of the Group. The impact on group profit was a
reduction in pre-tax profit by 16% from RM29.0 billion to RM24.3 billion while group profit after tax and minority
interest decreased to RM14.6 billion from RM16.5 billion achieved in the previous year.
The strat e gy pursued by PETRONAS in developing the company as an integr ated and global corporation has,
to some extent, helped mitigate the adverse impact of the global economic downturn on the Group’s financial
p e r fo r m a n c e . PETRONAS’ international business, including exports contributed 76.2% or RM51.2 billion of the
G r o u p ’s total revenue, of which RM30.8 billion was from exports.
The Group’s global operations grew further with the addition of 15 new upstream ventures, comprising seven
new production sharing contracts (PSCs) and eight farm-in agr e e m e n t s . The Group’s international explorat i o n
and production portfolio increased to 39 ventures in 21 countries in A s i a , Middle East and A f r i c a . Seven of the
new ventures concluded are in A f r i c a . PETRONAS’ entry into Bahrain and Yemen marked a new thrust made by
the Group in the Middle East.
In the downstream sector, the LPG terminal in Haldia, a joint venture between India Oil and PETRONAS, c a m e
on-stream in January 2002. The US$60 Million LPG terminal, PETRONAS’ first joint venture in India, has a
handling capacity of 600,000 tonnes per year. In V i e t n a m , the Phu My Plastics and Chemicals plant, a joint
venture between PETRONAS, Petro Vietnam and Tr a m atsuco is nearing completion with its commissioning
scheduled for October 2002.
During the financial year, two new country off i c e s , one in New Delhi and the other in Jakarta, were opened to
support the Group’s operations in India and Indonesia respectively. These offices will oversee the effective and
e fficient implementation of PETRONAS’ business activities while helping to strengthen the Group’s presence in
these two countries. An important milestone was charted on 9 september 2001 when the Group celebrated its
10th A n n i v e r s a ry in V i e t n a m , the first host country for PETRONAS as an upstream operator overseas.
C H A I R M A N ’ S
s t a t e m e n t Tan Sri Dato’ Seri Azizan Zainul A b i d i nC H A I R M A N
P E T R O L I A M N A S I O N A L B E R H A D 1312
PETRONAS’ strategic
globalisation programme
has ensured the Group’s
resilience
On the domestic front, PETRONAS’ continuous efforts in promoting exploration and production activities
s aw a significant increase in upstream investment in the country and the conclusion of one new PSC during
the year. Ten new discoveries were made, adding 135.4 million stock tank barrels of oil and 1.6 trillion
standard cubic feet of gas to the country ’s reserv e s . The Larut oil field offshore Te r e n gg a n u , o p e r ated by
the Group’s wholly-owned exploration and production subsidiary, PETRONAS Carigali Sdn Bhd was brought
o n - s t r e a m , b r i n ging the total number of domestic producing fields to 56. Another upstream achievement
was PETRONAS Carigali’s first oil production from its Angsi field, six months ahead of schedule.
In pursuit of its business integr ation and value adding strat e gy, PETRONAS further expanded and diversified
its downstream operat i o n s . E fforts continued to be focused on the development and promotion of gas
u t i l i s ation in the country to optimise the utilisation of Malay s i a ’s substantial gas reserv e s . With the full
completion of the three-phase Peninsular Gas Utilisation (PGU) project in the last financial year, the system
now has the capacity to process and deliver 2 billion standard cubic feet per day of sales gas.
In its planning, PETRONAS sees the PGU system as an important component of the proposed Tr a n s - A S E A N
Gas Pipeline (TAGP) project. The TAGP will link the natural gas sources and pipeline infrastructures of
ASEAN member countries to enable gas to be transported across the borders to meet regional demand.
Since early 2001, PETRONAS’ associated company Premier Oil Plc has begun supplying gas to Singap o r e
from West Nat u n a . The Cakerawala project in the Malaysian-Thai Joint Development Area will, in the
coming year, be ready to start supplying gas to Malay s i a .
The increasing av a i l ability of feedstock from the PGU system had enabled the Malaysian petrochemical
i n d u s t ry to continue to expand. Several new petrochemical plants were opened including the BASF
PETRONAS Chemical Sdn Bhd’s (BPC) integr ated complex in Gebeng, K u a n t a n . A joint venture between
PETRONAS and German petrochemical gi a n t , BASF A G , the BPC complex, which comprises 12 plants
producing acrylic monomers, oxo products and butanediol, constitutes an integral part of PETRONAS’
development of the integr ated petrochemical complexes (IPC) in Kertih, Te r e n gganu and Gebeng, P a h a n g .
The IPCs have been developed to ensure a systematic and efficient development of the country ’s
petrochemical industry, in line with PETRONAS’ objective of transforming Malaysia into a regi o n a l
petrochemical hub. Besides the BPC plants, PETRONAS’ petrochemical projects that have progr e s s i v e ly
come on-stream within these two IPCs include an acetic acid plant developed jointly with BP Chemicals in
K e r t i h , an aromatics plant producing paraxylene and benzene, with Mitsubishi Corporation and a viny l
chloride monomer plant with Mitsui VCM Holdings.
P E T R O L I A M N A S I O N A L B E R H A D 1312
PETRONAS’ strategic
globalisation programme
has ensured the Group’s
resilience
On the domestic front, PETRONAS’ continuous efforts in promoting exploration and production activities
s aw a significant increase in upstream investment in the country and the conclusion of one new PSC during
the year. Ten new discoveries were made, adding 135.4 million stock tank barrels of oil and 1.6 trillion
standard cubic feet of gas to the country ’s reserv e s . The Larut oil field offshore Te r e n gg a n u , o p e r ated by
the Group’s wholly-owned exploration and production subsidiary, PETRONAS Carigali Sdn Bhd was brought
o n - s t r e a m , b r i n ging the total number of domestic producing fields to 56. Another upstream achievement
was PETRONAS Carigali’s first oil production from its Angsi field, six months ahead of schedule.
In pursuit of its business integr ation and value adding strat e gy, PETRONAS further expended and diversified
its downstream operat i o n s . E fforts continued to be focused on the development and promotion of gas
u t i l i s ation in the country to optimise the utilisation of Malay s i a ’s substantial gas reserv e s . With the full
completion of the three-phase Peninsular Gas Utilisation (PGU) project in the last financial year, the system
now has the capacity to process and deliver 2 billion standard cubic feet per day of sales gas.
In its planning, PETRONAS sees the PGU system as an important component of the proposed Tr a n s - A S E A N
Gas Pipeline (TAGP) project. The TAGP will link the natural gas sources and pipeline infrastructures of
ASEAN member countries to enable gas to be transported across the borders to meet regional demand.
Since early 2001, PETRONAS’ associated company Premier Oil Plc has begun supplying gas to Singap o r e
from West Nat u n a . The Cakerawala project in the Malaysian-Thai Joint Development Area will, in the
coming year, be ready to start supplying gas to Malay s i a .
The increasing av a i l ability of feedstock from the PGU system had enabled the Malaysian petrochemical
i n d u s t ry to continue to expand. Several new petrochemical plants were opened including the BASF
PETRONAS Chemical Sdn Bhd’s (BPC) integr ated complex in Gebeng, K u a n t a n . A joint venture between
PETRONAS and German petrochemical gi a n t , BASF A G , the BPC complex, which comprises 12 plants
producing acrylic monomers, oxo products and butanediol, constitutes an integral part of PETRONAS’
development of the integr ated petrochemical complexes (IPC) in Kertih, Te r e n gganu and Gebeng, P a h a n g .
The IPCs have been developed to ensure a systematic and efficient development of the country ’s
petrochemical industry, in line with PETRONAS’ objective of transforming Malaysia into a regi o n a l
petrochemical hub. Besides the BPC plants, PETRONAS’ petrochemical projects that have progr e s s i v e ly
come on-stream within these two IPCs include an acetic acid plant developed jointly with BP Chemicals in
K e r t i h , an aromatics plant producing paraxylene and benzene, with Mitsubishi Corporation and a viny l
chloride monomer plant with Mitsui VCM Holdings.
P E T R O L I A M N A S I O N A L B E R H A D 1514
PETRONAS continues
with its human
resource development
to maintain its
competitive edge.
During the period under review, PETRONAS’ investment in strat e gic national projects saw an increase in the
G r o u p ’s shareholding in Putrajaya Holdings, the project developer of the new Federal Government
A d m i n s i t r ative Centre, from 40% to 64.4%. The increase in shareholding by PETRONAS was the result of
transferring part of PETRONAS’ interest in Perusahaan Otomobil Nasional Berhad (PROTON) to Khazah Nasional
B e r h a d . This eff e c t i v e ly reduced PETRONAS’ interest in PROTON to 11.7%. H o w e v e r, PETRONAS will continue
to provide the necessary support to PROTON to help enhance local expertise to further accelerate the integr at e d
development of Malay s i a ’s automotive industry.
As the Group moves fo r w a r d , the 2003 financial year is expected to be even more challenging with the US
e c o n o my yet to show clear signs of the much awaited recovery. At the same time, the increasing pace of
g l o b a l i s ation and economic liberalisat i o n , while opening up new opportunities for growth in world trade, w i l l
s p awn heightened international competition especially with the recent admission of China and Taiwan into the
World Trade Organisat i o n .
Under this dynamic business environment, PETRONAS will pursue its globalisation programme with gr e at e r
v i g o u r, while building on its cap abilities and strengths to face the challenges and to capitalise on the
opportunities that present themselves. To this end, PETRONAS will increasingly invest in the development of its
t e c h n o l o gical cap abilities and human resources while at the same time, focus its efforts on sustaining a strong
p e rvasive PETRONAS Quality Culture, driven by its shared values, c o r p o r ate mission and brand values to sustain
and enhance its competitive edge.
I would like to take this opportunity to thank all PETRONAS staff for their contribution to the achievements of
the Group during the year.
TAN SRI DATO’ SERI AZIZAN ZAINUL ABIDIN
C h a i r m a n
P E T R O L I A M N A S I O N A L B E R H A D 1514
PETRONAS continues
with its human
resource development
to maintain its
competitive edge.
During the period under review, PETRONAS’ investment in strat e gic national projects saw an increase in the
G r o u p ’s shareholding in Putrajaya Holdings, the project developer of the new Federal Government
A d m i n s i t r ative Centre, from 40% to 64.4%. The increase in shareholding by PETRONAS was the result of
transferring part of PETRONAS’ interest in Perusahaan Otomobil Nasional Berhad (PROTON) to Khazah Nasional
B e r h a d . This eff e c t i v e ly reduced PETRONAS’ interest in PROTON to 11.7%. H o w e v e r, PETRONAS will continue
to provide the necessary support to PROTON to help enhance local expertise to further accelerate the integr at e d
development of Malay s i a ’s automotive industry.
As the Group moves fo r w a r d , the 2003 financial year is expected to be even more challenging with the US
e c o n o my yet to show clear signs of the much awaited recovery. At the same time, the increasing pace of
g l o b a l i s ation and economic liberalisat i o n , while opening up new opportunities for growth in world trade, w i l l
s p awn heightened international competition especially with the recent admission of China and Taiwan into the
World Trade Organisat i o n .
Under this dynamic business environment, PETRONAS will pursue its globalisation programme with gr e at e r
v i g o u r, while building on its cap abilities and strengths to face the challenges and to capitalise on the
opportunities that present themselves. To this end, PETRONAS will increasingly invest in the development of its
t e c h n o l o gical cap abilities and human resources while at the same time, focus its efforts on sustaining a strong
p e rvasive PETRONAS Quality Culture, driven by its shared values, c o r p o r ate mission and brand values to sustain
and enhance its competitive edge.
I would like to take this opportunity to thank all PETRONAS staff for their contribution to the achievements of
the Group during the year.
TAN SRI DATO’ SERI AZIZAN ZAINUL ABIDIN
C h a i r m a n
P E T R O L I A M N A S I O N A L B E R H A D 1716
T H E Y E A R I N
r e v i e wTan Sri Dato’ Mohd Hassan MaricanPRESIDENT AND CHIEF EXECUTIVE OFFICER
IT GIVES ME GREAT PLEASURE TO PRESENT THIS REVIEW ON THE ACTIVITIES OF THE PETRONAS GROUP OF
COMPANIES FOR THE FINANCIAL YEAR ENDED 31 MARCH 2002.
DURING THE PERIOD UNDER REVIEW, SEVERAL SIGNIFICANT WORLD EVENTS HAD OCCURRED AND BROUGHT ABOUT
FAR-REACHING IMPACT ON GLOBAL POLITICAL AND ECONOMIC STABILITY, MOST NOTABLE OF WHICH WAS THE
SEPTEMBER 11 TERRORIST ATTACKS ON THE UNITED STATES OF AMERICA. THIS UNPRECEDENTED EVENT HAD
ACCELERATED A US-LED GLOBAL RECESSION AND EXPOSED THE VULNERABILITY OF THE GLOBALLY-INTEGRATED
OPEN ECONOMIES OF THE WORLD. THE CONSEQUENT PROLONGED SLOWDOWN AND DELAYED RECOVERY OF THE
GLOBAL ECONOMY IN THE AFTERMATH OF THE TRAGEDY HAD LED TO A CONTRACTION OF WORLD ENERGY
DEMAND. AMIDST THE TOUGH AND INCREASINGLY COMPETITIVE BUSINESS ENVIRONMENT, PETRONAS CONTINUED
TO PURSUE ITS GLOBALISATION, INTEGRATION AND VALUE ADDING STRATEGIES TO FURTHER STRENGTHEN ITS
RESILIENCE AND ENSURE ITS CONTINUOUS SUCCESS IN THE FUTURE.
FINANCIAL PERFORMANCE
Whilst PETRONAS’ operations are generally sensitive to the three major factors of global crude oil prices,sales
volume and exchange rates,the last factor did not have much material effect due to the current fixed peg of
the Malaysian Ringgit to the US Dollar. The downward movement of world crude oil prices, however, had a
toll on the Group’s performance. The fall in world crude oil prices had resulted in a sharp decline of Malaysian
crude oil’s weighted average price by 22.2% from US$29.86 per barrel to US$23.24 per barrel in 2002.
Accordingly, the weighted average price of petroleum products fell by 16.7% to US$24.38 per barrel from
US$29.27 per barrel in the previous financial year while the weighted average price for liquefied natural gas
(LNG) was 8.6% lower at US$4.28 per million British thermal unit (mmbtu).
P E T R O L I A M N A S I O N A L B E R H A D 1716
T H E Y E A R I N
r e v i e wTan Sri Dato’ Mohd Hassan MaricanPRESIDENT AND CHIEF EXECUTIVE OFFICER
IT GIVES ME GREAT PLEASURE TO PRESENT THIS REVIEW ON THE ACTIVITIES OF THE PETRONAS GROUP OF
COMPANIES FOR THE FINANCIAL YEAR ENDED 31 MARCH 2002.
DURING THE PERIOD UNDER REVIEW, SEVERAL SIGNIFICANT WORLD EVENTS HAD OCCURRED AND BROUGHT ABOUT
FAR-REACHING IMPACT ON GLOBAL POLITICAL AND ECONOMIC STABILITY, MOST NOTABLE OF WHICH WAS THE
SEPTEMBER 11 TERRORIST ATTACKS ON THE UNITED STATES OF AMERICA. THIS UNPRECEDENTED EVENT HAD
ACCELERATED A US-LED GLOBAL RECESSION AND EXPOSED THE VULNERABILITY OF THE GLOBALLY-INTEGRATED
OPEN ECONOMIES OF THE WORLD. THE CONSEQUENT PROLONGED SLOWDOWN AND DELAYED RECOVERY OF THE
GLOBAL ECONOMY IN THE AFTERMATH OF THE TRAGEDY HAD LED TO A CONTRACTION OF WORLD ENERGY
DEMAND. AMIDST THE TOUGH AND INCREASINGLY COMPETITIVE BUSINESS ENVIRONMENT, PETRONAS CONTINUED
TO PURSUE ITS GLOBALISATION, INTEGRATION AND VALUE ADDING STRATEGIES TO FURTHER STRENGTHEN ITS
RESILIENCE AND ENSURE ITS CONTINUOUS SUCCESS IN THE FUTURE.
FINANCIAL PERFORMANCE
Whilst PETRONAS’ operations are generally sensitive to the three major factors of global crude oil prices,sales
volume and exchange rates,the last factor did not have much material effect due to the current fixed peg of
the Malaysian Ringgit to the US Dollar. The downward movement of world crude oil prices, however, had a
toll on the Group’s performance. The fall in world crude oil prices had resulted in a sharp decline of Malaysian
crude oil’s weighted average price by 22.2% from US$29.86 per barrel to US$23.24 per barrel in 2002.
Accordingly, the weighted average price of petroleum products fell by 16.7% to US$24.38 per barrel from
US$29.27 per barrel in the previous financial year while the weighted average price for liquefied natural gas
(LNG) was 8.6% lower at US$4.28 per million British thermal unit (mmbtu).
P E T R O L I A M N A S I O N A L B E R H A D 1918
P E T R O N A S ... integrating
its operations in pursuit
of becoming a leading
oil and gas multinational
of choice.
In tandem with the price downtrend, the Group’s crude oil revenue decreased by 18.9% to RM14,531 million
despite an increase in sales volume of 2.2 million barrels to 164.5 million barrels from 162.3 million barrels
in the previous year. Refined petroleum products which remained the largest contributor to the Group’s
revenue saw a 5.3% drop in revenue to RM23,034 million although sales volume increased by 13.3% to
186.5 million barrels. On the other hand, revenue from the sale of petrochemical products increased by
13.7% to RM3,401 million, generated from a 24.8% increase in sales volume to 4 million tonnes. Sales
volume of natural gas expanded by 58.6%,turning in a 60.0% higher revenue of RM529.1 million,compared
to RM330.7 million in the previous year. The significant growth in natural gas sales could be attributed to
increased demand from the domestic power sector.
International business including exports continued to account for a major share of 76.2% or RM51,171 million
of the Group’s total revenue, compared to 79.7% or RM58,447 in the previous year. The slightly reduced
revenue share was due to a 13.1% and 11.3% drop in export and international revenue to RM30,808 million
and RM20,363 million respectively.
O v e r a l l , group revenue contracted by 8.4% to RM67,181 million from RM73,351 million in the previous year
under the dampening influence of the soft international market and weak prices. Group profit before tax
decreased by 16.2% to RM24,318 million from RM29,029 million while group profit after tax and minority
interest for the year decreased by 11.6% to RM14,568 million from RM16,488 million in the previous year.
The Group’s balance sheet remained strong, presenting a larger total asset base of RM144,128 million, an
increase of 3.7% from last year. Shareholders’ funds increased by 20.0% from RM53,934 million to
RM64,696 million. As at 31 March 2002, the Group’s total borrowings stood at RM40,372 million compared
to RM40,618 million in 2001. The Group’s cash and fund investment balance was marginally lower at
RM42,762 million, a decrease of 3.5% from the previous year’s RM44,335 million.
P E T R O L I A M N A S I O N A L B E R H A D 1918
P E T R O N A S ... integrating
its operations in pursuit
of becoming a leading
oil and gas multinational
of choice.
In tandem with the price downtrend, the Group’s crude oil revenue decreased by 18.9% to RM14,531 million
despite an increase in sales volume of 2.2 million barrels to 164.5 million barrels from 162.3 million barrels
in the previous year. Refined petroleum products which remained the largest contributor to the Group’s
revenue saw a 5.3% drop in revenue to RM23,034 million although sales volume increased by 13.3% to
186.5 million barrels. On the other hand, revenue from the sale of petrochemical products increased by
13.7% to RM3,401 million, generated from a 24.8% increase in sales volume to 4 million tonnes. Sales
volume of natural gas expanded by 58.6%,turning in a 60.0% higher revenue of RM529.1 million,compared
to RM330.7 million in the previous year. The significant growth in natural gas sales could be attributed to
increased demand from the domestic power sector.
International business including exports continued to account for a major share of 76.2% or RM51,171 million
of the Group’s total revenue, compared to 79.7% or RM58,447 in the previous year. The slightly reduced
revenue share was due to a 13.1% and 11.3% drop in export and international revenue to RM30,808 million
and RM20,363 million respectively.
O v e r a l l , group revenue contracted by 8.4% to RM67,181 million from RM73,351 million in the previous year
under the dampening influence of the soft international market and weak prices. Group profit before tax
decreased by 16.2% to RM24,318 million from RM29,029 million while group profit after tax and minority
interest for the year decreased by 11.6% to RM14,568 million from RM16,488 million in the previous year.
The Group’s balance sheet remained strong, presenting a larger total asset base of RM144,128 million, an
increase of 3.7% from last year. Shareholders’ funds increased by 20.0% from RM53,934 million to
RM64,696 million. As at 31 March 2002, the Group’s total borrowings stood at RM40,372 million compared
to RM40,618 million in 2001. The Group’s cash and fund investment balance was marginally lower at
RM42,762 million, a decrease of 3.5% from the previous year’s RM44,335 million.
P E T R O L I A M N A S I O N A L B E R H A D 2120
Promoting ex p l o r a t i o n
and production activities
to augment the
c o u n t ry ’s petroleum
r e s e rv e s .
DOMESTIC EXPLORATION & PRODUCTION
As at 1 January 2002, Malaysia’s crude oil reserves stood at 3.2 billion barrels, compared to 3.4 billion
barrels in 2001. Natural gas reserves increased from 82.5 trillion standard cubic feet (tscf) to 87.5 tscf which
remained about four times the size of oil reserves. Based on the current rate of production, the oil reserves
are expected to have an average life of 15 years while gas reserves have 34 years, taking into account gas
production increase in future years.
The number of production sharing contracts (PSCs) in operation was maintained at 41,with the signing of one
new PSC in the period under review. Total investment expended during the year to finance domestic upstream
activities,including those carried out by PETRONAS’ exploration and production arm, PETRONAS Carigali Sdn
Bhd, increased by 35.1% to RM8.46 billion from RM6.26 billion in the previous year. Most of the investment
was incurred on new development projects. A total of 438,702 line km of seismic data were acquired and
31 exploration wells drilled. The exploration activities resulted in 10 new discoveries which added 135.4
million stock tank barrels (mmstb) of oil and 1.6 tscf of gas to the country’s reserves.
Production of crude oil and condensates in the country decreased slightly to 245.7 million barrels from 246.5
million barrels in the previous year. PETRONAS’ share of total production also decreased from 77.6% to
75.1% on the back of lower oil prices and higher cost oil entitlement for the PSC Contractors. Natural gas
production for the year increased from 2.01 tcsf to 2.02 tcsf.
The total number of domestic producing fields increased from 53 last year to 56. Of these, 45 are oil fields
and 11 gas fields. Twenty seven of these fields are operated by PETRONAS Carigali.
The year also saw the first oil production from the Angsi field, with an initial flow of 15,000 bpd of oil, six
months ahead of schedule. The field which was jointly developed by PETRONAS Carigali,the operator of the
field,and ExxonMobil produced its first gas on 21 February 2002 at an initial rate of 60 million standard cubic
u p s t r e a m
P E T R O L I A M N A S I O N A L B E R H A D 2120
Promoting ex p l o r a t i o n
and production activities
to augment the
c o u n t ry ’s petroleum
r e s e rv e s .
DOMESTIC EXPLORATION & PRODUCTION
As at 1 January 2002, Malaysia’s crude oil reserves stood at 3.2 billion barrels, compared to 3.4 billion
barrels in 2001. Natural gas reserves increased from 82.5 trillion standard cubic feet (tscf) to 87.5 tscf which
remained about four times the size of oil reserves. Based on the current rate of production, the oil reserves
are expected to have an average life of 15 years while gas reserves have 34 years, taking into account gas
production increase in future years.
The number of production sharing contracts (PSCs) in operation was maintained at 41,with the signing of one
new PSC in the period under review. Total investment expended during the year to finance domestic upstream
activities,including those carried out by PETRONAS’ exploration and production arm, PETRONAS Carigali Sdn
Bhd, increased by 35.1% to RM8.46 billion from RM6.26 billion in the previous year. Most of the investment
was incurred on new development projects. A total of 438,702 line km of seismic data were acquired and
31 exploration wells drilled. The exploration activities resulted in 10 new discoveries which added 135.4
million stock tank barrels (mmstb) of oil and 1.6 tscf of gas to the country’s reserves.
Production of crude oil and condensates in the country decreased slightly to 245.7 million barrels from 246.5
million barrels in the previous year. PETRONAS’ share of total production also decreased from 77.6% to
75.1% on the back of lower oil prices and higher cost oil entitlement for the PSC Contractors. Natural gas
production for the year increased from 2.01 tcsf to 2.02 tcsf.
The total number of domestic producing fields increased from 53 last year to 56. Of these, 45 are oil fields
and 11 gas fields. Twenty seven of these fields are operated by PETRONAS Carigali.
The year also saw the first oil production from the Angsi field, with an initial flow of 15,000 bpd of oil, six
months ahead of schedule. The field which was jointly developed by PETRONAS Carigali,the operator of the
field,and ExxonMobil produced its first gas on 21 February 2002 at an initial rate of 60 million standard cubic
u p s t r e a m
P E T R O L I A M N A S I O N A L B E R H A D 2322
Enhancing ex p l o r a t i o n
efforts through
continuous development
of new technology.
feet per day (mmscfd). At its peak, the Angsi field is expected to produce about 65,000 bpd of oil and 450
mmscfd of gas. The Angsi Project which began in late 1997 comprises an integrated oil and gas central
processing platform connected to a 52-well drilling platform and a 32-well satellite drilling platform,making the
complex the biggest integrated oil and gas platforms in the South China Sea.
Other major development projects being undertaken in Peninsular Malaysia which are scheduled to come on-
stream in the first quarter of 2003, include the Tapis-F oil development and Bintang gas development projects,
both operated by ExxonMobil. The Bunga Kekwa East & West, Bunga Raya, Bunga Seroja and NW Bunga Raya
gas fields being developed by Canadian-based company, Lundin (now known as Talisman) in Block PM3 under
PETRONAS’ Commercial Arrangement with Vietnam,is also expected to come on-stream in the same year, with
first gas production targeted for September 2003.
Meanwhile, greater exploration efforts are being pursued, including deepwater exploration and the application
of new technology to sustain and enhance the country’s reserves, which are declining. To this end, 45
exploration wells, of which 12 are deepwater wells have been planned for the coming financial year. To date, a
total of seven deepwater wells have been drilled in Sabah and Sarawak since 1995. In line with its continuous
efforts to enhance the prospectivity of Malaysia's acreages, PETRONAS has embarked on a multiclient seismic
survey in the deepwater area offshore Sarawak. Another enhanced oil recovery project known as the Water
Alternate Gas pilot project at Dulang is expected to start up in early August 2002.
Driving the success of all these exploration and development efforts are the Cost Reduction Alliance (CORAL)
i n i t i atives spearheaded by PETRONAS which have helped the domestic petroleum industry achieve unit production
and development cost savings of between 40% and 48% over the years since 1995. The encouraging result has
spurred PETRONAS to launch the CORAL Next Wave in October 2000 with a new thrust that focuses on
C o m p e t i t i v e n e s s , Value Creation and Alliancing which would position industry players to better compete regi o n a l ly
and internat i o n a l ly in the open market environment. CORAL Next Wav e ’s target is to create a total value of RM2.5
billion over the five-year period from 2001 to 2005, aimed at promoting business opportunities in the industry.
U P S T R E A M
P E T R O L I A M N A S I O N A L B E R H A D 23
P E T R O L I A M N A S I O N A L B E R H A D 25
PETRONAS’ ex p a n d i n g
global upstream
operations continue to
yield positive results.
GLOBAL EXPLORATION AND PRODUCTION
Internationally, PETRONAS continued to expand its upstream business with the signing of seven new PSCs
and eight farm-in agreements, enlarging its international E&P portfolio to 39 ventures in 21 countries in
Asia, Middle East and the African region. One of the most significant achievements for PETRONAS during
the year was its new inroad into the Middle East with its award of two blocks in Bahrain and one block in
Yemen.
Overseas exploration activities saw a total of 45 exploration wells drilled which resulted in 12 discoveries
yielding 444 million barrels of oil equivalent (boe) of potential reserves in Sudan, Chad, Turkmenistan,
Pakistan, Vietnam and Indonesia. To date, PETRONAS has accumulated international reserves of 3.71
billion barrels of oil equivalent (boe), including its share of reserves in the Malaysia-Thailand Joint
Development Area. These reserves account for 22% of PETRONAS' total reserves of 16.82 billion boe.
During the year, PETRONAS’ overseas production averaged 101,300 boe per day, constituting about 9% of
PETRONAS’ total domestic and international oil and gas production of 1.145 million boe per day. Sudan
contributed the biggest share of the overseas production.
In Iran, PETRONAS successfully completed its second project, i.e. Phase Two and Three of the South Pars
gas development project, with commercial first gas-in scheduled for June 2002. Another major
achievement was the conclusion of the gas import arrangement from Indonesia's West Natuna Block B via
PETRONAS Carigali’s Duyong facilities to complement the Company’s long term gas supply to Peninsular
Malaysia. The project started in the first quarter of 2001 and first gas import is expected to begin in August
2002. In the Malaysia-Thailand Joint Development Area, the Cakerawala field development project is
scheduled to commence gas supply by mid-2002 while further development is being undertaken at the
Yetagun field to enhance its gas production capacity to 400 mmscfd by April 2004 to meet the supply
requirements in Thailand.
U P S T R E A M
24
P E T R O L I A M N A S I O N A L B E R H A D 25
P E T R O L I A M N A S I O N A L B E R H A D 2726
Engen ... springboard
into the Sub-Saharan
m a r k e t .
In line with its integration and value adding strategy, PETRONAS continued to expand and diversify its
downstream manufacturing operations as new projects are being developed and new plants brought on-
stream to further grow its business value chain during the year under review.
OIL BUSINESS
Despite the less favourable business environment and competition,PETRONAS managed to increase its share
of the petroleum products market in Malaysia to assume the leading position. It also expanded its nationwide
network of service stations to a total of 591 stations,with the opening of 39 new service stations. Marketing
and refining margins remained tight during the year. In the financial year, PETRONAS increased its stake in
Malaysian Refining Company’s refinery in Melaka to 53% by acquiring an additional 8% equity from Statoil.
PETRONAS today has a total net refining capacity of 361,500 bpd through its refineries in Kertih and Melaka
in Peninsular Malaysia and Durban in South Africa.
In South Africa,its subsidiary, Engen recorded a significant increase of 87% in its sale of PETRONAS’ synthetic
motor oil, Syntium from the previous year’s 17,000 litres to 31, 806 litres. Engen’s share of the synthetic
lubricant market in South Africa presently stands at 15%. PETRONAS also operates service stations in
Cambodia and Thailand. During the year, PETRONAS’ liquefied petroleum gas (LPG) terminal in Haldia, India
commenced operation. A joint venture project with Indian Oil Corporation, it is PETRONAS’ first refrigerated
LPG terminal outside of Malaysia. Besides India, PETRONAS also has LPG operations in Vietnam, the
Philippines and China.
d o w n s t r e a m
P E T R O L I A M N A S I O N A L B E R H A D 27
P E T R O L I A M N A S I O N A L B E R H A D 2928
Gas processing plants -
harnessing the country ’s
rich gas reserv e s .
GAS BUSINESS
LNG represented the third largest revenue earner for the Group. A total of 15.3 million tonnes of LNG was
exported during the year, of which 74% was sold to Japan, 15% to Taiwan and 11% to Korea. The country’s
LNG export is expected to increase with the coming on-stream of PETRONAS’ third LNG joint venture, the
Malaysia LNG Tiga project in Bintulu, Sarawak by 2003. With this new plant in operation,the total production
capacity of the Bintulu LNG complex will be increased to 23 million tonnes per annum, making it the world’s
largest LNG plant in a single location.
In Peninsular Malaysia, PETRONAS’ Peninsular Gas Utilisation system transported an average of 1,731
mmscfd of processed gas compared to 1,672 mmscfd in the previous year. Of this, about 7% was exported
to Singapore. The increase was due to a higher demand from the domestic power sector which accounted
for 74% of total domestic sales gas delivered during the year, accounting for about 80% of the power
generation fuel mix in the country. The balance 26% was sold to industrial, petrochemical and other users.
During the year, PETRONAS’ subsidiary, Gas District Cooling (M) Sdn Bhd signed a power purchase agreement
to supply between 10MW and 20MW of electricity to Tenaga Nasional Berhad during peak demand period. It
signed another agreement with the Government of Malaysia to supply chilled water for air-conditioning to the
government offices in Putrajaya.
On the international front, the Group holds interests in gas transmission pipeline projects in Australia and
Argentina. Its joint venture Papua New Guinea-Queensland gas transmission pipeline is expected to
commence gas supply by 2006. At the regional level, the Trans-ASEAN Gas Pipeline (TAGP) project led by
D O W N S T R E A M
P E T R O L I A M N A S I O N A L B E R H A D 2928
Gas processing plants -
harnessing the country ’s
rich gas reserv e s .
GAS BUSINESS
LNG represented the third largest revenue earner for the Group. A total of 15.3 million tonnes of LNG was
exported during the year, of which 74% was sold to Japan, 15% to Taiwan and 11% to Korea. The country’s
LNG export is expected to increase with the coming on-stream of PETRONAS’ third LNG joint venture, the
Malaysia LNG Tiga project in Bintulu, Sarawak by 2003. With this new plant in operation,the total production
capacity of the Bintulu LNG complex will be increased to 23 million tonnes per annum, making it the world’s
largest LNG plant in a single location.
In Peninsular Malaysia, PETRONAS’ Peninsular Gas Utilisation system transported an average of 1,731
mmscfd of processed gas compared to 1,672 mmscfd in the previous year. Of this, about 7% was exported
to Singapore. The increase was due to a higher demand from the domestic power sector which accounted
for 74% of total domestic sales gas delivered during the year, accounting for about 80% of the power
generation fuel mix in the country. The balance 26% was sold to industrial, petrochemical and other users.
During the year, PETRONAS’ subsidiary, Gas District Cooling (M) Sdn Bhd signed a power purchase agreement
to supply between 10MW and 20MW of electricity to Tenaga Nasional Berhad during peak demand period. It
signed another agreement with the Government of Malaysia to supply chilled water for air-conditioning to the
government offices in Putrajaya.
On the international front, the Group holds interests in gas transmission pipeline projects in Australia and
Argentina. Its joint venture Papua New Guinea-Queensland gas transmission pipeline is expected to
commence gas supply by 2006. At the regional level, the Trans-ASEAN Gas Pipeline (TAGP) project led by
D O W N S T R E A M
P E T R O L I A M N A S I O N A L B E R H A D 3130
Development of the IPCs
... realising national
aspirations to be a
regional petrochemical
h u b.
PETRONAS made some progress with the completion and endorsement of the TAGP Conceptual Master Plan
by the ASEAN Council on Petroleum (ASCOPE). Other ongoing regional gas initiatives include the proposed
establishment of the ASCOPE Gas Centre and the ASEAN Gas Consultative Committee.
PETROCHEMICALS
Demand growth of petrochemicals and polymers weakened during the year in review due to the global
economic slowdown, creating an excess in supply, which resulted in the decline in product prices by more
than 20%.
The Group however, increased its petrochemical sales by 25% to four million tonnes, generating a revenue of
RM3,401 million.
A major development during the year was the coming on-stream of five new world scale plants with a
combined capacity of 1.9 million tonnes in both the Integrated Petrochemical Complexes (IPCs) at Kertih,
Terengganu and Gebeng in Kuantan,Pahang. This has taken Malaysia a step closer to realising its aspiration
to be a major petrochemical hub in the region. These petrochemical projects are in joint venture with The
Dow Chemical Company, BASF, Sasol and DSM for the production of ethylene, propylene, oxo-alcohols,
ethylene oxide, ethylene glycol and low density polyethylene.
Overseas, the joint venture with PETROVIETNAM and Tramatsuco of Vietnam, Phu My Plastics And Chemical
Co Ltd, to develop a polyvinyl chloride (PVC) plant is expected to come onstream in October 2002. This
100,000 tonne capacity plant will obtain its feedstock, vinyl chloride monomer (VCM) from PETRONAS’ joint
venture VCM plant in Kertih.
D O W N S T R E A M
P E T R O L I A M N A S I O N A L B E R H A D 3130
Development of the IPCs
... realising national
aspirations to be a
regional petrochemical
h u b.
PETRONAS made some progress with the completion and endorsement of the TAGP Conceptual Master Plan
by the ASEAN Council on Petroleum (ASCOPE). Other ongoing regional gas initiatives include the proposed
establishment of the ASCOPE Gas Centre and the ASEAN Gas Consultative Committee.
PETROCHEMICALS
Demand growth of petrochemicals and polymers weakened during the year in review due to the global
economic slowdown, creating an excess in supply, which resulted in the decline in product prices by more
than 20%.
The Group however, increased its petrochemical sales by 25% to four million tonnes, generating a revenue of
RM3,401 million.
A major development during the year was the coming on-stream of five new world scale plants with a
combined capacity of 1.9 million tonnes in both the Integrated Petrochemical Complexes (IPCs) at Kertih,
Terengganu and Gebeng in Kuantan,Pahang. This has taken Malaysia a step closer to realising its aspiration
to be a major petrochemical hub in the region. These petrochemical projects are in joint venture with The
Dow Chemical Company, BASF, Sasol and DSM for the production of ethylene, propylene, oxo-alcohols,
ethylene oxide, ethylene glycol and low density polyethylene.
Overseas, the joint venture with PETROVIETNAM and Tramatsuco of Vietnam, Phu My Plastics And Chemical
Co Ltd, to develop a polyvinyl chloride (PVC) plant is expected to come onstream in October 2002. This
100,000 tonne capacity plant will obtain its feedstock, vinyl chloride monomer (VCM) from PETRONAS’ joint
venture VCM plant in Kertih.
D O W N S T R E A M
P E T R O L I A M N A S I O N A L B E R H A D 31
P E T R O L I A M N A S I O N A L B E R H A D 3332
Formula One (F1) ...
platform for PETRONAS’
development of
automotive engineering
capabilities for the
n a t i o n .
As a technology driven company, PETRONAS continues to place utmost importance on research and
technology development to support its businesses in creating and adding value while enhancing its
competitiveness in the international arena.
RESEARCH AND DEVELOPMENT
To this end, the Group’s research and development (R&D) arm, PETRONAS Research & Scientific Services
Sdn. Bhd (PRSS) is fully geared as a high-performance business-driven R&D company to meet the research
and technology needs of not only the PETRONAS Group of companies but also other petroleum companies,
both in Malaysia and abroad. It has undertaken R&D projects in Sudan,Algeria, Chad and Syria.
PETRONAS’ involvement in automotive engineering has seen the successful development and completion of
its first prototype four-stroke, three-cylinder 989cc motorcycle racing engine known as the GP1 which was
launched in October 2001. The engine will be developed to race in the World Superbike Championship.
TECHNICAL SERVICES
PETRONAS’ project management and engineering services subsidiary, OGP Technical Services Sdn Bhd
continued to expand its presence overseas. Backed by its international experience in undertaking various
project management and engineering projects in Sudan,Vietnam and Brunei, OGP expanded its business to
Chad and Cameroon by supplying the technical manpower required for the Chad/Cameroon Development
project, which spans the two countries. In July 2001,Phu My Plastics And Chemical (PMPC) appointed OGP
to manage and provide training services for local Vietnamese staff to operate and maintain PMPC’s PVC plant
in Vietnam.
In Malaysia, OGP has been involved in numerous projects providing services ranging from designing and
engineering, construction and operation of oil and gas pipelines and process plants to turnaround
management services of various facilities as well as plant maintenance. During the year, OGP completed
seven plant and pipeline projects, 10 turnaround and five material and inventory management projects. A
major achievement for the Company was the rejuvenation work carried out for Sarawak Shell, the first
upstream project management contract secured by OGP.
d e v e l o p m e n tT E C H N O L O G Y
P E T R O L I A M N A S I O N A L B E R H A D 3332
Formula One (F1) ...
platform for PETRONAS’
development of
automotive engineering
capabilities for the
n a t i o n .
As a technology driven company, PETRONAS continues to place utmost importance on research and
technology development to support its businesses in creating and adding value while enhancing its
competitiveness in the international arena.
RESEARCH AND DEVELOPMENT
To this end, the Group’s research and development (R&D) arm, PETRONAS Research & Scientific Services
Sdn. Bhd (PRSS) is fully geared as a high-performance business-driven R&D company to meet the research
and technology needs of not only the PETRONAS Group of companies but also other petroleum companies,
both in Malaysia and abroad. It has undertaken R&D projects in Sudan,Algeria, Chad and Syria.
PETRONAS’ involvement in automotive engineering has seen the successful development and completion of
its first prototype four-stroke, three-cylinder 989cc motorcycle racing engine known as the GP1 which was
launched in October 2001. The engine will be developed to race in the World Superbike Championship.
TECHNICAL SERVICES
PETRONAS’ project management and engineering services subsidiary, OGP Technical Services Sdn Bhd
continued to expand its presence overseas. Backed by its international experience in undertaking various
project management and engineering projects in Sudan,Vietnam and Brunei, OGP expanded its business to
Chad and Cameroon by supplying the technical manpower required for the Chad/Cameroon Development
project, which spans the two countries. In July 2001,Phu My Plastics And Chemical (PMPC) appointed OGP
to manage and provide training services for local Vietnamese staff to operate and maintain PMPC’s PVC plant
in Vietnam.
In Malaysia, OGP has been involved in numerous projects providing services ranging from designing and
engineering, construction and operation of oil and gas pipelines and process plants to turnaround
management services of various facilities as well as plant maintenance. During the year, OGP completed
seven plant and pipeline projects, 10 turnaround and five material and inventory management projects. A
major achievement for the Company was the rejuvenation work carried out for Sarawak Shell, the first
upstream project management contract secured by OGP.
d e v e l o p m e n tT E C H N O L O G Y
P E T R O L I A M N A S I O N A L B E R H A D 3534
Improved operating
efficiencies contributed
to the commendable
performance of
PETRONAS’ maritime and
logistics business.
The Group’s Maritime and Logistics Business achieved good operating results despite the global economic
slowdown that has led to over-capacity, intense competition and depressed freight rates. Its commendable
performance was due to tighter business controls,improved operational efficiencies and positive results of its
ongoing transformation process, further reinforced by the Group’s stable profits derived from LNG shipping
and petroleum transportation businesses.
PETRONAS’ shipping subsidiary, Malaysia International Shipping Corporation Berhad (MISC) achieved a major
breakthrough during the year by securing its first third party LNG time charter with Gaz de France. This
contract serves as a springboard for MISC to penetrate the Northern Europe-Mediterranean-Africa LNG
shipping market and eventually into the North American market.
Another significant achievement was MISC’s entry into the VLCC market through a time charter contract with
PETRONAS for the transportation of Arabian crude oil to PETRONAS’ refinery in Melaka. The in-chartered
vessel to be used initially for this purpose will be replaced with MISC’s own 298,000 dwt vessel which is
currently under construction in Japan. Besides PETRONAS, MISC’s customers include most of the oil majors
such as ExxonMobil, Shell, ChevronTexaco and Pertamina. MISC will continue to build on these relationships,
cultivate new ones and leverage on PETRONAS' overseas presence to expand its petroleum tanker presence
beyond the Arabian Gulf-Far East region, into the Mediterranean and North Europe.
l o g i s t i c sM A R I T I M E A N D
P E T R O L I A M N A S I O N A L B E R H A D 35
P E T R O L I A M N A S I O N A L B E R H A D 3736
Top priority is given to
e n v i r o n m e n t a l
c o n s e rvation to ensure
sustainable development
for the future
HEALTH SAFETY AND ENVIRONMENT
PETRONAS continues to focus its efforts on the effective implementation of the PETRONAS HSE
management system (HSEMS) groupwide to meet the requirements of the ISO 14001 (EMS), the
Occupational Safety and Health Assurance System (OSHAS) 18001 standards and other industry best
practices. To achieve this, comprehensive training and audits are being carried out using both external
and internal HSE skill group resources. To date, the PETRONAS subsidiaries which are accredited with
the ISO 14001 certification, include the ASEAN Bintulu Fertilizer (ABF) plant, PETRONAS’ refineries in
Melaka and Terengganu, PETRONAS’ Sungei Udang Port in Melaka. ABF has also been awarded the
OSHAS 18001.
During the year, several PETRONAS subsidiaries were recognised with the annual industry safety
excellence awards by the Malaysian Society for Occupational Safety and Health. Ethylene Malaysia Sdn
Bhd won the Grand Industry Award while PETRONAS Carigali, PETRONAS Gas Berhad and OGP
received the Gold Awards. At the international level,ABF and PETRONAS Carigali were recognised by
the UK-based Royal Society Of Prevention of Accidents with its Occupational Safety Gold Award.
a c t i v i t i e sO T H E R
P E T R O L I A M N A S I O N A L B E R H A D 3736
Top priority is given to
e n v i r o n m e n t a l
c o n s e rvation to ensure
sustainable development
for the future
HEALTH SAFETY AND ENVIRONMENT
PETRONAS continues to focus its efforts on the effective implementation of the PETRONAS HSE
management system (HSEMS) groupwide to meet the requirements of the ISO 14001 (EMS), the
Occupational Safety and Health Assurance System (OSHAS) 18001 standards and other industry best
practices. To achieve this, comprehensive training and audits are being carried out using both external
and internal HSE skill group resources. To date, the PETRONAS subsidiaries which are accredited with
the ISO 14001 certification, include the ASEAN Bintulu Fertilizer (ABF) plant, PETRONAS’ refineries in
Melaka and Terengganu, PETRONAS’ Sungei Udang Port in Melaka. ABF has also been awarded the
OSHAS 18001.
During the year, several PETRONAS subsidiaries were recognised with the annual industry safety
excellence awards by the Malaysian Society for Occupational Safety and Health. Ethylene Malaysia Sdn
Bhd won the Grand Industry Award while PETRONAS Carigali, PETRONAS Gas Berhad and OGP
received the Gold Awards. At the international level,ABF and PETRONAS Carigali were recognised by
the UK-based Royal Society Of Prevention of Accidents with its Occupational Safety Gold Award.
a c t i v i t i e sO T H E R
P E T R O L I A M N A S I O N A L B E R H A D 39
Contributing to nation
building through
promotion of education
and intellectual
d e v e l o p m e n t .
EDUCATION AND HUMAN RESOURCE
As part of its corporate objective to contribute to nation building, PETRONAS is committed to help
promote educational excellence and the development of intellectual capital especially to meet the human
resources needs of the petroleum industry in the country.
To this end, PETRONAS has put in place various long term educational and skill training programmes
implemented through its educational facilities.
During the year under review, the Education Division launched a new initiative, the eLearning Project
which leverages on the state-of-the-art Information and Communication Technology to promote a
learning culture within the Group and enable staff to acquire learning experience anytime, anywhere.
PETRONAS will continue to play an important role in developing, upgrading and enhancing the technical
skills and competencies of the employees within the Group as well as in the industry.
Recognising that the continued success of its business hinges on the knowledge, innovative skills and
talents of its people, PETRONAS places great importance on efforts to promote a strong learning culture
throughout the organisation to build a versatile, multidisciplinary and competent workforce that is
capable of propelling the Group to greater heights in the increasingly challenging global business
O T H E R A C T I V I T I E S
38
P E T R O L I A M N A S I O N A L B E R H A D 39
Contributing to nation
building through
promotion of education
and intellectual
d e v e l o p m e n t .
EDUCATION AND HUMAN RESOURCE
As part of its corporate objective to contribute to nation building, PETRONAS is committed to help
promote educational excellence and the development of intellectual capital especially to meet the human
resources needs of the petroleum industry in the country.
To this end, PETRONAS has put in place various long term educational and skill training programmes
implemented through its educational facilities.
During the year under review, the Education Division launched a new initiative, the eLearning Project
which leverages on the state-of-the-art Information and Communication Technology to promote a
learning culture within the Group and enable staff to acquire learning experience anytime, anywhere.
PETRONAS will continue to play an important role in developing, upgrading and enhancing the technical
skills and competencies of the employees within the Group as well as in the industry.
Recognising that the continued success of its business hinges on the knowledge, innovative skills and
talents of its people, PETRONAS places great importance on efforts to promote a strong learning culture
throughout the organisation to build a versatile, multidisciplinary and competent workforce that is
capable of propelling the Group to greater heights in the increasingly challenging global business
O T H E R A C T I V I T I E S
38
P E T R O L I A M N A S I O N A L B E R H A D 4140
Human resource ... key
to PETRONAS’ success.
environment. This is achieved through the development of both technical knowledge and skills which
form the foundation for technological excellence, complemented by the necessary leadership capability.
In its ongoing journey towards instilling a common quality culture across the Group, the PETRONAS
Quality Culture Process based on its Five Quality Principles (5QPs) reached a significant milestone during
the year. In October 2001, PETRONAS became the first Asian company to receive the Philip Crosby
Beacon Award in recognition of its commitment to quality management and its efforts to improve quality
in its operational units. PETRONAS’ 5QPs will continue to be the key driver in ensuring the inculcation
of a strong quality culture throughout the Group.
O T H E R A C T I V I T I E S
P E T R O L I A M N A S I O N A L B E R H A D 4140
Human resource ... key
to PETRONAS’ success.
environment. This is achieved through the development of both technical knowledge and skills which
form the foundation for technological excellence, complemented by the necessary leadership capability.
In its ongoing journey towards instilling a common quality culture across the Group, the PETRONAS
Quality Culture Process based on its Five Quality Principles (5QPs) reached a significant milestone during
the year. In October 2001, PETRONAS became the first Asian company to receive the Philip Crosby
Beacon Award in recognition of its commitment to quality management and its efforts to improve quality
in its operational units. PETRONAS’ 5QPs will continue to be the key driver in ensuring the inculcation
of a strong quality culture throughout the Group.
O T H E R A C T I V I T I E S
P E T R O L I A M N A S I O N A L B E R H A D 4342
CONCLUSION
The 2001/2002 financial year was indeed an eventful and challenging year as the world landscape
was suddenly changed by the September 11 incident in the US last year. Having just emerged from
the 1997/98 financial crisis, the world’s economic stability was again thrown into turmoil after this
tragic event which has caused great uncertainty and delay in the recovery of the US, the world’s
biggest economy which sets the pace of global economic growth. With strong signs of the much
anticipated recovery of the US economy and subsequently the global economy still unclear, coupled
with the rapid pace of globalisation and economic liberalisation leading to more intense international
competition, the year ahead promises to be even more challenging. Against this backdrop,
PETRONAS will continue to build on its strong foundation laid by investing in the development of its
key resources and capabilities to gear itself to meet the daunting challenges ahead while at the same
time capitalise on the vast opportunities offered by the more liberalised global environment.
Finally, I would like to take this opportunity to thank all PETRONAS staff for their hard work and
contribution that have made our success today possible. I would also like to express my appreciation
to the Government of Malaysia and the Governments of PETRONAS’ host countries for their continuous
support as well as the Chairman and the Board of Directors for their support, council and guidance.
TAN SRI DATO’ MOHD HASSAN MARICAN
President and Chief Executive Officer
P E T R O L I A M N A S I O N A L B E R H A D 4342
CONCLUSION
The 2001/2002 financial year was indeed an eventful and challenging year as the world landscape
was suddenly changed by the September 11 incident in the US last year. Having just emerged from
the 1997/98 financial crisis, the world’s economic stability was again thrown into turmoil after this
tragic event which has caused great uncertainty and delay in the recovery of the US, the world’s
biggest economy which sets the pace of global economic growth. With strong signs of the much
anticipated recovery of the US economy and subsequently the global economy still unclear, coupled
with the rapid pace of globalisation and economic liberalisation leading to more intense international
competition, the year ahead promises to be even more challenging. Against this backdrop,
PETRONAS will continue to build on its strong foundation laid by investing in the development of its
key resources and capabilities to gear itself to meet the daunting challenges ahead while at the same
time capitalise on the vast opportunities offered by the more liberalised global environment.
Finally, I would like to take this opportunity to thank all PETRONAS staff for their hard work and
contribution that have made our success today possible. I would also like to express my appreciation
to the Government of Malaysia and the Governments of PETRONAS’ host countries for their continuous
support as well as the Chairman and the Board of Directors for their support, council and guidance.
TAN SRI DATO’ MOHD HASSAN MARICAN
President and Chief Executive Officer
P E T R O L I A M N A S I O N A L B E R H A D 4544
Shareholders' FundsGROUPAs at 31 March (Million RM)
12,500
25,000
37,500
50,000
0
62,500
75,000
0298 99 00 01
COMPANYAs at 31 March (Million RM)
Shareholders' Funds
10,000
20,000
30,000
40,000
0
50,000
60,000
25,4
50 28,7
21 32,0
60
39,6
14
46,7
35
34,0
13
36,8
71 40,2
59
53,9
34
0298 99 00 01
Net Profit for the Year
0
3,500
7,000
10,500
14,000
17,500
21,000
9,94
5
6,80
8
12,6
04
16,4
88
0298 99 00 01
14,5
68
Revenue
0
15,000
30,000
45,000
60,000
75,000
90,000
35,0
09 42,3
06
60,6
28
73,3
51
67,1
81
0298 99 00 01
Total Assets Employed
0
30,000
60,000
90,000
120,000
150,000
180,000
0298 99 00 01
81,6
90
99,4
98
121,
571
139,
040
144,
128
Profit Before Taxation
0298 99 00 01
0
6,000
12,000
18,000
24,000
30,000
36,000
15,8
23
11,8
44
21,6
11
29,0
29
24,3
18
64,6
96
Net Profit for the Year
0
2,500
5,000
7,500
10,000
12,500
15,000
7,30
4
7,37
1
9,64
4
11,2
44
10,4
73
0298 99 00 01
Revenue
0
7,500
15,000
22,500
30,000
37,500
45,000
20,1
37
19,6
20
28,3
62
36,9
65
31,9
63
0298 99 00 01
Total Assets Employed
0
18,000
36,000
54,000
72,000
90,000
108,000
58,1
51 63,9
26
74,2
08
84,1
11
86,2
33
0298 99 00 01
Profit Before Taxation
0
3,500
7,000
10,500
14,000
17,500
21,000
10,4
78
10,3
92
13,6
53
17,9
92
16,3
22
0298 99 00 01
high l ights at 31 March 2002
F I V E - Y E A R F I N A N C I A L
P E T R O L I A M N A S I O N A L B E R H A D 4544
Shareholders' FundsGROUPAs at 31 March (Million RM)
12,500
25,000
37,500
50,000
0
62,500
75,000
0298 99 00 01
COMPANYAs at 31 March (Million RM)
Shareholders' Funds
10,000
20,000
30,000
40,000
0
50,000
60,000
25,4
50 28,7
21 32,0
60
39,6
14
46,7
35
34,0
13
36,8
71 40,2
59
53,9
34
0298 99 00 01
Net Profit for the Year
0
3,500
7,000
10,500
14,000
17,500
21,000
9,94
5
6,80
8
12,6
04
16,4
88
0298 99 00 01
14,5
68
Revenue
0
15,000
30,000
45,000
60,000
75,000
90,000
35,0
09 42,3
06
60,6
28
73,3
51
67,1
81
0298 99 00 01
Total Assets Employed
0
30,000
60,000
90,000
120,000
150,000
180,000
0298 99 00 01
81,6
90
99,4
98
121,
571
139,
040
144,
128
Profit Before Taxation
0298 99 00 01
0
6,000
12,000
18,000
24,000
30,000
36,000
15,8
23
11,8
44
21,6
11
29,0
29
24,3
18
64,6
96Net Profit for the Year
0
2,500
5,000
7,500
10,000
12,500
15,000
7,30
4
7,37
1
9,64
4
11,2
44
10,4
73
0298 99 00 01
Revenue
0
7,500
15,000
22,500
30,000
37,500
45,000
20,1
37
19,6
20
28,3
62
36,9
65
31,9
63
0298 99 00 01
Total Assets Employed
0
18,000
36,000
54,000
72,000
90,000
108,000
58,1
51 63,9
26
74,2
08
84,1
11
86,2
33
0298 99 00 01
Profit Before Taxation
0
3,500
7,000
10,500
14,000
17,500
21,000
10,4
78
10,3
92
13,6
53
17,9
92
16,3
22
0298 99 00 01
high l ights at 31 March 2002
F I V E - Y E A R F I N A N C I A L
P E T R O L I A M N A S I O N A L B E R H A D 4746
200116 April
Malaysia LNG Tiga Sdn Bhd (MLNG Tiga), a
joint venture subsidiary of PETRONAS signed
a Sale and Purchase Agreement with Tohoku
Electric Power Co Inc to supply up to
900,000 tonnes of liquefied natural gas
(LNG) per year for 20 years beginning 2005.
With this agreement, Tohoku Electric’s import
of LNG from Malaysia will increase to 1.4
million tonnes per year.
26 April
PETRONAS Carigali Sdn Bhd made two gas
discoveries offshore Sarawak, one in Block
SK310, an open acreage in the Central
Luconia Province, about 160 km north of
Bintulu and the other in Block SK308, about
200 km west of Miri.
27 April
MLNG Tiga signed agreements for two loans
comprising a US$651 million 13-year from
the Japan Bank for International Cooperat i o n
and a US$165 million 8.5-year Term Loan
Facility from a syndicate of seven internat i o n a l
commercial banks to part finance the
construction of its two-train LNG plant and
r e l ated facilities in Bintulu, S a r aw a k .
3 May
PETRONAS, together with Sudapet Ltd, IPC
Sudan and OMV Aktiengesselshaft was
awarded the exploration and production
contract for Block 5B onshore Sudan by the
Government of the Republic of Sudan.
PETRONAS holds a 41% participating interest
in the block through its wholly-owned
subsidiary PETRONAS Carigali Overseas Sdn
Bhd.
31 May
PETRONAS’ office in Jakarta, Indonesia was
officially opened by Prime Minister of Malaysia
Dato Seri Dr Mahathir Bin Mohamad. The new
office would oversee the PETRONAS Group’s
operations in Indonesia, both in the upstream
and downstream sectors, and would also
house its subsidiaries, Malaysia International
Shipping Corporation and Malaysia
International Trading Company.
T H E Y E A R ’ S
h i g h l i g h t s1 June
PETRONAS, through its subsidiary
PETRONAS NGV Sdn Bhd, signed a
three-year Memorandum of
Understanding with Petroleum Authority
of Thailand for the introduction of its
natural gas-powered vehicles, the Enviro
2000 , in Thailand.
25 June
PETRONAS signed a production sharing
contract (PSC) with Sabah Shell
Petroleum Company Ltd, Shell Sabah
Selatan Sdn Bhd and PETRONAS Carigali
for Block SB 303, offshore Sabah.
PETRONAS Carigali has a 40% stake in
the block which is located about 100 km
off the coast of Kota Kinabalu.
29 June
Phu My Plastics And Chemical Co Ltd
(PMPC), a joint venture between
PETRONAS, PetroVietnam and
Tramatsuco commenced construction of
its US$70 million polyvinyl chloride (PVC)
plant in the Phu My Industrial Area in
Vietnam.
2 July
OGP Technical Services Sdn Bhd, a
subsidiary of PETRONAS, received a
Letter of Intent from PMPC for its
appointment to manage and provide
training services for a group of
Vietnamese to operate and maintain
PMPC’s PVC plant in Vietnam.
23 July
PETRONAS acquired an additional
8% equity in Malaysian Refining
Company Sdn Bhd (MRC) from Dan
Norske Statsoljeseskep AS (Statoil),
bringing its total shareholding in MRC
to 53%.
7 August
The consortium comprising
PETRONAS Carigali (Pakistan) Ltd,
Lasmo Oil Pakistan Limited and
Government Holdings (Pvt) Ltd made
its first gas discovery in onshore
Block 2769-4 (Mubarak Block) in the
Sindh Province, Pakistan. PETRONAS
Carigali is the operator of the block
with an equity of 57%.
16 April 2001
27 April 2001
1 June 2001
29 June 2001
2 July 2001
23 July 2001
P E T R O L I A M N A S I O N A L B E R H A D 4746
200116 April
Malaysia LNG Tiga Sdn Bhd (MLNG Tiga), a
joint venture subsidiary of PETRONAS signed
a Sale and Purchase Agreement with Tohoku
Electric Power Co Inc to supply up to
900,000 tonnes of liquefied natural gas
(LNG) per year for 20 years beginning 2005.
With this agreement, Tohoku Electric’s import
of LNG from Malaysia will increase to 1.4
million tonnes per year.
26 April
PETRONAS Carigali Sdn Bhd made two gas
discoveries offshore Sarawak, one in Block
SK310, an open acreage in the Central
Luconia Province, about 160 km north of
Bintulu and the other in Block SK308, about
200 km west of Miri.
27 April
MLNG Tiga signed agreements for two loans
comprising a US$651 million 13-year from
the Japan Bank for International Cooperat i o n
and a US$165 million 8.5-year Term Loan
Facility from a syndicate of seven internat i o n a l
commercial banks to part finance the
construction of its two-train LNG plant and
r e l ated facilities in Bintulu, S a r aw a k .
3 May
PETRONAS, together with Sudapet Ltd, IPC
Sudan and OMV Aktiengesselshaft was
awarded the exploration and production
contract for Block 5B onshore Sudan by the
Government of the Republic of Sudan.
PETRONAS holds a 41% participating interest
in the block through its wholly-owned
subsidiary PETRONAS Carigali Overseas Sdn
Bhd.
31 May
PETRONAS’ office in Jakarta, Indonesia was
officially opened by Prime Minister of Malaysia
Dato Seri Dr Mahathir Bin Mohamad. The new
office would oversee the PETRONAS Group’s
operations in Indonesia, both in the upstream
and downstream sectors, and would also
house its subsidiaries, Malaysia International
Shipping Corporation and Malaysia
International Trading Company.
T H E Y E A R ’ S
h i g h l i g h t s1 June
PETRONAS, through its subsidiary
PETRONAS NGV Sdn Bhd, signed a
three-year Memorandum of
Understanding with Petroleum Authority
of Thailand for the introduction of its
natural gas-powered vehicles, the Enviro
2000 , in Thailand.
25 June
PETRONAS signed a production sharing
contract (PSC) with Sabah Shell
Petroleum Company Ltd, Shell Sabah
Selatan Sdn Bhd and PETRONAS Carigali
for Block SB 303, offshore Sabah.
PETRONAS Carigali has a 40% stake in
the block which is located about 100 km
off the coast of Kota Kinabalu.
29 June
Phu My Plastics And Chemical Co Ltd
(PMPC), a joint venture between
PETRONAS, PetroVietnam and
Tramatsuco commenced construction of
its US$70 million polyvinyl chloride (PVC)
plant in the Phu My Industrial Area in
Vietnam.
2 July
OGP Technical Services Sdn Bhd, a
subsidiary of PETRONAS, received a
Letter of Intent from PMPC for its
appointment to manage and provide
training services for a group of
Vietnamese to operate and maintain
PMPC’s PVC plant in Vietnam.
23 July
PETRONAS acquired an additional
8% equity in Malaysian Refining
Company Sdn Bhd (MRC) from Dan
Norske Statsoljeseskep AS (Statoil),
bringing its total shareholding in MRC
to 53%.
7 August
The consortium comprising
PETRONAS Carigali (Pakistan) Ltd,
Lasmo Oil Pakistan Limited and
Government Holdings (Pvt) Ltd made
its first gas discovery in onshore
Block 2769-4 (Mubarak Block) in the
Sindh Province, Pakistan. PETRONAS
Carigali is the operator of the block
with an equity of 57%.
16 April 2001
27 April 2001
1 June 2001
29 June 2001
2 July 2001
23 July 2001
P E T R O L I A M N A S I O N A L B E R H A D 4948
9 September
PETRONAS celebrated its 10th
Anniversary in Vietnam,marking a
decade of successful operations in the
country since the signing of its first PSC
with PetroVietnam, the national oil
corporation of Vietnam in 1991.
18 September
PETRONAS secured its third exploration
block in Indonesia, the Tanjung Aru
Block located in the highly prospective
Kutei Basin in the Makassar Straits,
offshore Kalimantan.
20 September
PETRONAS made a new oil discovery
through the Topaz North-1X exploration
well in Blocks 01 and 02, offshore
Vietnam.
4 October
BASF PETRONAS Chemicals Sdn Bhd’s
world-scale integrated chemical
complex in Gebeng, Pahang was
officially opened by Prime Minister Dato
Seri Dr Mahathir Bin Mohamad. The
150-hectare Verbund (fully integrated)
site comprises 12 plants developed in
three stages to produce acrylic
monomers, oxo products and
butanediol.
18 October
PETRONAS rolled out its high
performance prototype motorcycle
engine, GP1 at the Sepang F-1 Circuit,
prior to the start of the Malaysian leg of
the 2001 FIM World Motorcycle Grand
Prix (Moto GP).
1 November
PETRONAS signed two Exploration and
Production Sharing Agreements with
the Ministry of Oil of Bahrain.
PETRONAS Carigali Overseas, is the
operator with a 100 per cent equity in
both offshore Blocks IV and VI.
21 December
The first oil production from the Angsi
field, jointly developed by PETRONAS
Carigali and ExxonMobil Exploration and
Production Inc, commenced.
20028 January
PETRONAS signed a Petroleum Contract with
PetroVietnam and Pertamina to jointly explore
and develop hydrocarbon resources in Blocks
10 and 11.1 offshore V i e t n a m . Under the
c o n t r a c t , the three national oil companies will
form a joint venture company to operate the
b l o c k s , the first such alliance, within the ambit
of the Tripartite Cooperation A r r a n g e m e n t .
18 January
IndianOil PETRONAS Private Limited’s
liquefied petroleum gas (LPG) terminal, a
50:50 joint venture between Indian Oil
C o r p o r ation and PETRONAS was off i c i a l ly
l a u n c h e d . The US$60 million LPG terminal,
with an annual capacity of 600,000 tonnes
per year, is expected to meet some of the LPG
s h o r t age faced by the eastern market of India.
4 February
PETRONAS, together with its partners
GEPetrol,OCEAN Equatorial Guinea
Corporation and VANCO Equatorial Guinea
Limited signed a PSC with the Government
of the Republic of Equatorial Guinea for the
offshore Corisco Bay Block. PETRONAS
Carigali Overseas is the operator of the
block, with a 60 per cent interest.
19 February
MLNG Tiga signed a sale and purchase
agreement for the supply of up to 1.6
million tonnes of LNG a year to a
consortium comprising Tokyo Gas Co Ltd,
Toho Gas Co Ltd and Osaka Gas Co Ltd for
20 years beginning from 2004.
8 March
Malaysia LNG signed a Memorandum of
Agreement with The Tokyo Electric Power
Company Inc and Tokyo Gas Company Ltd
to supply up to 7.4 million tonnes of LNG
per annum for 15 years beginning 2003,
with an option for a five-year extension.
18 March
PETRONAS and its partners TotalFinaElf
and Gazprom brought on-stream Phases 2
and 3 of the South Pars gas field in the
Persian Gulf offshore Iran, which is
expected to produce two billion cubic feet
of gas and 80,000 barrels of condensate
per day from 20 wells through two
unmanned platforms.
18 October 2001
4 Fe b r u a ry 2002
18 January 2002
8 March 2002
4 October 2001
9 September 2001
P E T R O L I A M N A S I O N A L B E R H A D 4948
9 September
PETRONAS celebrated its 10th
Anniversary in Vietnam,marking a
decade of successful operations in the
country since the signing of its first PSC
with PetroVietnam, the national oil
corporation of Vietnam in 1991.
18 September
PETRONAS secured its third exploration
block in Indonesia, the Tanjung Aru
Block located in the highly prospective
Kutei Basin in the Makassar Straits,
offshore Kalimantan.
20 September
PETRONAS made a new oil discovery
through the Topaz North-1X exploration
well in Blocks 01 and 02, offshore
Vietnam.
4 October
BASF PETRONAS Chemicals Sdn Bhd’s
world-scale integrated chemical
complex in Gebeng, Pahang was
officially opened by Prime Minister Dato
Seri Dr Mahathir Bin Mohamad. The
150-hectare Verbund (fully integrated)
site comprises 12 plants developed in
three stages to produce acrylic
monomers, oxo products and
butanediol.
18 October
PETRONAS rolled out its high
performance prototype motorcycle
engine, GP1 at the Sepang F-1 Circuit,
prior to the start of the Malaysian leg of
the 2001 FIM World Motorcycle Grand
Prix (Moto GP).
1 November
PETRONAS signed two Exploration and
Production Sharing Agreements with
the Ministry of Oil of Bahrain.
PETRONAS Carigali Overseas, is the
operator with a 100 per cent equity in
both offshore Blocks IV and VI.
21 December
The first oil production from the Angsi
field, jointly developed by PETRONAS
Carigali and ExxonMobil Exploration and
Production Inc, commenced.
20028 January
PETRONAS signed a Petroleum Contract with
PetroVietnam and Pertamina to jointly explore
and develop hydrocarbon resources in Blocks
10 and 11.1 offshore V i e t n a m . Under the
c o n t r a c t , the three national oil companies will
form a joint venture company to operate the
b l o c k s , the first such alliance, within the ambit
of the Tripartite Cooperation A r r a n g e m e n t .
18 January
IndianOil PETRONAS Private Limited’s
liquefied petroleum gas (LPG) terminal, a
50:50 joint venture between Indian Oil
C o r p o r ation and PETRONAS was off i c i a l ly
l a u n c h e d . The US$60 million LPG terminal,
with an annual capacity of 600,000 tonnes
per year, is expected to meet some of the LPG
s h o r t age faced by the eastern market of India.
4 February
PETRONAS, together with its partners
GEPetrol,OCEAN Equatorial Guinea
Corporation and VANCO Equatorial Guinea
Limited signed a PSC with the Government
of the Republic of Equatorial Guinea for the
offshore Corisco Bay Block. PETRONAS
Carigali Overseas is the operator of the
block, with a 60 per cent interest.
19 February
MLNG Tiga signed a sale and purchase
agreement for the supply of up to 1.6
million tonnes of LNG a year to a
consortium comprising Tokyo Gas Co Ltd,
Toho Gas Co Ltd and Osaka Gas Co Ltd for
20 years beginning from 2004.
8 March
Malaysia LNG signed a Memorandum of
Agreement with The Tokyo Electric Power
Company Inc and Tokyo Gas Company Ltd
to supply up to 7.4 million tonnes of LNG
per annum for 15 years beginning 2003,
with an option for a five-year extension.
18 March
PETRONAS and its partners TotalFinaElf
and Gazprom brought on-stream Phases 2
and 3 of the South Pars gas field in the
Persian Gulf offshore Iran, which is
expected to produce two billion cubic feet
of gas and 80,000 barrels of condensate
per day from 20 wells through two
unmanned platforms.
18 October 2001
4 Fe b r u a ry 2002
18 January 2002
8 March 2002
4 October 2001
9 September 2001
P E T R O L I A M N A S I O N A L B E R H A D 5150
Producing Fields
Peninsular Gas Utilisation Pipeline System
OIL
Phase 1 PGU Loop I
Phase 2
GAS
Phase 3
PGU Loop II
Domestic Operations IndicatorsPRODUCTION SHARING CONTRACT (PSC) AREAS
PETRONAS Carigali Sdn Bhd (PETRONAS Carigali)
PETRONAS Carigali/ Esso Production Malaysia Inc
Sabah Shell Pet Co/Shell Sabah Selatan/PETRONAS Carigali
PETRONAS Carigali/SEPM(Shell Exploration & Production Malaysia B.V.)
Talisman Malaysia Ltd/Sands Malaysia AB/PVEP/PETRONAS Carigali
Under Technical Arrangement with SEPM B.V.Under PM303 PSC
Esso Production Malaysia Inc./PETRONAS Carigali
PETRONAS Carigali/ Sarawak Shell Bhd
Amerada Hess (Malaysia - PM 304) & (Malaysia - SK306) Ltd/KUFPEC/PIDC/PETRONAS Carigali
Sabah Shell Pet Co Ltd/Shell Sabah Selatan/Conoco Sabah Ltd/PETRONAS Carigali
Amerada Hess (Malaysia - SB302) Ltd/PETRONAS CarigaliPM301, PM302
PM3
Talisman Malaysia Ltd/PETRONAS Carigali PM305
PM320, PM322
SEPM (Shell Exploration & Production Malaysia B.V.) /PETRONAS CarigaliPM303
Sarawak Shell Bhd/PETRONAS Carigali SK308, SK312
Sabah Shell Pet Co Ltd/Shell Sabah Selatan/PETRONAS Carigali
SB301, SB303
SK307
PM304, SK306
Deepwater G & J
SB302
Amerada Hess (Malaysia - Block F) Ltd/ PETRONAS CarigaliDeepwater F
Sarawak Shell Bhd./ Diamond Gas/PETRONAS CarigaliDeepwater EYPF Malaysia Ltd/Mitsubishi Corp/PETRONAS Carigali
Murphy Sarawak Oil Co Ltd/PETRONAS Carigali
SK 301
SK309, SK311
Murphy Sabah Oil Co Ltd/PETRONAS Carigali
PETRONAS Carigali Sdn Bhd
Deepwater H & K
PM306, PM307
N
CelebesSeaStraits of M
elaka MA
LA
YS
IA
IND
ON
ES
IA
PHILIPPINES
MALAYSIA
IND
ON
ES
IAM
ALA
YS
IA
South China SeaSulu Sea
PHILIPPINES
PM3
P. Timbun MataF23F6
E11
D18D35
M1
M3
Commercial Arrangement Area
Malaysia / ThailandJoint Development Area
PM322
MALA
YSIA
INDO
NESIA
THAILAND
MALAYSIA
PM320
Temana
Bayan
LawitBunga KekwaJernehResakDulangSemangkokLarutTabuGuntongPalasTiong
North RayaKepong
TH
AIL
AN
DM
ALA
YS
IA
BartonS. FuriousSt. JosephTembungo
Erb WestSamarang
Kinabalu
Fairley BaramBakau
Baram
W. LutongBaronia
BettyBokorTukauSikauSiwa
DuyongBekokTapisAndingIrong BaratAngsiMalongSotong
Yong
TinggiSeligiPulai
SINGAPORE
SUMATRA
THAILAND
VIETNAM
KALIMANTAN
PENINSULAR MALAYSIA
SARAWAK
SABAH
BRUNEIDARUSSALAM
PM301
PM 302
PM306
PM303
PM307
PM304
PM305
GJ
K
H
SB301
E
SK312
SK308SK306
SK301
SK309
SK307
SK311
F
SB302
SB303
PulauLangkawi
Pulau Pinang
KUALA LUMPUR
Port DicksonSepang
DengkilPort Klang
Meru
Kuantan
Kertih
Tok Arun
KualaTerengganu
Ipoh
P. Tioman
Butterworth
Kangar
GurunKotaBharu
JohorBahru
Pasir Gudang
Sandakan
Kuching
Bintulu
Melaka
Segamat
Miri
Lutong
P. Labuan
Kota Kinabalu
contract areas AND OIL AND GAS FIELDS
MALAYSIA’S
P E T R O L I A M N A S I O N A L B E R H A D 5150
Producing Fields
Peninsular Gas Utilisation Pipeline System
OIL
Phase 1 PGU Loop I
Phase 2
GAS
Phase 3
PGU Loop II
Domestic Operations IndicatorsPRODUCTION SHARING CONTRACT (PSC) AREAS
PETRONAS Carigali Sdn Bhd (PETRONAS Carigali)
PETRONAS Carigali/ Esso Production Malaysia Inc
Sabah Shell Pet Co/Shell Sabah Selatan/PETRONAS Carigali
PETRONAS Carigali/SEPM(Shell Exploration & Production Malaysia B.V.)
Talisman Malaysia Ltd/Sands Malaysia AB/PVEP/PETRONAS Carigali
Under Technical Arrangement with SEPM B.V.Under PM303 PSC
Esso Production Malaysia Inc./PETRONAS Carigali
PETRONAS Carigali/ Sarawak Shell Bhd
Amerada Hess (Malaysia - PM 304) & (Malaysia - SK306) Ltd/KUFPEC/PIDC/PETRONAS Carigali
Sabah Shell Pet Co Ltd/Shell Sabah Selatan/Conoco Sabah Ltd/PETRONAS Carigali
Amerada Hess (Malaysia - SB302) Ltd/PETRONAS CarigaliPM301, PM302
PM3
Talisman Malaysia Ltd/PETRONAS Carigali PM305
PM320, PM322
SEPM (Shell Exploration & Production Malaysia B.V.) /PETRONAS CarigaliPM303
Sarawak Shell Bhd/PETRONAS Carigali SK308, SK312
Sabah Shell Pet Co Ltd/Shell Sabah Selatan/PETRONAS Carigali
SB301, SB303
SK307
PM304, SK306
Deepwater G & J
SB302
Amerada Hess (Malaysia - Block F) Ltd/ PETRONAS CarigaliDeepwater F
Sarawak Shell Bhd./ Diamond Gas/PETRONAS CarigaliDeepwater EYPF Malaysia Ltd/Mitsubishi Corp/PETRONAS Carigali
Murphy Sarawak Oil Co Ltd/PETRONAS Carigali
SK 301
SK309, SK311
Murphy Sabah Oil Co Ltd/PETRONAS Carigali
PETRONAS Carigali Sdn Bhd
Deepwater H & K
PM306, PM307
N
CelebesSeaStraits of M
elaka MA
LA
YS
IA
IND
ON
ES
IA
PHILIPPINES
MALAYSIA
IND
ON
ES
IAM
ALA
YS
IA
South China SeaSulu Sea
PHILIPPINES
PM3
P. Timbun MataF23F6
E11
D18D35
M1
M3
Commercial Arrangement Area
Malaysia / ThailandJoint Development Area
PM322
MALA
YSIA
INDO
NESIA
THAILAND
MALAYSIA
PM320
Temana
Bayan
LawitBunga KekwaJernehResakDulangSemangkokLarutTabuGuntongPalasTiong
North RayaKepong
TH
AIL
AN
DM
ALA
YS
IA
BartonS. FuriousSt. JosephTembungo
Erb WestSamarang
Kinabalu
Fairley BaramBakau
Baram
W. LutongBaronia
BettyBokorTukauSikauSiwa
DuyongBekokTapisAndingIrong BaratAngsiMalongSotong
Yong
TinggiSeligiPulai
SINGAPORE
SUMATRA
THAILAND
VIETNAM
KALIMANTAN
PENINSULAR MALAYSIA
SARAWAK
SABAH
BRUNEIDARUSSALAM
PM301
PM 302
PM306
PM303
PM307
PM304
PM305
GJ
K
H
SB301
E
SK312
SK308SK306
SK301
SK309
SK307
SK311
F
SB302
SB303
PulauLangkawi
Pulau Pinang
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