Petronas moves up Fortune 500 list

WITH revenue of US$97.4 billion (RM309.73 billion), Petroliam Nasional Bhd (Petronas) climbed to 68th spot on the Fortune Global 500 list.

According to Fortune magazine's latest edition, this was a significant improvement for the national oil and gas company, from 86th ranking previously.

Petronas was ranked 12th in terms of companies with biggest profits, having registered a net profit of US$21.9 billion in 2011, an increase of 25.4 per cent from the previous year. Its US$97.4 billion revenue was an increase of 26.6 per cent compared to 2010.

With a workforce of 48,860, Petronas' asset value was at US$157.4 billion, placing the company at the 127th position on the Fortune Gobal 500 list.

With a presence in more than 20 countries worldwide, Petronas is wholly-owned by the government of Malaysia.

Together with its subsidiaries and associated companies, Petronas has fully integrated oil and gas operations in a broad spectrum of the oil and gas value chain.

Its business activities included the exploration, development and production of crude oil and natural gas in Malaysia and overseas; the liquefaction, sale and transportation of liquefied natural gas (LNG); the processing and transmission of natural gas; the sale of natural gas products; and the refining and marketing of petroleum products.

Others included the manufacture and sale of petrochemical products; the trading of crude oil, petroleum products and petrochemical products; shipping and logistics relating to LNG, and crude oil and petroleum pro-ducts.