What kind of company is Petronas?

Breaking of Malaysian Petronas company into the Azerbaijani market may not be accidental.

Malaysian company already has the working experience in the Caspian Sea region. In particular, Petronas Charigali company has been operating in the Turkmen sector of the Caspian Sea since 1996 on the basis of the production sharing agreement (PSA). The contract area includes such fields as Diyarbekir, Magtymgulu, Ovez, Mashrykov and Garagol-Deniz.

In May 2006 the company started commercial oil production and export in Turkmenistan and part of the extracted oil is transported to the world markets via Azerbaijan.

SOCAR Trading company delivers oil by tankers to AzTrans terminal and from there it is pumped to the BP Sangachal terminal, where Baku-Tbilisi-Ceyhan (BTC) oil pipeline begins. Last year 3.2 million tons of Turkmen offshore oil was pumped via BTC and this year over 300,000 tons of oil a month is transported.

On May 27, 2014 Rovnag Abdullayev, President of State Oil Company of Azerbaijan (SOCAR), received Tan Shri Dato Shamsul Azhar Abbas, President of Petronas company. During the meeting the sides have discussed the companies’ cooperation in the global projects. In September 2014 Malaysian Premier visited Baku and took part in opening of the Malaysian embassy in Azerbaijan.

Petronas is the state-owned oil and gas company of Malaysia. It was established in 1974 and it conducts business in 35 countries. At present Petronas ensures about 40% of the budgetary incomes of the country. During quarter 1, 2014 Petronas produced 2.26 million barrels of oil equivalent a day. Its headquarters located in Kuala Lumpur has turned into one of the country’s symbols. 452-meters-high Twin Towers were built during only 6 years ago (1992-1998) and cost Petronas $800 million.—0—

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