Science Fair Project Encyclopedia
Petronas, short for Petroliam Nasional Berhad, is Malaysia's state owned oil and gas company that was founded on August 14 1974. Petronas owns 103 subsidiary companies, partly owns a further 19 and is associated with 55 companies. Together, these companies make the Petronas Group, which is invlolved in various oil and gas based activities.
Petronas built the Petronas Towers as its headquarters. Petronas is one of the main sponsors of the Sauber Formula One team, and it supplies lubricants and fuel to the team. It also owns 40% of Sauber Petronas Engineering , the company that builds the Ferrari designed engines used by the Sauber team. Petronas is also the main sponsor from the Formula-1 Malaysian Grand Prix.
In 2004, Minister in the Prime Minister's Department, Datuk Mustapa Mohamed, stated that Petronas contributed RM 25 Billion to the country's treasury accounting for 25 percent of revenue collected via dividends and other revenues.
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