Petronas: 50 years as custodian of the people’s O&G wealth

Free Malaysia Today

As the national oil corporation marks its 50th year on Aug 17, its first chairman Tengku Razaleigh Hamzah reflects on the challenges it has faced.  Additional footage sourced from FINAS Malaysia, Retro Man, Tengku Razaleigh Hamzah, PETRONAS Motorsports, PETRONAS, and www.etawau.com.  Read More:   Laporan Lanjut:   Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.    Subscribe to our channel - http://bit.ly/2Qo08ry   ------------------------------------------------------------------------------------------------------------------------------------------------------ Check us out at https://www.freemalaysiatoday.com Follow FMT on Facebook: https://bit.ly/49JJoo5 Follow FMT on Dailymotion: https://bit.ly/2WGITHM Follow FMT on X: https://bit.ly/48zARSW  Follow FMT on Instagram: https://bit.ly/48Cq76h Follow FMT on TikTok : https://bit.ly/3uKuQFp Follow FMT Berita on TikTok: https://bit.ly/48vpnQG  Follow FMT Telegram - https://bit.ly/42VyzMX Follow FMT LinkedIn - https://bit.ly/42YytEb Follow FMT Lifestyle on Instagram: https://bit.ly/42WrsUj Follow FMT on WhatsApp: https://bit.ly/49GMbxW  ------------------------------------------------------------------------------------------------------------------------------------------------------ Download FMT News App: Google Play – http://bit.ly/2YSuV46 App Store – https://apple.co/2HNH7gZ Huawei AppGallery - https://bit.ly/2D2OpNP  #FMTNews #AnwarIbarhim #TengkuRazaleigh #Petronas

Transcript

00:00And now this belongs to all of you.

00:03It doesn't belong to any government, doesn't belong to the federal government.

00:08It belongs to all the rakyat of Malaysia.

00:12More than a century ago, oil was discovered on Canada Hill in Miri Sarawak,

00:17and Britain's Royal Dutch Shell became the first oil company to begin exploration and exploitation of the resource.

00:25In the late 60s, less than a decade after Malaysia won its independence,

00:29it became clear that these important resources had to come under Malaysian control.

00:35The outbreak of war in the Middle East and the subsequent oil embargo reinforced the view

00:40that the nation's oil wealth could not remain in foreign hands.

00:45Tg. Razali Hamzah, who was given the task of setting up the National Oil Corporation,

00:50Petroleum Nasional Berhad, or PETRNAS, and appointed its first chairman, had one priority.

00:56He wanted to ensure that as a custodian of a resource that belonged to the nation,

01:01PETRNAS must be led by the right people.

01:04I need people who are incorruptible, people who can become competent,

01:12people who will not be greedy, people who are not egoistic,

01:18people who are not going to make a show of themselves.

01:22They're just going to be working for all of us, for the people, as trustees.

01:30An uncompromising faithfulness to this principle and strict corporate governance requirements

01:36have made PETRNAS what it is today, Malaysia's only Fortune 500 company.

01:41It is the country's leading income earner, way ahead of even the biggest corporations on Bursa Malaysia.

01:49As Tg. Razali points out, the start is very important.

01:53You start with a bad habit, you end up with a bad habit.

01:57We've heard of national oil companies going down the tube because of incompetency,

02:04because of ignorance of market forces, because of greed, corruption, and all that.

02:14Prime Minister Anwar Ibrahim agreed that these qualities were instrumental

02:18in making PETRNAS a major contributor to Malaysia's growth and development.

02:23It's impossible for us to achieve this level of efficiency

02:27if we don't manage our dollars properly.

02:32PETRNAS has recorded not only progress and returns to companies and countries,

02:40but also the return of funds from PETRNAS to the country,

02:45not only in terms of money, but also in terms of money,

02:47has reached hundreds of billions of ringgit.

02:52Recounting its half-century of growth, Tg. Razali noted that PETRNAS has recorded extensive progress

02:59and brought huge returns to the country.

03:01Thousands of people were involved in directly related and indirectly related oil and gas projects.

03:11With a footprint in over 100 countries today,

03:14PETRNAS is poised to build on the momentum and strength of the past 50 years

03:19while pivoting strategically to embrace sustainability.

03:23Natasha Bewst, FMT News.

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