Its first stage was completed infollowing the success of smaller gasification projects in the states of Sarawak and Sabah, and involved the extraction of gas from three fields in the Natuna Sea, between the Peninsula and the island of Borneo; its processing in a plant at Kertih on the Peninsula's east coast; and its distribution to the state of Trengganu by pipeline and abroad via an export terminal.
ByMalaysia's output of crude oil stood at about 81, barrels per day.
Some were set up on grounds of social benefit rather than of strict commercial calculation. Its first LPG joint venture in China was launched that year and the company acquired a A final and crucial factor in the creation of Petronas, and its continuation in much the same form since, has been the political stability of Malaysia.
InPetronas entered the aromatics market by way of a joint venture that created Aromatics Malaysia Sdn Bhd. Byoil and gas already represented 24 percent of Malaysian exports, and the government decided to impose a tax on these exports at a 25 percent rate.
Petronas retained its supervisory powers over all oil and gas ventures, particularly on issues of health and safety and environmental control. Inpetroleum products accounted for 88 percent of the country's commercial consumption of energy, the rest being provided from hydroelectric plants in Sarawak, too far away from the main population centers to become a major alternative.
Petronas's contributions--designed to assist in enhancing the quality of life of the people and help in the development of the nation--include the provision of quality petroleum and related products and services at a fair price; promoting and creating business and job opportunities in the petroleum industry; enlarging the country's industrial base; and ensuring a safe and clean environment.
Petronas has also diversified into shipping, automotive engineering, and property investment. The difficulties this policy has caused for foreign companies and investors are outweighed by the benefits they believe they gain from Malaysia's political stability.