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On 2 May 2015, Petronas completed its acquisition of oil and gas assets in Azerbaijan from Norway's Statoil (now Equinor) for US$2.25 billion. [ 26 ] Plagued by the 2010s oil glut , Petronas reported on 26 February 2015 that it cut its 2015 capital expenditures budget after reporting a $2 billion fourth quarter loss, the company's first loss ...
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Kerteh is the base of operations for Petronas in Terengganu, overseeing the oil platform operations off the state's coast as well as petrochemicals production, [1] natural gas processing [2] and crude oil refining. [3] The oil refinery began operating in March 1983 and reached full capacity by late 1983.
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The Peninsular Gas Utilization (PGU) is the longest pipeline in Malaysia. The 2,623 km (1,630 mi) pipeline connects the Kerteh refinery in Terengganu to other areas of peninsula Malaysia. It is owned and operated by Petronas Gas Berhad on behalf of its holding company Petronas .
On 8 May 2020, Petronas agreed to pay RM 2 billion in petroleum products sales tax to Sarawak with a condition that the tax will be lowered on a staggered basis in the future. Besides, both parties also agreed that the Petroleum Development Act 1974 is valid with Petronas as the sole regulator of oil and gas industry in Malaysia. [48]
Petronas is also the custodian of oil and gas reserves for Malaysia. Hence, all oil and gas activities are regulated by Petronas. Malaysia encourages foreign oil company participation through production sharing contracts, in which significant amount of oil will be given away to the foreign oil company until it reaches a production milestone.
A view of the new gas station complex constructed by Quasius Construction as seen, Thursday, March 7, 2024, on North Rapids Road and Menasha Avenue in Manitowoc, Wis.