Petronas Annual Report 2002

Design: Johan Design Associates, Malaysia.
(
)(20076-K)
A N N U A L
R E P O R T
( ) (20076-K)
l Lumpur City Centre, 50088 Kualal Lumpur, Malaysia
Tower 1, PETRONAS Twin Towers, Kuala l
2 0 0 2
Telephone: (603) 2331 5000 / 2331 0022 / 2331 0088

Telefax: (603) 2026 5050 / 2026 5055
www.petronas.com.my
C O R P O R A T E
statements
V I S I O N S TA T E M E N T
To Be A Leading Oil And Gas Multinational Of Choice
M I S S ION S TA TEMENT
We Are A Business Entity
Petroleum Is Our Core Business
Our Primary Responsibility Is To Develop And

Add Value To This National Resource
Our Objective Is To Contribute To The Well Being Of

The People And The Nation
SHARED V ALUES
Loyalty
Loyal To Nation And Corporation
Professionalism
Committed, Innovative And Proactive And Always
Striving For Excellence
Integrity
Honest And Upright
Cohesiveness
United In Purpose And Fellowship
P E T R O L I A M N A S I O N A L B E R H A D 1
contents
2 Company Profile
4 Corporate Information
5 Board Of Directors
6 Management Committee
8 PETRONAS Group Of Companies
10 Chairman’s Statement
16 The Year In Review 44 Five-Year Financial Highlights
46 The Year’s Highlights
50 Malaysia’s Contract Areas And Oil And Gas Fields

2 P E T R O L I A M N A S I O N A L B E R H A D 3
C O M P A N Y
profile
PETRONAS, the acronym for Petroliam Nasional Berhad, is Malaysia’s
national petroleum corporation. Incorporated on 17 August 1974 under
the Companies A c t , 1 9 6 5 , it is wholly owned by the Malay s i a n
Government. The Petroleum Development Act, 1974 vests in PETRONAS
the entire ownership and control of the petroleum resources in Malaysia.
RANKED among the Fortune Global 500 companies, PETRONAS is an
integrated international oil and gas company with business interests in
more than 30 countries. As at end March 2002, the PETRONAS Group
comprised 72 wholly - o w n e d , 21 partly-owned subsidiaries and
47 associated companies.
THE GROUP is engaged in a wide range of activities, including upstream
exploration and production of oil and gas to downstream oil refining;
marketing and distribution of petroleum products; trading; gas
processing and liquefaction; gas transmission pipeline network
o p e r ations; marketing of liquefied natural gas; petrochemical
manufacturing and marketing; shipping and property investment.

C O M P A N Y
profile
PETRONAS, the acronym for Petroliam Nasional Berhad, is Malaysia’s
national petroleum corporation. Incorporated on 17 August 1974 under
the Companies A c t , 1 9 6 5 , it is wholly owned by the Malay s i a n
Government. The Petroleum Development Act, 1974 vests in PETRONAS
the entire ownership and control of the petroleum resources in Malaysia.
RANKED among the Fortune Global 500 companies, PETRONAS is an
integrated international oil and gas company with business interests in
more than 30 countries. As at end March 2002, the PETRONAS Group
comprised 72 wholly - o w n e d , 21 partly-owned subsidiaries and
47 associated companies.
THE GROUP is engaged in a wide range of activities, including upstream
exploration and production of oil and gas to downstream oil refining;
marketing and distribution of petroleum products; trading; gas
processing and liquefaction; gas transmission pipeline network
o p e r ations; marketing of liquefied natural gas; petrochemical
manufacturing and marketing; shipping and property investment.

C O R P O R A T E B O A R D O F
information directors
Chairman
Tan Sri Dato’ Seri Azizan Zainul Abidin
Members
Tan Sri Dato’ Mohd. Hassan Marican
Tan Sri Dato’ Dr. Samsudin Hitam
Dato’ Seri Dr. Zainul Ariff Haji Hussain
Tan Sri Dato’ Zaki Tun Azmi
Dato’ Iskandar Dzakurnain Badarudin Company Secretary

Mohammed Azhar Osman Khairuddin
Dato’ Mohamad Idris Mansor
Datuk Ishak Imam Abas

Registered Office
Haji Ithnin Haji Hassan Tower 1
(Alternate to Tan Sri Dato’ Dr. Samsudin Hitam) PETRONAS Twin Towers
Haji Mohd. Zarif Mohd. Zaman Kuala Lumpur City Centre
(Alternate to Dato’ Iskandar Dzakurnain Badarudin) 50088 Kuala Lumpur

Malaysia
Telephone : (03) 2331-5000

Telefax : (03) 2026-5050
Website : www.petronas.com.my
Seated From Left:

Dato’ Seri Dr. Zainul Ariff Haji Hussain, Tan Sri Dato’ Seri Azizan Zainul Abidin, Tan Sri Dato’ Zaki Tun Azmi, Tan Sri Dato’ Mohd.Hassan Marican
Standing From Left:

Dato’ Iskandar Dzakurnain Badarudin,Haji Ithnin Haji Hassan,Datuk Ishak Imam Abas,Dato’ Mohamad Idris Mansor, Mohammed Azhar Osman Khairuddin
C O R P O R A T E B O A R D O F
information directors
Chairman
Members
Tan Sri Dato’ Mohd. Hassan Marican
Tan Sri Dato’ Dr. Samsudin Hitam
Dato’ Seri Dr. Zainul Ariff Haji Hussain
Tan Sri Dato’ Zaki Tun Azmi
Dato’ Iskandar Dzakurnain Badarudin Company Secretary


Registered Office
Haji Ithnin Haji Hassan Tower 1
(Alternate to Tan Sri Dato’ Dr. Samsudin Hitam) PETRONAS Twin Towers
Haji Mohd. Zarif Mohd. Zaman Kuala Lumpur City Centre
(Alternate to Dato’ Iskandar Dzakurnain Badarudin) 50088 Kuala Lumpur

Malaysia
Telephone : (03) 2331-5000

Telefax : (03) 2026-5050
Website : www.petronas.com.my
Seated From Left:

Dato’ Seri Dr. Zainul Ariff Haji Hussain, Tan Sri Dato’ Seri Azizan Zainul Abidin, Tan Sri Dato’ Zaki Tun Azmi, Tan Sri Dato’ Mohd.Hassan Marican
Standing From Left:

Dato’ Iskandar Dzakurnain Badarudin,Haji Ithnin Haji Hassan,Datuk Ishak Imam Abas,Dato’ Mohamad Idris Mansor, Mohammed Azhar Osman Khairuddin
M A N A G E M E N T
committee
Tan Sri Dato’ Mohd.Hassan Marican
President & Chief Executive Officer

Senior Vice-President,
Exploration & Production Business

Senior Vice-President, Finance
Anuar Ahmad
Dato’ Haji Mohd.Ali Haji Yasin
Managing Director/Chief Executive Officer,
Vice-President, Logistics & Maritime Business
PETRONAS Dagangan Bhd
Dato’ Shamsul Azhar Abbas

Abdullah Karim
Vice-President, Oil Business
Malaysia LNG Sdn. Bhd.
Muri Muhammad
Vice-President,Gas Business
Senior General Manager,
Dato’ Abdul Rahim Abu Bakar
Legal & Corporate Affairs Division
Vice-President, Petrochemical Business
Nasarudin Md. Idris
Abdul Rahim Haji Hashim
Vice-President, Human Resource Management
Corporate Planning & Development Division
Mariam Rahimah Haji Mukhtar

Mohamad Johari Dasri
Vice-President,Education
PETRONAS Carigali Sdn.Bhd.
Abdul Hamid Ibrahim
Faridah Haris Hamid
PETRONAS Gas Bhd
Secretary
Seated From Left:

Dato’ Mohamad Idris Mansor, Tan Sri Dato’ Mohd.Hassan Marican,Datuk Ishak Imam Abas
Standing From Left:

Mohamad Johari Dasri,Abdullah Karim,Mohammed Azhar Osman Khairuddin,Abdul Rahim Haji Hashim,Nasarudin Md.Idris,Dato’ Abdul Rahim Abu Bakar,
Dato’ Haji Mohd.Ali Haji Yasin,Dato’ Shamsul Azhar Abbas,Mariam Rahimah Haji Mukhtar, Muri Muhammad,Abdul Hamid Ibrahim,Faridah Haris Hamid,Anuar Ahmad
M A N A G E M E N T
committee
Tan Sri Dato’ Mohd.Hassan Marican
President & Chief Executive Officer

Senior Vice-President,
Exploration & Production Business

Senior Vice-President, Finance
Anuar Ahmad
Dato’ Haji Mohd.Ali Haji Yasin
Vice-President, Logistics & Maritime Business
PETRONAS Dagangan Bhd
Dato’ Shamsul Azhar Abbas

Abdullah Karim
Vice-President, Oil Business
Malaysia LNG Sdn. Bhd.
Muri Muhammad
Vice-President,Gas Business
Dato’ Abdul Rahim Abu Bakar
Legal & Corporate Affairs Division
Vice-President, Petrochemical Business
Nasarudin Md. Idris
Abdul Rahim Haji Hashim
Vice-President, Human Resource Management
Corporate Planning & Development Division
Mariam Rahimah Haji Mukhtar

Mohamad Johari Dasri
Vice-President,Education
PETRONAS Carigali Sdn.Bhd.
Abdul Hamid Ibrahim
Faridah Haris Hamid
PETRONAS Gas Bhd
Secretary
Seated From Left:

Dato’ Mohamad Idris Mansor, Tan Sri Dato’ Mohd.Hassan Marican,Datuk Ishak Imam Abas
Standing From Left:

Mohamad Johari Dasri,Abdullah Karim,Mohammed Azhar Osman Khairuddin,Abdul Rahim Haji Hashim,Nasarudin Md.Idris,Dato’ Abdul Rahim Abu Bakar,
Dato’ Haji Mohd.Ali Haji Yasin,Dato’ Shamsul Azhar Abbas,Mariam Rahimah Haji Mukhtar, Muri Muhammad,Abdul Hamid Ibrahim,Faridah Haris Hamid,Anuar Ahmad
PETRONAS GROUP OF
companies at 31 March 2002

WHOLLY-OWNED SUBSIDIARIES PARTLY-OWNED SUBSIDIARIES OTHER COMPANIES
PETRONAS Carigali Sdn. Bhd. CS Mutiara Petroleum Company Sdn. Bhd. (50%)
PETRONAS Carigali (JDA) Sdn. Bhd. Carigali-Triton Operating Co. Sdn. Bhd. (50%)
PETRONAS Carigali Myanmar II Inc.
PETRONAS Carigali Chad Exploration & Production Inc. Carigali-PTTEPI Operating Co. Sdn. Bhd. (50%)
PETRONAS Carigali (Chad EP) Inc. Polyethylene Malaysia Sdn. Bhd. (40%)
Seerat Refinery Investment Inc. Idemitsu SM (Malaysia) Sdn. Bhd. (30%)
Doba Pipeline Investment Inc. Cameroon Oil Transportation S.A. (30.27%)
PETRONAS Chad Marketing Inc.
Tchad Oil Transportation S.A. (29.75%)
PETRONAS Carigali Overseas Sdn. Bhd.
PARSI International Ltd. Gas Malaysia Sdn. Bhd. (20%)
PETRONAS Carigali (Dai Hung) Sdn. Bhd. P.T. Asean Aceh Fertilizer (13%)
PETRONAS Carigali (Vietnam) Sdn. Bhd. Shell MDS (Malaysia) Sdn. Bhd. (6.86%)
PETRONAS Carigali Overseas (UK) Ltd. Malaysian Technology Development
PETRONAS Carigali (Turkmenistan) Sdn. Bhd. Corp. Sdn. Bhd. (5.24%)
Asean Bintulu Fertilizer Sdn. Bhd. (63.5%)
PETRONAS Carigali (Sudan) Sdn. Bhd. Optimal Glycols (Malaysia) Sdn. Bhd. (50%)
Malaysia LNG Sdn. Bhd. (65%)
Optimal Chemicals (Malaysia) Sdn. Bhd. (50%)
PETRONAS Carigali International Sdn. Bhd. Aromatics Malaysia Sdn. Bhd. (70%)
PETRONAS Carigali (Pakistan) Ltd. Ethylene Malaysia Sdn. Bhd. (72.5%)
PETRONAS Carigali (Pasemah) Ltd. Malaysia LNG Dua Sdn. Bhd. (60%)
PETRONAS Carigali (Ketapang) Ltd. Gas District Cooling (M) Sdn. Bhd. (95.83%)
PETRONAS Carigali Nigeria Ltd. Gas District Cooling (Putrajaya) Sdn. Bhd. (100%)
PETRONAS Carigali Niger Exploration & Production Ltd. Gas District Cooling (KLIA) Sdn. Bhd. (60%)
PETRONAS Carigali White Nile (5B) Ltd. Gas District Cooling (UTP) Sdn. Bhd. (100%)
White Nile (5B) Petroleum Operating Co. Ltd.
PETRONAS Carigali Mozambique E & P Ltd. PETRONAS Dagangan Bhd. (69.86%) Lub Dagangan Sdn. Bhd. (20%)
PETRONAS Carigali Bahrain Ltd. PS Pipeline Sdn. Bhd. (50%)
Kuala Lumpur Aviation Fuelling System Sdn. Bhd. (65%)
PETRONAS Carigali (Tanjung Aru) Ltd. PS Terminal Sdn. Bhd. (50%)
PETRONAS Carigali Vietnam (Blocks 10 & 11-1) Ltd. Zhenjiang Zhonghai PETRONAS NIC Oil and Gas Co. Ltd. (20%)
PETRONAS Gas Berhad (60.63%)
PETRONAS Hartabina Sdn. Bhd.
OGP Technical Services Sdn. Bhd. (60%) KLCC (Holdings) Bhd. (49.5%)
PETRONAS Assets Sdn. Bhd.
Malaysia LNG Tiga Sdn. Bhd. (60%) Midciti Resources Sdn. Bhd. (49.5%)
PETRONAS Penapisan (Terengganu) Sdn. Bhd.
Vinyl Chloride (Malaysia) Sdn. Bhd. (60%) Putrajaya Holdings Sdn. Bhd. (40%)
PETRONAS Penapisan (Melaka) Sdn. Bhd. Optimal Olefins (Malaysia) Sdn. Bhd. (64.25%) Labuan Reinsurance (L) Ltd. (10%)
PETRONAS Management Training Sdn. Bhd.
Malaysia International Shipping Corporation Berhad (62.44%) Thang Long LPG JV Company (49%)
PETRONAS Methanol (Labuan) Sdn. Bhd.
Malaysian Refining Company Sdn Bhd. (53%) Petrofibre Network (M) Sdn. Bhd. (40%)
PETRONAS Gas Supply (Labuan) Sdn. Bhd. (formerly known as Celcom PETRO NETWORK (M) SDN. BHD.)
MTBE Malaysia Sdn. Bhd.
Sauber PETRONAS Engineering AG (40%)
Polypropylene Malaysia Sdn. Bhd. Guangdong Yangjiang Hailing (SINOPEC-PETRONAS-NIC)
PETRONAS Maritime Services Sdn. Bhd. Petro-Chemical Co. Ltd. (30%)
Sungai Udang Port Sdn. Bhd. Malaysian Maritime Academy Sdn. Bhd. (30%)
Kertih Port Sdn. Bhd. Trans Thai-Malaysia (Thailand) Ltd. (50%)
PETRONAS Fertilizer (Kedah) Sdn. Bhd.
Trans Thai-Malaysia (Malaysia) Sdn Bhd. (50%)
Sanzbury Stead Sdn. Bhd.
IndianOil Petronas Pvt. Ltd. (50%)
PETRONAS Trading Corporation Sdn. Bhd. Japan Malaysia LNG Co. Ltd. (70%)
Composites Technology Research Malaysia Sdn. Bhd. (10%)
Malaysian International Trading Corporation Sdn. Bhd.
Perusahaan Otomobil Nasional Berhad (11.7%)
Malaysian International Trading Corporation (Japan) Sdn. Bhd.
Bintulu Port Holdings Berhad (22.79%)
PETRONAS Research & Scientific Services Sdn. Bhd.
Kuantan Terminal Sdn. Bhd.
PETRONAS Argentina S.A. Transportadora De Gas Mercosur (14.6%)
Gasinvest S.A. (18.3%)
PETRONAS Australia Pty. Ltd. Australian Pipeline Trust Ltd. (10%)
East Australian Pipeline Marketing Pty. Ltd. Kertih Terminal Sdn. Bhd. (40%)
PETRONAS (Thailand) Co. Ltd. Phu My Plastics And Chemical Company Ltd. (50%)
PETRONAS Philippines Inc. PETRONAS Energy Philippines Inc. (60%)
PETRONAS Cambodia Co. Ltd. Duta Inc. (40%)
PETRONAS Cambodia Tankage Co. Ltd. Bataan Polyethylene Corporation (38.6%)
PETRONAS Technical Services Sdn. Bhd. BP PETRONAS Acetyls Sdn. Bhd. (30%)
Institute of Technology PETRONAS Sdn. Bhd. BASF PETRONAS Chemicals Sdn. Bhd. (40%)
PETRONAS NGV Sdn. Bhd.
Advanced Engine Research Sdn. Bhd. (50%)
Styrene Monomer (Malaysia) Sdn. Bhd.
Petlin (Malaysia) Sdn. Bhd. (40%)
PETRONAS South Africa (Pty.) Ltd.
PETRONAS India (Holdings) Company Pte. Ltd.
PETRONAS China Company Ltd.
PETRONAS Ammonia Sdn. Bhd.
PETRONAS International Corporation Ltd. Premier Oil PLC. (25%)
SIRRI International Ltd. Engen Limited (80%)
PETRONAS Carigali Nile Ltd. Greater Nile Petroleum Operating Company (30%)
PETRONAS Carigali Myanmar Inc. ** Global Resources Ltd. (50%)
PETRONAS Carigali Myanmar III Inc. Taninthayi Pipeline Co. LLC (30%)
*** PETRONAS Marketing (Thailand) Co. Ltd.
Petrosains Sdn. Bhd. ** 25% interest each held by PCM I & PCM III
PETRONAS Myanmar Ltd.
Myanmar PETRONAS Trading Co. Ltd. *** Via 51% interest held by PICL & 49% interest
Perecom Industries Sdn. Bhd. held by PETRONAS (Thailand) Co. Ltd.
PETRONAS GROUP OF
companies at 31 March 2002

WHOLLY-OWNED SUBSIDIARIES PARTLY-OWNED SUBSIDIARIES OTHER COMPANIES
PETRONAS Carigali Sdn. Bhd. CS Mutiara Petroleum Company Sdn. Bhd. (50%)
PETRONAS Carigali (JDA) Sdn. Bhd. Carigali-Triton Operating Co. Sdn. Bhd. (50%)
PETRONAS Carigali Myanmar II Inc.
PETRONAS Carigali Chad Exploration & Production Inc. Carigali-PTTEPI Operating Co. Sdn. Bhd. (50%)
PETRONAS Carigali (Chad EP) Inc. Polyethylene Malaysia Sdn. Bhd. (40%)
Seerat Refinery Investment Inc. Idemitsu SM (Malaysia) Sdn. Bhd. (30%)
Doba Pipeline Investment Inc. Cameroon Oil Transportation S.A. (30.27%)
PETRONAS Chad Marketing Inc.
Tchad Oil Transportation S.A. (29.75%)
PETRONAS Carigali Overseas Sdn. Bhd.
PARSI International Ltd. Gas Malaysia Sdn. Bhd. (20%)
PETRONAS Carigali (Dai Hung) Sdn. Bhd. P.T. Asean Aceh Fertilizer (13%)
PETRONAS Carigali (Vietnam) Sdn. Bhd. Shell MDS (Malaysia) Sdn. Bhd. (6.86%)
PETRONAS Carigali Overseas (UK) Ltd. Malaysian Technology Development
PETRONAS Carigali (Turkmenistan) Sdn. Bhd. Corp. Sdn. Bhd. (5.24%)
Asean Bintulu Fertilizer Sdn. Bhd. (63.5%)
PETRONAS Carigali (Sudan) Sdn. Bhd. Optimal Glycols (Malaysia) Sdn. Bhd. (50%)
Malaysia LNG Sdn. Bhd. (65%)
Optimal Chemicals (Malaysia) Sdn. Bhd. (50%)
PETRONAS Carigali International Sdn. Bhd. Aromatics Malaysia Sdn. Bhd. (70%)
PETRONAS Carigali (Pakistan) Ltd. Ethylene Malaysia Sdn. Bhd. (72.5%)
PETRONAS Carigali (Pasemah) Ltd. Malaysia LNG Dua Sdn. Bhd. (60%)
PETRONAS Carigali (Ketapang) Ltd. Gas District Cooling (M) Sdn. Bhd. (95.83%)
PETRONAS Carigali Nigeria Ltd. Gas District Cooling (Putrajaya) Sdn. Bhd. (100%)
PETRONAS Carigali Niger Exploration & Production Ltd. Gas District Cooling (KLIA) Sdn. Bhd. (60%)
PETRONAS Carigali White Nile (5B) Ltd. Gas District Cooling (UTP) Sdn. Bhd. (100%)
White Nile (5B) Petroleum Operating Co. Ltd.
PETRONAS Carigali Mozambique E & P Ltd. PETRONAS Dagangan Bhd. (69.86%) Lub Dagangan Sdn. Bhd. (20%)
PETRONAS Carigali Bahrain Ltd. PS Pipeline Sdn. Bhd. (50%)
Kuala Lumpur Aviation Fuelling System Sdn. Bhd. (65%)
PETRONAS Carigali (Tanjung Aru) Ltd. PS Terminal Sdn. Bhd. (50%)
PETRONAS Carigali Vietnam (Blocks 10 & 11-1) Ltd. Zhenjiang Zhonghai PETRONAS NIC Oil and Gas Co. Ltd. (20%)
PETRONAS Gas Berhad (60.63%)
PETRONAS Hartabina Sdn. Bhd.
OGP Technical Services Sdn. Bhd. (60%) KLCC (Holdings) Bhd. (49.5%)
PETRONAS Assets Sdn. Bhd.
Malaysia LNG Tiga Sdn. Bhd. (60%) Midciti Resources Sdn. Bhd. (49.5%)
PETRONAS Penapisan (Terengganu) Sdn. Bhd.
Vinyl Chloride (Malaysia) Sdn. Bhd. (60%) Putrajaya Holdings Sdn. Bhd. (40%)
PETRONAS Penapisan (Melaka) Sdn. Bhd. Optimal Olefins (Malaysia) Sdn. Bhd. (64.25%) Labuan Reinsurance (L) Ltd. (10%)
PETRONAS Management Training Sdn. Bhd.
Malaysia International Shipping Corporation Berhad (62.44%) Thang Long LPG JV Company (49%)
PETRONAS Methanol (Labuan) Sdn. Bhd.
Malaysian Refining Company Sdn Bhd. (53%) Petrofibre Network (M) Sdn. Bhd. (40%)
PETRONAS Gas Supply (Labuan) Sdn. Bhd. (formerly known as Celcom PETRO NETWORK (M) SDN. BHD.)
MTBE Malaysia Sdn. Bhd.
Sauber PETRONAS Engineering AG (40%)
Polypropylene Malaysia Sdn. Bhd. Guangdong Yangjiang Hailing (SINOPEC-PETRONAS-NIC)
PETRONAS Maritime Services Sdn. Bhd. Petro-Chemical Co. Ltd. (30%)
Sungai Udang Port Sdn. Bhd. Malaysian Maritime Academy Sdn. Bhd. (30%)
Kertih Port Sdn. Bhd. Trans Thai-Malaysia (Thailand) Ltd. (50%)
PETRONAS Fertilizer (Kedah) Sdn. Bhd.
Trans Thai-Malaysia (Malaysia) Sdn Bhd. (50%)
Sanzbury Stead Sdn. Bhd.
IndianOil Petronas Pvt. Ltd. (50%)
PETRONAS Trading Corporation Sdn. Bhd. Japan Malaysia LNG Co. Ltd. (70%)
Composites Technology Research Malaysia Sdn. Bhd. (10%)
Malaysian International Trading Corporation Sdn. Bhd.
Perusahaan Otomobil Nasional Berhad (11.7%)
Malaysian International Trading Corporation (Japan) Sdn. Bhd.
Bintulu Port Holdings Berhad (22.79%)
PETRONAS Research & Scientific Services Sdn. Bhd.
Kuantan Terminal Sdn. Bhd.
PETRONAS Argentina S.A. Transportadora De Gas Mercosur (14.6%)
Gasinvest S.A. (18.3%)
PETRONAS Australia Pty. Ltd. Australian Pipeline Trust Ltd. (10%)
East Australian Pipeline Marketing Pty. Ltd. Kertih Terminal Sdn. Bhd. (40%)
PETRONAS (Thailand) Co. Ltd. Phu My Plastics And Chemical Company Ltd. (50%)
PETRONAS Philippines Inc. PETRONAS Energy Philippines Inc. (60%)
PETRONAS Cambodia Co. Ltd. Duta Inc. (40%)
PETRONAS Cambodia Tankage Co. Ltd. Bataan Polyethylene Corporation (38.6%)
PETRONAS Technical Services Sdn. Bhd. BP PETRONAS Acetyls Sdn. Bhd. (30%)
Institute of Technology PETRONAS Sdn. Bhd. BASF PETRONAS Chemicals Sdn. Bhd. (40%)
PETRONAS NGV Sdn. Bhd.
Advanced Engine Research Sdn. Bhd. (50%)
Styrene Monomer (Malaysia) Sdn. Bhd.
Petlin (Malaysia) Sdn. Bhd. (40%)
PETRONAS South Africa (Pty.) Ltd.
PETRONAS India (Holdings) Company Pte. Ltd.
PETRONAS China Company Ltd.
PETRONAS Ammonia Sdn. Bhd.
PETRONAS International Corporation Ltd. Premier Oil PLC. (25%)
SIRRI International Ltd. Engen Limited (80%)
PETRONAS Carigali Nile Ltd. Greater Nile Petroleum Operating Company (30%)
PETRONAS Carigali Myanmar Inc. ** Global Resources Ltd. (50%)
PETRONAS Carigali Myanmar III Inc. Taninthayi Pipeline Co. LLC (30%)
*** PETRONAS Marketing (Thailand) Co. Ltd.
Petrosains Sdn. Bhd. ** 25% interest each held by PCM I & PCM III
PETRONAS Myanmar Ltd.
Myanmar PETRONAS Trading Co. Ltd. *** Via 51% interest held by PICL & 49% interest
Perecom Industries Sdn. Bhd. held by PETRONAS (Thailand) Co. Ltd.
C H A I R M A N ’ S
statement
CHAIRMAN
THE 2002 FINANCIAL YEAR WAS A CHALLENGING PERIOD FOR THE PETRONAS GROUP OF COMPANIES. DURING THE
YEAR, WORLD ENERGY DEMAND CONTRACTED AND CRUDE OIL PRICES PLUNGED STEEPLY UNDER THE PRESSURE OF
A DEPRESSED GLOBAL ECONOMY AGGRAVATED BY AFTERMATH OF THE EVENTS OF THE SEPTEMBER 11, 2001 IN
THE UNITED STATES.
Amidst the difficult business environment , the Group managed to chalk up a revenue of RM67.2 billion for the
year, a drop of 8.4% from RM73.4 billion in the previous years. The reduction in revenue was due mainly to the
sharp decline in the prices of crude oil, petroleum products and petrochemicals which negated the increases
in sales volume achieved in almost all the business sectors of the Group. The impact on group profit was a
reduction in pre-tax profit by 16% from RM29.0 billion to RM24.3 billion while group profit after tax and minority
interest decreased to RM14.6 billion from RM16.5 billion achieved in the previous year.
The strategy pursued by PETRONAS in developing the company as an integrated and global corporation has,
to some extent, helped mitigate the adverse impact of the global economic downturn on the Group’s financial
performance. PETRONAS’ international business, including exports contributed 76.2% or RM51.2 billion of the
Group’s total revenue, of which RM30.8 billion was from exports.
The Group’s global operations grew further with the addition of 15 new upstream ventures, comprising seven
new production sharing contracts (PSCs) and eight farm-in agreements. The Group’s international exploration
and production portfolio increased to 39 ventures in 21 countries in Asia, Middle East and Africa. Seven of the
new ventures concluded are in Africa. PETRONAS’ entry into Bahrain and Yemen marked a new thrust made by
the Group in the Middle East.
In the downstream sector, the LPG terminal in Haldia, a joint venture between India Oil and PETRONAS, came
on-stream in January 2002. The US$60 Million LPG terminal, PETRONAS’ first joint venture in India, has a
handling capacity of 600,000 tonnes per year. In Vietnam, the Phu My Plastics and Chemicals plant, a joint
venture between PETRONAS, Petro Vietnam and Tramatsuco is nearing completion with its commissioning
scheduled for October 2002.
During the financial year, two new country offices, one in New Delhi and the other in Jakarta, were opened to
support the Group’s operations in India and Indonesia respectively. These offices will oversee the effective and
efficient implementation of PETRONAS’ business activities while helping to strengthen the Group’s presence in
these two countries. An important milestone was charted on 9 september 2001 when the Group celebrated its
10th Anniversary in Vietnam, the first host country for PETRONAS as an upstream operator overseas.
C H A I R M A N ’ S
statement
CHAIRMAN
THE 2002 FINANCIAL YEAR WAS A CHALLENGING PERIOD FOR THE PETRONAS GROUP OF COMPANIES. DURING THE
YEAR, WORLD ENERGY DEMAND CONTRACTED AND CRUDE OIL PRICES PLUNGED STEEPLY UNDER THE PRESSURE OF
A DEPRESSED GLOBAL ECONOMY AGGRAVATED BY AFTERMATH OF THE EVENTS OF THE SEPTEMBER 11, 2001 IN
THE UNITED STATES.
Amidst the difficult business environment , the Group managed to chalk up a revenue of RM67.2 billion for the
year, a drop of 8.4% from RM73.4 billion in the previous years. The reduction in revenue was due mainly to the
sharp decline in the prices of crude oil, petroleum products and petrochemicals which negated the increases
in sales volume achieved in almost all the business sectors of the Group. The impact on group profit was a
reduction in pre-tax profit by 16% from RM29.0 billion to RM24.3 billion while group profit after tax and minority
interest decreased to RM14.6 billion from RM16.5 billion achieved in the previous year.
The strategy pursued by PETRONAS in developing the company as an integrated and global corporation has,
to some extent, helped mitigate the adverse impact of the global economic downturn on the Group’s financial
performance. PETRONAS’ international business, including exports contributed 76.2% or RM51.2 billion of the
Group’s total revenue, of which RM30.8 billion was from exports.
The Group’s global operations grew further with the addition of 15 new upstream ventures, comprising seven
new production sharing contracts (PSCs) and eight farm-in agreements. The Group’s international exploration
and production portfolio increased to 39 ventures in 21 countries in Asia, Middle East and Africa. Seven of the
new ventures concluded are in Africa. PETRONAS’ entry into Bahrain and Yemen marked a new thrust made by
the Group in the Middle East.
In the downstream sector, the LPG terminal in Haldia, a joint venture between India Oil and PETRONAS, came
on-stream in January 2002. The US$60 Million LPG terminal, PETRONAS’ first joint venture in India, has a
handling capacity of 600,000 tonnes per year. In Vietnam, the Phu My Plastics and Chemicals plant, a joint
venture between PETRONAS, Petro Vietnam and Tramatsuco is nearing completion with its commissioning
scheduled for October 2002.
During the financial year, two new country offices, one in New Delhi and the other in Jakarta, were opened to
support the Group’s operations in India and Indonesia respectively. These offices will oversee the effective and
efficient implementation of PETRONAS’ business activities while helping to strengthen the Group’s presence in
these two countries. An important milestone was charted on 9 september 2001 when the Group celebrated its
10th Anniversary in Vietnam, the first host country for PETRONAS as an upstream operator overseas.
On the domestic front, PETRONAS’ continuous efforts in promoting exploration and production activities
saw a significant increase in upstream investment in the country and the conclusion of one new PSC during
the year. Ten new discoveries were made, adding 135.4 million stock tank barrels of oil and 1.6 trillion
standard cubic feet of gas to the country’s reserves. The Larut oil field offshore Terengganu, operated by
the Group’s wholly-owned exploration and production subsidiary, PETRONAS Carigali Sdn Bhd was brought
on-stream, bringing the total number of domestic producing fields to 56. Another upstream achievement
was PETRONAS Carigali’s first oil production from its Angsi field, six months ahead of schedule.
In pursuit of its business integration and value adding strategy, PETRONAS further expanded and diversified
its downstream operations. Efforts continued to be focused on the development and promotion of gas
utilisation in the country to optimise the utilisation of Malaysia’s substantial gas reserves. With the full
completion of the three-phase Peninsular Gas Utilisation (PGU) project in the last financial year, the system
now has the capacity to process and deliver 2 billion standard cubic feet per day of sales gas.
In its planning, PETRONAS sees the PGU system as an important component of the proposed Trans-ASEAN
Gas Pipeline (TAGP) project. The TAGP will link the natural gas sources and pipeline infrastructures of
ASEAN member countries to enable gas to be transported across the borders to meet regional demand.
Since early 2001, PETRONAS’ associated company Premier Oil Plc has begun supplying gas to Singapore
from West Natuna. The Cakerawala project in the Malaysian-Thai Joint Development Area will, in the
PETRONAS’ strategic coming year, be ready to start supplying gas to Malaysia.
globalisation programme
has ensured the Group’s

The increasing availability of feedstock from the PGU system had enabled the Malaysian petrochemical
industry to continue to expand. Several new petrochemical plants were opened including the BASF
resilience
PETRONAS Chemical Sdn Bhd’s (BPC) integrated complex in Gebeng, Kuantan. A joint venture between
PETRONAS and German petrochemical giant, BASF AG, the BPC complex, which comprises 12 plants
producing acrylic monomers, oxo products and butanediol, constitutes an integral part of PETRONAS’
development of the integrated petrochemical complexes (IPC) in Kertih, Terengganu and Gebeng, Pahang.
The IPCs have been developed to ensure a systematic and efficient development of the country’s
petrochemical industry, in line with PETRONAS’ objective of transforming Malaysia into a regional
petrochemical hub. Besides the BPC plants, PETRONAS’ petrochemical projects that have progressively
come on-stream within these two IPCs include an acetic acid plant developed jointly with BP Chemicals in
Kertih, an aromatics plant producing paraxylene and benzene, with Mitsubishi Corporation and a vinyl
chloride monomer plant with Mitsui VCM Holdings.
On the domestic front, PETRONAS’ continuous efforts in promoting exploration and production activities
saw a significant increase in upstream investment in the country and the conclusion of one new PSC during
the year. Ten new discoveries were made, adding 135.4 million stock tank barrels of oil and 1.6 trillion
standard cubic feet of gas to the country’s reserves. The Larut oil field offshore Terengganu, operated by
the Group’s wholly-owned exploration and production subsidiary, PETRONAS Carigali Sdn Bhd was brought
on-stream, bringing the total number of domestic producing fields to 56. Another upstream achievement
was PETRONAS Carigali’s first oil production from its Angsi field, six months ahead of schedule.
In pursuit of its business integration and value adding strategy, PETRONAS further expended and diversified
its downstream operations. Efforts continued to be focused on the development and promotion of gas
utilisation in the country to optimise the utilisation of Malaysia’s substantial gas reserves. With the full
completion of the three-phase Peninsular Gas Utilisation (PGU) project in the last financial year, the system
now has the capacity to process and deliver 2 billion standard cubic feet per day of sales gas.
In its planning, PETRONAS sees the PGU system as an important component of the proposed Trans-ASEAN
Gas Pipeline (TAGP) project. The TAGP will link the natural gas sources and pipeline infrastructures of
ASEAN member countries to enable gas to be transported across the borders to meet regional demand.
Since early 2001, PETRONAS’ associated company Premier Oil Plc has begun supplying gas to Singapore
from West Natuna. The Cakerawala project in the Malaysian-Thai Joint Development Area will, in the
PETRONAS’ strategic coming year, be ready to start supplying gas to Malaysia.
globalisation programme
The increasing availability of feedstock from the PGU system had enabled the Malaysian petrochemical
has ensured the Group’s
industry to continue to expand. Several new petrochemical plants were opened including the BASF
resilience
PETRONAS Chemical Sdn Bhd’s (BPC) integrated complex in Gebeng, Kuantan. A joint venture between
PETRONAS and German petrochemical giant, BASF AG, the BPC complex, which comprises 12 plants
producing acrylic monomers, oxo products and butanediol, constitutes an integral part of PETRONAS’
development of the integrated petrochemical complexes (IPC) in Kertih, Terengganu and Gebeng, Pahang.
The IPCs have been developed to ensure a systematic and efficient development of the country’s
petrochemical industry, in line with PETRONAS’ objective of transforming Malaysia into a regional
petrochemical hub. Besides the BPC plants, PETRONAS’ petrochemical projects that have progressively
come on-stream within these two IPCs include an acetic acid plant developed jointly with BP Chemicals in
Kertih, an aromatics plant producing paraxylene and benzene, with Mitsubishi Corporation and a vinyl
chloride monomer plant with Mitsui VCM Holdings.
During the period under review, PETRONAS’ investment in strategic national projects saw an increase in the
Group’s shareholding in Putrajaya Holdings, the project developer of the new Federal Government
Adminsitrative Centre, from 40% to 64.4%. The increase in shareholding by PETRONAS was the result of
transferring part of PETRONAS’ interest in Perusahaan Otomobil Nasional Berhad (PROTON) to Khazah Nasional
Berhad. This effectively reduced PETRONAS’ interest in PROTON to 11.7%. However, PETRONAS will continue
to provide the necessary support to PROTON to help enhance local expertise to further accelerate the integrated
development of Malaysia’s automotive industry.
As the Group moves forward, the 2003 financial year is expected to be even more challenging with the US
economy yet to show clear signs of the much awaited recovery. At the same time, the increasing pace of
globalisation and economic liberalisation, while opening up new opportunities for growth in world trade, will
spawn heightened international competition especially with the recent admission of China and Taiwan into the
World Trade Organisation.
Under this dynamic business environment, PETRONAS will pursue its globalisation programme with greater
vigour, while building on its capabilities and strengths to face the challenges and to capitalise on the
opportunities that present themselves. To this end, PETRONAS will increasingly invest in the development of its
technological capabilities and human resources while at the same time, focus its efforts on sustaining a strong
PETRONAS continues
pervasive PETRONAS Quality Culture, driven by its shared values, corporate mission and brand values to sustain
with its human
and enhance its competitive edge.
resource development
to maintain its I would like to take this opportunity to thank all PETRONAS staff for their contribution to the achievements of
competitive edge. the Group during the year.
TAN SRI DATO’ SERI AZIZAN ZAINUL ABIDIN

Chairman
During the period under review, PETRONAS’ investment in strategic national projects saw an increase in the
Group’s shareholding in Putrajaya Holdings, the project developer of the new Federal Government
Adminsitrative Centre, from 40% to 64.4%. The increase in shareholding by PETRONAS was the result of
transferring part of PETRONAS’ interest in Perusahaan Otomobil Nasional Berhad (PROTON) to Khazah Nasional
Berhad. This effectively reduced PETRONAS’ interest in PROTON to 11.7%. However, PETRONAS will continue
to provide the necessary support to PROTON to help enhance local expertise to further accelerate the integrated
development of Malaysia’s automotive industry.
As the Group moves forward, the 2003 financial year is expected to be even more challenging with the US
economy yet to show clear signs of the much awaited recovery. At the same time, the increasing pace of
globalisation and economic liberalisation, while opening up new opportunities for growth in world trade, will
spawn heightened international competition especially with the recent admission of China and Taiwan into the
World Trade Organisation.
Under this dynamic business environment, PETRONAS will pursue its globalisation programme with greater
vigour, while building on its capabilities and strengths to face the challenges and to capitalise on the
opportunities that present themselves. To this end, PETRONAS will increasingly invest in the development of its
technological capabilities and human resources while at the same time, focus its efforts on sustaining a strong
PETRONAS continues
pervasive PETRONAS Quality Culture, driven by its shared values, corporate mission and brand values to sustain
with its human
and enhance its competitive edge.
resource development
to maintain its I would like to take this opportunity to thank all PETRONAS staff for their contribution to the achievements of
competitive edge. the Group during the year.
TAN SRI DATO’ SERI AZIZAN ZAINUL ABIDIN

Chairman
T H E Y E A R I N
r e v i e w
Tan Sri Dato’ Mohd Hassan Marican
PRESIDENT AND CHIEF EXECUTIVE OFFICER
IT GIVES ME GREAT PLEASURE TO PRESENT THIS REVIEW ON THE ACTIVITIES OF THE PETRONAS GROUP OF
COMPANIES FOR THE FINANCIAL YEAR ENDED 31 MARCH 2002.
DURING THE PERIOD UNDER REVIEW, SEVERAL SIGNIFICANT WORLD EVENTS HAD OCCURRED AND BROUGHT ABOUT
FAR-REACHING IMPACT ON GLOBAL POLITICAL AND ECONOMIC STABILITY, MOST NOTABLE OF WHICH WAS THE
SEPTEMBER 11 TERRORIST ATTACKS ON THE UNITED STATES OF AMERICA. THIS UNPRECEDENTED EVENT HAD
ACCELERATED A US-LED GLOBAL RECESSION AND EXPOSED THE VULNERABILITY OF THE GLOBALLY-INTEGRATED
OPEN ECONOMIES OF THE WORLD. THE CONSEQUENT PROLONGED SLOWDOWN AND DELAYED RECOVERY OF THE
GLOBAL ECONOMY IN THE AFTERMATH OF THE TRAGEDY HAD LED TO A CONTRACTION OF WORLD ENERGY
DEMAND. AMIDST THE TOUGH AND INCREASINGLY COMPETITIVE BUSINESS ENVIRONMENT, PETRONAS CONTINUED
TO PURSUE ITS GLOBALISATION, INTEGRATION AND VALUE ADDING STRATEGIES TO FURTHER STRENGTHEN ITS
RESILIENCE AND ENSURE ITS CONTINUOUS SUCCESS IN THE FUTURE.
FINANCIAL PERFORMANCE
Whilst PETRONAS’ operations are generally sensitive to the three major factors of global crude oil prices,sales
volume and exchange rates,the last factor did not have much material effect due to the current fixed peg of
the Malaysian Ringgit to the US Dollar. The downward movement of world crude oil prices, however, had a
toll on the Group’s performance. The fall in world crude oil prices had resulted in a sharp decline of Malaysian
crude oil’s weighted average price by 22.2% from US$29.86 per barrel to US$23.24 per barrel in 2002.
Accordingly, the weighted average price of petroleum products fell by 16.7% to US$24.38 per barrel from
US$29.27 per barrel in the previous financial year while the weighted average price for liquefied natural gas
(LNG) was 8.6% lower at US$4.28 per million British thermal unit (mmbtu).
T H E Y E A R I N
r e v i e w
Tan Sri Dato’ Mohd Hassan Marican
PRESIDENT AND CHIEF EXECUTIVE OFFICER
IT GIVES ME GREAT PLEASURE TO PRESENT THIS REVIEW ON THE ACTIVITIES OF THE PETRONAS GROUP OF
COMPANIES FOR THE FINANCIAL YEAR ENDED 31 MARCH 2002.
DURING THE PERIOD UNDER REVIEW, SEVERAL SIGNIFICANT WORLD EVENTS HAD OCCURRED AND BROUGHT ABOUT
FAR-REACHING IMPACT ON GLOBAL POLITICAL AND ECONOMIC STABILITY, MOST NOTABLE OF WHICH WAS THE
SEPTEMBER 11 TERRORIST ATTACKS ON THE UNITED STATES OF AMERICA. THIS UNPRECEDENTED EVENT HAD
ACCELERATED A US-LED GLOBAL RECESSION AND EXPOSED THE VULNERABILITY OF THE GLOBALLY-INTEGRATED
OPEN ECONOMIES OF THE WORLD. THE CONSEQUENT PROLONGED SLOWDOWN AND DELAYED RECOVERY OF THE
GLOBAL ECONOMY IN THE AFTERMATH OF THE TRAGEDY HAD LED TO A CONTRACTION OF WORLD ENERGY
DEMAND. AMIDST THE TOUGH AND INCREASINGLY COMPETITIVE BUSINESS ENVIRONMENT, PETRONAS CONTINUED
TO PURSUE ITS GLOBALISATION, INTEGRATION AND VALUE ADDING STRATEGIES TO FURTHER STRENGTHEN ITS
RESILIENCE AND ENSURE ITS CONTINUOUS SUCCESS IN THE FUTURE.
FINANCIAL PERFORMANCE
Whilst PETRONAS’ operations are generally sensitive to the three major factors of global crude oil prices,sales
volume and exchange rates,the last factor did not have much material effect due to the current fixed peg of
the Malaysian Ringgit to the US Dollar. The downward movement of world crude oil prices, however, had a
toll on the Group’s performance. The fall in world crude oil prices had resulted in a sharp decline of Malaysian
crude oil’s weighted average price by 22.2% from US$29.86 per barrel to US$23.24 per barrel in 2002.
Accordingly, the weighted average price of petroleum products fell by 16.7% to US$24.38 per barrel from
US$29.27 per barrel in the previous financial year while the weighted average price for liquefied natural gas
(LNG) was 8.6% lower at US$4.28 per million British thermal unit (mmbtu).
In tandem with the price downtrend, the Group’s crude oil revenue decreased by 18.9% to RM14,531 million
despite an increase in sales volume of 2.2 million barrels to 164.5 million barrels from 162.3 million barrels
in the previous year. Refined petroleum products which remained the largest contributor to the Group’s
revenue saw a 5.3% drop in revenue to RM23,034 million although sales volume increased by 13.3% to
186.5 million barrels. On the other hand, revenue from the sale of petrochemical products increased by
13.7% to RM3,401 million, generated from a 24.8% increase in sales volume to 4 million tonnes. Sales
volume of natural gas expanded by 58.6%,turning in a 60.0% higher revenue of RM529.1 million,compared
to RM330.7 million in the previous year. The significant growth in natural gas sales could be attributed to
increased demand from the domestic power sector.
International business including exports continued to account for a major share of 76.2% or RM51,171 million
PETRONAS ... integrating of the Group’s total revenue, compared to 79.7% or RM58,447 in the previous year. The slightly reduced
its operations in pursuit
revenue share was due to a 13.1% and 11.3% drop in export and international revenue to RM30,808 million
of becoming a leading
and RM20,363 million respectively.
oil and gas multinational
of choice.
Overall, group revenue contracted by 8.4% to RM67,181 million from RM73,351 million in the previous year
under the dampening influence of the soft international market and weak prices. Group profit before tax
decreased by 16.2% to RM24,318 million from RM29,029 million while group profit after tax and minority
interest for the year decreased by 11.6% to RM14,568 million from RM16,488 million in the previous year.
The Group’s balance sheet remained strong, presenting a larger total asset base of RM144,128 million, an
increase of 3.7% from last year. Shareholders’ funds increased by 20.0% from RM53,934 million to
RM64,696 million. As at 31 March 2002, the Group’s total borrowings stood at RM40,372 million compared
to RM40,618 million in 2001. The Group’s cash and fund investment balance was marginally lower at
RM42,762 million, a decrease of 3.5% from the previous year’s RM44,335 million.
In tandem with the price downtrend, the Group’s crude oil revenue decreased by 18.9% to RM14,531 million
despite an increase in sales volume of 2.2 million barrels to 164.5 million barrels from 162.3 million barrels
in the previous year. Refined petroleum products which remained the largest contributor to the Group’s
revenue saw a 5.3% drop in revenue to RM23,034 million although sales volume increased by 13.3% to
186.5 million barrels. On the other hand, revenue from the sale of petrochemical products increased by
13.7% to RM3,401 million, generated from a 24.8% increase in sales volume to 4 million tonnes. Sales
volume of natural gas expanded by 58.6%,turning in a 60.0% higher revenue of RM529.1 million,compared
to RM330.7 million in the previous year. The significant growth in natural gas sales could be attributed to
increased demand from the domestic power sector.
International business including exports continued to account for a major share of 76.2% or RM51,171 million
PETRONAS ... integrating of the Group’s total revenue, compared to 79.7% or RM58,447 in the previous year. The slightly reduced
its operations in pursuit
revenue share was due to a 13.1% and 11.3% drop in export and international revenue to RM30,808 million
of becoming a leading
and RM20,363 million respectively.
oil and gas multinational
of choice.
Overall, group revenue contracted by 8.4% to RM67,181 million from RM73,351 million in the previous year
under the dampening influence of the soft international market and weak prices. Group profit before tax
decreased by 16.2% to RM24,318 million from RM29,029 million while group profit after tax and minority
interest for the year decreased by 11.6% to RM14,568 million from RM16,488 million in the previous year.
The Group’s balance sheet remained strong, presenting a larger total asset base of RM144,128 million, an
increase of 3.7% from last year. Shareholders’ funds increased by 20.0% from RM53,934 million to
RM64,696 million. As at 31 March 2002, the Group’s total borrowings stood at RM40,372 million compared
to RM40,618 million in 2001. The Group’s cash and fund investment balance was marginally lower at
RM42,762 million, a decrease of 3.5% from the previous year’s RM44,335 million.
u p s t r e a m
DOMESTIC EXPLORATION & PRODUCTION
As at 1 January 2002, Malaysia’s crude oil reserves stood at 3.2 billion barrels, compared to 3.4 billion
barrels in 2001. Natural gas reserves increased from 82.5 trillion standard cubic feet (tscf) to 87.5 tscf which
remained about four times the size of oil reserves. Based on the current rate of production, the oil reserves
are expected to have an average life of 15 years while gas reserves have 34 years, taking into account gas
production increase in future years.
The number of production sharing contracts (PSCs) in operation was maintained at 41,with the signing of one
new PSC in the period under review. Total investment expended during the year to finance domestic upstream
activities,including those carried out by PETRONAS’ exploration and production arm, PETRONAS Carigali Sdn
Bhd, increased by 35.1% to RM8.46 billion from RM6.26 billion in the previous year. Most of the investment
Promoting exploration
was incurred on new development projects. A total of 438,702 line km of seismic data were acquired and
and production activities
31 exploration wells drilled. The exploration activities resulted in 10 new discoveries which added 135.4
to augment the
million stock tank barrels (mmstb) of oil and 1.6 tscf of gas to the country’s reserves.
country’s petroleum
reserves.
Production of crude oil and condensates in the country decreased slightly to 245.7 million barrels from 246.5
million barrels in the previous year. PETRONAS’ share of total production also decreased from 77.6% to
75.1% on the back of lower oil prices and higher cost oil entitlement for the PSC Contractors. Natural gas
production for the year increased from 2.01 tcsf to 2.02 tcsf.
The total number of domestic producing fields increased from 53 last year to 56. Of these, 45 are oil fields
and 11 gas fields. Twenty seven of these fields are operated by PETRONAS Carigali.
The year also saw the first oil production from the Angsi field, with an initial flow of 15,000 bpd of oil, six
months ahead of schedule. The field which was jointly developed by PETRONAS Carigali,the operator of the
field,and ExxonMobil produced its first gas on 21 February 2002 at an initial rate of 60 million standard cubic
u p s t r e a m
DOMESTIC EXPLORATION & PRODUCTION
As at 1 January 2002, Malaysia’s crude oil reserves stood at 3.2 billion barrels, compared to 3.4 billion
barrels in 2001. Natural gas reserves increased from 82.5 trillion standard cubic feet (tscf) to 87.5 tscf which
remained about four times the size of oil reserves. Based on the current rate of production, the oil reserves
are expected to have an average life of 15 years while gas reserves have 34 years, taking into account gas
production increase in future years.
The number of production sharing contracts (PSCs) in operation was maintained at 41,with the signing of one
new PSC in the period under review. Total investment expended during the year to finance domestic upstream
activities,including those carried out by PETRONAS’ exploration and production arm, PETRONAS Carigali Sdn
Bhd, increased by 35.1% to RM8.46 billion from RM6.26 billion in the previous year. Most of the investment
Promoting exploration
was incurred on new development projects. A total of 438,702 line km of seismic data were acquired and
and production activities
31 exploration wells drilled. The exploration activities resulted in 10 new discoveries which added 135.4
to augment the
million stock tank barrels (mmstb) of oil and 1.6 tscf of gas to the country’s reserves.
country’s petroleum
reserves.
Production of crude oil and condensates in the country decreased slightly to 245.7 million barrels from 246.5
million barrels in the previous year. PETRONAS’ share of total production also decreased from 77.6% to
75.1% on the back of lower oil prices and higher cost oil entitlement for the PSC Contractors. Natural gas
production for the year increased from 2.01 tcsf to 2.02 tcsf.
The total number of domestic producing fields increased from 53 last year to 56. Of these, 45 are oil fields
and 11 gas fields. Twenty seven of these fields are operated by PETRONAS Carigali.
The year also saw the first oil production from the Angsi field, with an initial flow of 15,000 bpd of oil, six
months ahead of schedule. The field which was jointly developed by PETRONAS Carigali,the operator of the
field,and ExxonMobil produced its first gas on 21 February 2002 at an initial rate of 60 million standard cubic
U P S T R E A M
feet per day (mmscfd). At its peak, the Angsi field is expected to produce about 65,000 bpd of oil and 450
mmscfd of gas. The Angsi Project which began in late 1997 comprises an integrated oil and gas central
processing platform connected to a 52-well drilling platform and a 32-well satellite drilling platform,making the
complex the biggest integrated oil and gas platforms in the South China Sea.
Other major development projects being undertaken in Peninsular Malaysia which are scheduled to come on-
stream in the first quarter of 2003, include the Tapis-F oil development and Bintang gas development projects,
both operated by ExxonMobil. The Bunga Kekwa East & West, Bunga Raya, Bunga Seroja and NW Bunga Raya
gas fields being developed by Canadian-based company, Lundin (now known as Talisman) in Block PM3 under
PETRONAS’ Commercial Arrangement with Vietnam,is also expected to come on-stream in the same year, with
first gas production targeted for September 2003.
Enhancing exploration
Meanwhile, greater exploration efforts are being pursued, including deepwater exploration and the application
efforts through
of new technology to sustain and enhance the country’s reserves, which are declining. To this end, 45
continuous development
exploration wells, of which 12 are deepwater wells have been planned for the coming financial year. To date, a
of new technology.
total of seven deepwater wells have been drilled in Sabah and Sarawak since 1995. In line with its continuous
efforts to enhance the prospectivity of Malaysia's acreages, PETRONAS has embarked on a multiclient seismic
survey in the deepwater area offshore Sarawak. Another enhanced oil recovery project known as the Water
Alternate Gas pilot project at Dulang is expected to start up in early August 2002.
Driving the success of all these exploration and development efforts are the Cost Reduction Alliance (CORAL)
initiatives spearheaded by PETRONAS which have helped the domestic petroleum industry achieve unit production
and development cost savings of between 40% and 48% over the years since 1995. The encouraging result has
spurred PETRONAS to launch the CORAL Next Wave in October 2000 with a new thrust that focuses on
Competitiveness, Value Creation and Alliancing which would position industry players to better compete regionally
and internationally in the open market environment. CORAL Next Wave’s target is to create a total value of RM2.5
billion over the five-year period from 2001 to 2005, aimed at promoting business opportunities in the industry.
U P S T R E A M
GLOBAL EXPLORATION AND PRODUCTION
Internationally, PETRONAS continued to expand its upstream business with the signing of seven new PSCs
and eight farm-in agreements, enlarging its international E&P portfolio to 39 ventures in 21 countries in
Asia, Middle East and the African region. One of the most significant achievements for PETRONAS during
the year was its new inroad into the Middle East with its award of two blocks in Bahrain and one block in
Yemen.
Overseas exploration activities saw a total of 45 exploration wells drilled which resulted in 12 discoveries
yielding 444 million barrels of oil equivalent (boe) of potential reserves in Sudan, Chad, Turkmenistan,
Pakistan, Vietnam and Indonesia. To date, PETRONAS has accumulated international reserves of 3.71
billion barrels of oil equivalent (boe), including its share of reserves in the Malaysia-Thailand Joint
PETRONAS’ expanding
Development Area. These reserves account for 22% of PETRONAS' total reserves of 16.82 billion boe.
global upstream
operations continue to
During the year, PETRONAS’ overseas production averaged 101,300 boe per day, constituting about 9% of
yield positive results.
PETRONAS’ total domestic and international oil and gas production of 1.145 million boe per day. Sudan
contributed the biggest share of the overseas production.
In Iran, PETRONAS successfully completed its second project, i.e. Phase Two and Three of the South Pars
gas development project, with commercial first gas-in scheduled for June 2002. Another major
achievement was the conclusion of the gas import arrangement from Indonesia's West Natuna Block B via
PETRONAS Carigali’s Duyong facilities to complement the Company’s long term gas supply to Peninsular
Malaysia. The project started in the first quarter of 2001 and first gas import is expected to begin in August
2002. In the Malaysia-Thailand Joint Development Area, the Cakerawala field development project is
scheduled to commence gas supply by mid-2002 while further development is being undertaken at the
Yetagun field to enhance its gas production capacity to 400 mmscfd by April 2004 to meet the supply
requirements in Thailand.
d o w n s t r e a m
In line with its integration and value adding strategy, PETRONAS continued to expand and diversify its
downstream manufacturing operations as new projects are being developed and new plants brought on-
stream to further grow its business value chain during the year under review.
OIL BUSINESS
Despite the less favourable business environment and competition,PETRONAS managed to increase its share
of the petroleum products market in Malaysia to assume the leading position. It also expanded its nationwide
network of service stations to a total of 591 stations,with the opening of 39 new service stations. Marketing
and refining margins remained tight during the year. In the financial year, PETRONAS increased its stake in
Malaysian Refining Company’s refinery in Melaka to 53% by acquiring an additional 8% equity from Statoil.
Engen ... springboard
into the Sub-Saharan PETRONAS today has a total net refining capacity of 361,500 bpd through its refineries in Kertih and Melaka
market. in Peninsular Malaysia and Durban in South Africa.
In South Africa,its subsidiary, Engen recorded a significant increase of 87% in its sale of PETRONAS’ synthetic
motor oil, Syntium from the previous year’s 17,000 litres to 31, 806 litres. Engen’s share of the synthetic
lubricant market in South Africa presently stands at 15%. PETRONAS also operates service stations in
Cambodia and Thailand. During the year, PETRONAS’ liquefied petroleum gas (LPG) terminal in Haldia, India
commenced operation. A joint venture project with Indian Oil Corporation, it is PETRONAS’ first refrigerated
LPG terminal outside of Malaysia. Besides India, PETRONAS also has LPG operations in Vietnam, the
Philippines and China.

D O W N S T R E A M
GAS BUSINESS
LNG represented the third largest revenue earner for the Group. A total of 15.3 million tonnes of LNG was
exported during the year, of which 74% was sold to Japan, 15% to Taiwan and 11% to Korea. The country’s
LNG export is expected to increase with the coming on-stream of PETRONAS’ third LNG joint venture, the
Malaysia LNG Tiga project in Bintulu, Sarawak by 2003. With this new plant in operation,the total production
capacity of the Bintulu LNG complex will be increased to 23 million tonnes per annum, making it the world’s
largest LNG plant in a single location.
In Peninsular Malaysia, PETRONAS’ Peninsular Gas Utilisation system transported an average of 1,731
mmscfd of processed gas compared to 1,672 mmscfd in the previous year. Of this, about 7% was exported
Gas processing plants -
harnessing the country’s to Singapore. The increase was due to a higher demand from the domestic power sector which accounted
rich gas reserves. for 74% of total domestic sales gas delivered during the year, accounting for about 80% of the power
generation fuel mix in the country. The balance 26% was sold to industrial, petrochemical and other users.
During the year, PETRONAS’ subsidiary, Gas District Cooling (M) Sdn Bhd signed a power purchase agreement
to supply between 10MW and 20MW of electricity to Tenaga Nasional Berhad during peak demand period. It
signed another agreement with the Government of Malaysia to supply chilled water for air-conditioning to the
government offices in Putrajaya.
On the international front, the Group holds interests in gas transmission pipeline projects in Australia and
Argentina. Its joint venture Papua New Guinea-Queensland gas transmission pipeline is expected to
commence gas supply by 2006. At the regional level, the Trans-ASEAN Gas Pipeline (TAGP) project led by
D O W N S T R E A M
GAS BUSINESS
LNG represented the third largest revenue earner for the Group. A total of 15.3 million tonnes of LNG was
exported during the year, of which 74% was sold to Japan, 15% to Taiwan and 11% to Korea. The country’s
LNG export is expected to increase with the coming on-stream of PETRONAS’ third LNG joint venture, the
Malaysia LNG Tiga project in Bintulu, Sarawak by 2003. With this new plant in operation,the total production
capacity of the Bintulu LNG complex will be increased to 23 million tonnes per annum, making it the world’s
largest LNG plant in a single location.
In Peninsular Malaysia, PETRONAS’ Peninsular Gas Utilisation system transported an average of 1,731
mmscfd of processed gas compared to 1,672 mmscfd in the previous year. Of this, about 7% was exported
Gas processing plants -
harnessing the country’s to Singapore. The increase was due to a higher demand from the domestic power sector which accounted
rich gas reserves. for 74% of total domestic sales gas delivered during the year, accounting for about 80% of the power
generation fuel mix in the country. The balance 26% was sold to industrial, petrochemical and other users.
During the year, PETRONAS’ subsidiary, Gas District Cooling (M) Sdn Bhd signed a power purchase agreement
to supply between 10MW and 20MW of electricity to Tenaga Nasional Berhad during peak demand period. It
signed another agreement with the Government of Malaysia to supply chilled water for air-conditioning to the
government offices in Putrajaya.
On the international front, the Group holds interests in gas transmission pipeline projects in Australia and
Argentina. Its joint venture Papua New Guinea-Queensland gas transmission pipeline is expected to
commence gas supply by 2006. At the regional level, the Trans-ASEAN Gas Pipeline (TAGP) project led by
D O W N S T R E A M
PETRONAS made some progress with the completion and endorsement of the TAGP Conceptual Master Plan
by the ASEAN Council on Petroleum (ASCOPE). Other ongoing regional gas initiatives include the proposed
establishment of the ASCOPE Gas Centre and the ASEAN Gas Consultative Committee.
PETROCHEMICALS
Demand growth of petrochemicals and polymers weakened during the year in review due to the global
economic slowdown, creating an excess in supply, which resulted in the decline in product prices by more
than 20%.
The Group however, increased its petrochemical sales by 25% to four million tonnes, generating a revenue of
Development of the IPCs
RM3,401 million.
... realising national
aspirations to be a
regional petrochemical A major development during the year was the coming on-stream of five new world scale plants with a
hub.
combined capacity of 1.9 million tonnes in both the Integrated Petrochemical Complexes (IPCs) at Kertih,
Terengganu and Gebeng in Kuantan,Pahang. This has taken Malaysia a step closer to realising its aspiration
to be a major petrochemical hub in the region. These petrochemical projects are in joint venture with The
Dow Chemical Company, BASF, Sasol and DSM for the production of ethylene, propylene, oxo-alcohols,
ethylene oxide, ethylene glycol and low density polyethylene.
Overseas, the joint venture with PETROVIETNAM and Tramatsuco of Vietnam, Phu My Plastics And Chemical
Co Ltd, to develop a polyvinyl chloride (PVC) plant is expected to come onstream in October 2002. This
100,000 tonne capacity plant will obtain its feedstock, vinyl chloride monomer (VCM) from PETRONAS’ joint
venture VCM plant in Kertih.

D O W N S T R E A M
PETRONAS made some progress with the completion and endorsement of the TAGP Conceptual Master Plan
by the ASEAN Council on Petroleum (ASCOPE). Other ongoing regional gas initiatives include the proposed
establishment of the ASCOPE Gas Centre and the ASEAN Gas Consultative Committee.
PETROCHEMICALS
Demand growth of petrochemicals and polymers weakened during the year in review due to the global
economic slowdown, creating an excess in supply, which resulted in the decline in product prices by more
than 20%.
The Group however, increased its petrochemical sales by 25% to four million tonnes, generating a revenue of
Development of the IPCs
RM3,401 million.
... realising national
aspirations to be a
regional petrochemical A major development during the year was the coming on-stream of five new world scale plants with a
hub.
combined capacity of 1.9 million tonnes in both the Integrated Petrochemical Complexes (IPCs) at Kertih,
Terengganu and Gebeng in Kuantan,Pahang. This has taken Malaysia a step closer to realising its aspiration
to be a major petrochemical hub in the region. These petrochemical projects are in joint venture with The
Dow Chemical Company, BASF, Sasol and DSM for the production of ethylene, propylene, oxo-alcohols,
ethylene oxide, ethylene glycol and low density polyethylene.
Overseas, the joint venture with PETROVIETNAM and Tramatsuco of Vietnam, Phu My Plastics And Chemical
Co Ltd, to develop a polyvinyl chloride (PVC) plant is expected to come onstream in October 2002. This
100,000 tonne capacity plant will obtain its feedstock, vinyl chloride monomer (VCM) from PETRONAS’ joint
venture VCM plant in Kertih.

T E C H N O L O G Y
development
As a technology driven company, PETRONAS continues to place utmost importance on research and
technology development to support its businesses in creating and adding value while enhancing its
competitiveness in the international arena.
RESEARCH AND DEVELOPMENT
To this end, the Group’s research and development (R&D) arm, PETRONAS Research & Scientific Services
Sdn. Bhd (PRSS) is fully geared as a high-performance business-driven R&D company to meet the research
and technology needs of not only the PETRONAS Group of companies but also other petroleum companies,
both in Malaysia and abroad. It has undertaken R&D projects in Sudan,Algeria, Chad and Syria.
PETRONAS’ involvement in automotive engineering has seen the successful development and completion of
its first prototype four-stroke, three-cylinder 989cc motorcycle racing engine known as the GP1 which was
launched in October 2001. The engine will be developed to race in the World Superbike Championship.
Formula One (F1) ...
platform for PETRONAS’ TECHNICAL SERVICES

development of
automotive engineering PETRONAS’ project management and engineering services subsidiary, OGP Technical Services Sdn Bhd
capabilities for the continued to expand its presence overseas. Backed by its international experience in undertaking various
nation.
project management and engineering projects in Sudan,Vietnam and Brunei, OGP expanded its business to
Chad and Cameroon by supplying the technical manpower required for the Chad/Cameroon Development
project, which spans the two countries. In July 2001,Phu My Plastics And Chemical (PMPC) appointed OGP
to manage and provide training services for local Vietnamese staff to operate and maintain PMPC’s PVC plant
in Vietnam.
In Malaysia, OGP has been involved in numerous projects providing services ranging from designing and
engineering, construction and operation of oil and gas pipelines and process plants to turnaround
management services of various facilities as well as plant maintenance. During the year, OGP completed
seven plant and pipeline projects, 10 turnaround and five material and inventory management projects. A
major achievement for the Company was the rejuvenation work carried out for Sarawak Shell, the first
upstream project management contract secured by OGP.
T E C H N O L O G Y
development
As a technology driven company, PETRONAS continues to place utmost importance on research and
technology development to support its businesses in creating and adding value while enhancing its
competitiveness in the international arena.
RESEARCH AND DEVELOPMENT
To this end, the Group’s research and development (R&D) arm, PETRONAS Research & Scientific Services
Sdn. Bhd (PRSS) is fully geared as a high-performance business-driven R&D company to meet the research
and technology needs of not only the PETRONAS Group of companies but also other petroleum companies,
both in Malaysia and abroad. It has undertaken R&D projects in Sudan,Algeria, Chad and Syria.
PETRONAS’ involvement in automotive engineering has seen the successful development and completion of
its first prototype four-stroke, three-cylinder 989cc motorcycle racing engine known as the GP1 which was
launched in October 2001. The engine will be developed to race in the World Superbike Championship.
Formula One (F1) ...
platform for PETRONAS’ TECHNICAL SERVICES

development of
automotive engineering PETRONAS’ project management and engineering services subsidiary, OGP Technical Services Sdn Bhd
capabilities for the continued to expand its presence overseas. Backed by its international experience in undertaking various
nation.
project management and engineering projects in Sudan,Vietnam and Brunei, OGP expanded its business to
Chad and Cameroon by supplying the technical manpower required for the Chad/Cameroon Development
project, which spans the two countries. In July 2001,Phu My Plastics And Chemical (PMPC) appointed OGP
to manage and provide training services for local Vietnamese staff to operate and maintain PMPC’s PVC plant
in Vietnam.
In Malaysia, OGP has been involved in numerous projects providing services ranging from designing and
engineering, construction and operation of oil and gas pipelines and process plants to turnaround
management services of various facilities as well as plant maintenance. During the year, OGP completed
seven plant and pipeline projects, 10 turnaround and five material and inventory management projects. A
major achievement for the Company was the rejuvenation work carried out for Sarawak Shell, the first
upstream project management contract secured by OGP.
M A R I T I M E A N D
logistics
The Group’s Maritime and Logistics Business achieved good operating results despite the global economic
slowdown that has led to over-capacity, intense competition and depressed freight rates. Its commendable
performance was due to tighter business controls,improved operational efficiencies and positive results of its
ongoing transformation process, further reinforced by the Group’s stable profits derived from LNG shipping
and petroleum transportation businesses.
PETRONAS’ shipping subsidiary, Malaysia International Shipping Corporation Berhad (MISC) achieved a major
breakthrough during the year by securing its first third party LNG time charter with Gaz de France. This
Improved operating
contract serves as a springboard for MISC to penetrate the Northern Europe-Mediterranean-Africa LNG
efficiencies contributed
to the commendable shipping market and eventually into the North American market.
performance of
PETRONAS’ maritime and
logistics business.
Another significant achievement was MISC’s entry into the VLCC market through a time charter contract with
PETRONAS for the transportation of Arabian crude oil to PETRONAS’ refinery in Melaka. The in-chartered
vessel to be used initially for this purpose will be replaced with MISC’s own 298,000 dwt vessel which is
currently under construction in Japan. Besides PETRONAS, MISC’s customers include most of the oil majors
such as ExxonMobil, Shell, ChevronTexaco and Pertamina. MISC will continue to build on these relationships,
cultivate new ones and leverage on PETRONAS' overseas presence to expand its petroleum tanker presence
beyond the Arabian Gulf-Far East region, into the Mediterranean and North Europe.
O T H E R
activities
HEALTH SAFETY AND ENVIRONMENT
PETRONAS continues to focus its efforts on the effective implementation of the PETRONAS HSE
management system (HSEMS) groupwide to meet the requirements of the ISO 14001 (EMS), the
Occupational Safety and Health Assurance System (OSHAS) 18001 standards and other industry best
practices. To achieve this, comprehensive training and audits are being carried out using both external
and internal HSE skill group resources. To date, the PETRONAS subsidiaries which are accredited with
the ISO 14001 certification, include the ASEAN Bintulu Fertilizer (ABF) plant, PETRONAS’ refineries in
Melaka and Terengganu, PETRONAS’ Sungei Udang Port in Melaka. ABF has also been awarded the
Top priority is given to
environmental OSHAS 18001.

conservation to ensure
sustainable development
for the future During the year, several PETRONAS subsidiaries were recognised with the annual industry safety
excellence awards by the Malaysian Society for Occupational Safety and Health. Ethylene Malaysia Sdn
Bhd won the Grand Industry Award while PETRONAS Carigali, PETRONAS Gas Berhad and OGP
received the Gold Awards. At the international level,ABF and PETRONAS Carigali were recognised by
the UK-based Royal Society Of Prevention of Accidents with its Occupational Safety Gold Award.
O T H E R
activities
HEALTH SAFETY AND ENVIRONMENT
PETRONAS continues to focus its efforts on the effective implementation of the PETRONAS HSE
management system (HSEMS) groupwide to meet the requirements of the ISO 14001 (EMS), the
Occupational Safety and Health Assurance System (OSHAS) 18001 standards and other industry best
practices. To achieve this, comprehensive training and audits are being carried out using both external
and internal HSE skill group resources. To date, the PETRONAS subsidiaries which are accredited with
the ISO 14001 certification, include the ASEAN Bintulu Fertilizer (ABF) plant, PETRONAS’ refineries in
Melaka and Terengganu, PETRONAS’ Sungei Udang Port in Melaka. ABF has also been awarded the
Top priority is given to
environmental OSHAS 18001.

conservation to ensure
sustainable development
for the future During the year, several PETRONAS subsidiaries were recognised with the annual industry safety
excellence awards by the Malaysian Society for Occupational Safety and Health. Ethylene Malaysia Sdn
Bhd won the Grand Industry Award while PETRONAS Carigali, PETRONAS Gas Berhad and OGP
received the Gold Awards. At the international level,ABF and PETRONAS Carigali were recognised by
the UK-based Royal Society Of Prevention of Accidents with its Occupational Safety Gold Award.
O T H E R A C T I V I T I E S
EDUCATION AND HUMAN RESOURCE
As part of its corporate objective to contribute to nation building, PETRONAS is committed to help
promote educational excellence and the development of intellectual capital especially to meet the human
resources needs of the petroleum industry in the country.
To this end, PETRONAS has put in place various long term educational and skill training programmes
implemented through its educational facilities.
Contributing to nation
During the year under review, the Education Division launched a new initiative, the eLearning Project
building through
promotion of education which leverages on the state-of-the-art Information and Communication Technology to promote a
and intellectual
learning culture within the Group and enable staff to acquire learning experience anytime, anywhere.
development.
PETRONAS will continue to play an important role in developing, upgrading and enhancing the technical
skills and competencies of the employees within the Group as well as in the industry.
Recognising that the continued success of its business hinges on the knowledge, innovative skills and
talents of its people, PETRONAS places great importance on efforts to promote a strong learning culture
throughout the organisation to build a versatile, multidisciplinary and competent workforce that is
capable of propelling the Group to greater heights in the increasingly challenging global business
EDUCATION AND HUMAN RESOURCE
As part of its corporate objective to contribute to nation building, PETRONAS is committed to help
promote educational excellence and the development of intellectual capital especially to meet the human
resources needs of the petroleum industry in the country.
To this end, PETRONAS has put in place various long term educational and skill training programmes
implemented through its educational facilities.
Contributing to nation
During the year under review, the Education Division launched a new initiative, the eLearning Project
building through
promotion of education which leverages on the state-of-the-art Information and Communication Technology to promote a
and intellectual
learning culture within the Group and enable staff to acquire learning experience anytime, anywhere.
development.
PETRONAS will continue to play an important role in developing, upgrading and enhancing the technical
skills and competencies of the employees within the Group as well as in the industry.
Recognising that the continued success of its business hinges on the knowledge, innovative skills and
talents of its people, PETRONAS places great importance on efforts to promote a strong learning culture
throughout the organisation to build a versatile, multidisciplinary and competent workforce that is
capable of propelling the Group to greater heights in the increasingly challenging global business
environment. This is achieved through the development of both technical knowledge and skills which
form the foundation for technological excellence, complemented by the necessary leadership capability.
In its ongoing journey towards instilling a common quality culture across the Group, the PETRONAS
Quality Culture Process based on its Five Quality Principles (5QPs) reached a significant milestone during
the year. In October 2001, PETRONAS became the first Asian company to receive the Philip Crosby
Beacon Award in recognition of its commitment to quality management and its efforts to improve quality
in its operational units. PETRONAS’ 5QPs will continue to be the key driver in ensuring the inculcation
of a strong quality culture throughout the Group.

Human resource ... key
to PETRONAS’ success.
environment. This is achieved through the development of both technical knowledge and skills which
form the foundation for technological excellence, complemented by the necessary leadership capability.
In its ongoing journey towards instilling a common quality culture across the Group, the PETRONAS
Quality Culture Process based on its Five Quality Principles (5QPs) reached a significant milestone during
the year. In October 2001, PETRONAS became the first Asian company to receive the Philip Crosby
Beacon Award in recognition of its commitment to quality management and its efforts to improve quality
in its operational units. PETRONAS’ 5QPs will continue to be the key driver in ensuring the inculcation
of a strong quality culture throughout the Group.

Human resource ... key
to PETRONAS’ success.
CONCLUSION
The 2001/2002 financial year was indeed an eventful and challenging year as the world landscape
was suddenly changed by the September 11 incident in the US last year. Having just emerged from
the 1997/98 financial crisis, the world’s economic stability was again thrown into turmoil after this
tragic event which has caused great uncertainty and delay in the recovery of the US, the world’s
biggest economy which sets the pace of global economic growth. With strong signs of the much
anticipated recovery of the US economy and subsequently the global economy still unclear, coupled
with the rapid pace of globalisation and economic liberalisation leading to more intense international
competition, the year ahead promises to be even more challenging. Against this backdrop,
PETRONAS will continue to build on its strong foundation laid by investing in the development of its
key resources and capabilities to gear itself to meet the daunting challenges ahead while at the same
time capitalise on the vast opportunities offered by the more liberalised global environment.
Finally, I would like to take this opportunity to thank all PETRONAS staff for their hard work and
contribution that have made our success today possible. I would also like to express my appreciation
to the Government of Malaysia and the Governments of PETRONAS’ host countries for their continuous
support as well as the Chairman and the Board of Directors for their support, council and guidance.
TAN SRI DATO’ MOHD HASSAN MARICAN

President and Chief Executive Officer
CONCLUSION
The 2001/2002 financial year was indeed an eventful and challenging year as the world landscape
was suddenly changed by the September 11 incident in the US last year. Having just emerged from
the 1997/98 financial crisis, the world’s economic stability was again thrown into turmoil after this
tragic event which has caused great uncertainty and delay in the recovery of the US, the world’s
biggest economy which sets the pace of global economic growth. With strong signs of the much
anticipated recovery of the US economy and subsequently the global economy still unclear, coupled
with the rapid pace of globalisation and economic liberalisation leading to more intense international
competition, the year ahead promises to be even more challenging. Against this backdrop,
PETRONAS will continue to build on its strong foundation laid by investing in the development of its
key resources and capabilities to gear itself to meet the daunting challenges ahead while at the same
time capitalise on the vast opportunities offered by the more liberalised global environment.
Finally, I would like to take this opportunity to thank all PETRONAS staff for their hard work and
contribution that have made our success today possible. I would also like to express my appreciation
to the Government of Malaysia and the Governments of PETRONAS’ host countries for their continuous
support as well as the Chairman and the Board of Directors for their support, council and guidance.
TAN SRI DATO’ MOHD HASSAN MARICAN

President and Chief Executive Officer
FIVE-YEAR FINANCIAL
highlights at 31 March 2002
GROUP Revenue Profit Before Taxation Net Profit for the Year Total Assets Employed Shareholders' Funds
As at 31 March (Million RM)
90,000 36,000 21,000 180,000 75,000
64,696
73,351
144,128
29,029
139,040
16,488
67,181
53,934
62,500
121,571
75,000 30,000 17,500 150,000
24,318
60,628
14,568
21,611
12,604
99,498
40,259
60,000 24,000 14,000 120,000 50,000
36,871
81,690
34,013
42,306
9,945
15,823
35,009
45,000 18,000 10,500 90,000 37,500
11,844
6,808
30,000 12,000 7,000 60,000 25,000
15,000 6,000 3,500 30,000 12,500
0 0 0 0 0
98 99 00 01 02 98 99 00 01 02 98 99 00 01 02 98 99 00 01 02 98 99 00 01 02
COMPANY Revenue Profit Before Taxation Net Profit for the Year Total Assets Employed Shareholders' Funds
45,000 21,000 15,000 108,000 60,000

17,992
36,965
84,111
86,233
16,322
46,735
11,244
31,963
37,500 17,500 12,500 90,000 50,000
74,208
10,473
39,614
13,653
28,362
9,644
63,926
58,151
30,000 14,000 10,000 72,000 40,000
32,060
10,392
10,478
28,721
7,371
7,304
20,137
19,620
25,450
22,500 10,500 7,500 54,000 30,000
15,000 7,000 5,000 36,000 20,000
7,500 3,500 2,500 18,000 10,000
0 0 0 0 0
98 99 00 01 02 98 99 00 01 02 98 99 00 01 02 98 99 00 01 02 98 99 00 01 02
FIVE-YEAR FINANCIAL
highlights at 31 March 2002
GROUP Revenue Profit Before Taxation Net Profit for the Year Total Assets Employed Shareholders' Funds
90,000 36,000 21,000 180,000 75,000
64,696
73,351
144,128
29,029
139,040
16,488
67,181
53,934
62,500
121,571
75,000 30,000 17,500 150,000
24,318
60,628
14,568
21,611
12,604
99,498
40,259
60,000 24,000 14,000 120,000 50,000
36,871
81,690
34,013
42,306
9,945
15,823
35,009
45,000 18,000 10,500 90,000 37,500
11,844
6,808
30,000 12,000 7,000 60,000 25,000
15,000 6,000 3,500 30,000 12,500
0 0 0 0 0
98 99 00 01 02 98 99 00 01 02 98 99 00 01 02 98 99 00 01 02 98 99 00 01 02
COMPANY Revenue Profit Before Taxation Net Profit for the Year Total Assets Employed Shareholders' Funds
45,000 21,000 15,000 108,000 60,000

17,992
36,965
84,111
86,233
16,322
46,735
11,244
31,963
37,500 17,500 12,500 90,000 50,000
74,208
10,473
39,614
13,653
28,362
9,644
63,926
58,151
30,000 14,000 10,000 72,000 40,000
32,060
10,392
10,478
28,721
7,371
7,304
20,137
19,620
25,450
22,500 10,500 7,500 54,000 30,000
15,000 7,000 5,000 36,000 20,000
7,500 3,500 2,500 18,000 10,000
0 0 0 0 0
98 99 00 01 02 98 99 00 01 02 98 99 00 01 02 98 99 00 01 02 98 99 00 01 02
T H E Y E A R ’ S
highlights
Facility from a syndicate of seven international 1 June 2 July
2001 commercial banks to part finance the PETRONAS, through its subsidiary OGP Technical Services Sdn Bhd, a
construction of its two-train LNG plant and PETRONAS NGV Sdn Bhd, signed a subsidiary of PETRONAS, received a
16 April
related facilities in Bintulu, Sarawak. three-year Memorandum of Letter of Intent from PMPC for its
Malaysia LNG Tiga Sdn Bhd (MLNG Tiga), a
Understanding with Petroleum Authority appointment to manage and provide
joint venture subsidiary of PETRONAS signed
3 May of Thailand for the introduction of its training services for a group of
16 April 2001 a Sale and Purchase Agreement with Tohoku 29 June 2001
PETRONAS, together with Sudapet Ltd, IPC natural gas-powered vehicles, the Enviro Vietnamese to operate and maintain
Electric Power Co Inc to supply up to
Sudan and OMV Aktiengesselshaft was 2000 , in Thailand. PMPC’s PVC plant in Vietnam.
900,000 tonnes of liquefied natural gas
awarded the exploration and production
(LNG) per year for 20 years beginning 2005.
contract for Block 5B onshore Sudan by the 25 June 23 July
With this agreement, Tohoku Electric’s import
Government of the Republic of Sudan. PETRONAS signed a production sharing PETRONAS acquired an additional
of LNG from Malaysia will increase to 1.4
PETRONAS holds a 41% participating interest contract (PSC) with Sabah Shell 8% equity in Malaysian Refining
million tonnes per year.
in the block through its wholly-owned Petroleum Company Ltd, Shell Sabah Company Sdn Bhd (MRC) from Dan
subsidiary PETRONAS Carigali Overseas Sdn Selatan Sdn Bhd and PETRONAS Carigali Norske Statsoljeseskep AS (Statoil),
27 April 2001 26 April 2 July 2001
Bhd. for Block SB 303, offshore Sabah. bringing its total shareholding in MRC
PETRONAS Carigali Sdn Bhd made two gas
PETRONAS Carigali has a 40% stake in to 53%.
discoveries offshore Sarawak, one in Block
31 May the block which is located about 100 km
SK310, an open acreage in the Central
PETRONAS’ office in Jakarta, Indonesia was off the coast of Kota Kinabalu. 7 August
Luconia Province, about 160 km north of
officially opened by Prime Minister of Malaysia The consortium comprising
Bintulu and the other in Block SK308, about
Dato Seri Dr Mahathir Bin Mohamad. The new 29 June PETRONAS Carigali (Pakistan) Ltd,
200 km west of Miri.
office would oversee the PETRONAS Group’s Phu My Plastics And Chemical Co Ltd Lasmo Oil Pakistan Limited and
operations in Indonesia, both in the upstream (PMPC), a joint venture between Government Holdings (Pvt) Ltd made
1 June 2001 27 April 23 July 2001
and downstream sectors, and would also PETRONAS, PetroVietnam and its first gas discovery in onshore
MLNG Tiga signed agreements for two loans
house its subsidiaries, Malaysia International Tramatsuco commenced construction of Block 2769-4 (Mubarak Block) in the
comprising a US$651 million 13-year from
Shipping Corporation and Malaysia its US$70 million polyvinyl chloride (PVC) Sindh Province, Pakistan. PETRONAS
the Japan Bank for International Cooperation
International Trading Company. plant in the Phu My Industrial Area in Carigali is the operator of the block
and a US$165 million 8.5-year Term Loan
Vietnam. with an equity of 57%.
T H E Y E A R ’ S
highlights
Facility from a syndicate of seven international 1 June 2 July
2001 commercial banks to part finance the PETRONAS, through its subsidiary OGP Technical Services Sdn Bhd, a
construction of its two-train LNG plant and PETRONAS NGV Sdn Bhd, signed a subsidiary of PETRONAS, received a
16 April
related facilities in Bintulu, Sarawak. three-year Memorandum of Letter of Intent from PMPC for its
Malaysia LNG Tiga Sdn Bhd (MLNG Tiga), a
Understanding with Petroleum Authority appointment to manage and provide
joint venture subsidiary of PETRONAS signed
3 May of Thailand for the introduction of its training services for a group of
16 April 2001 a Sale and Purchase Agreement with Tohoku 29 June 2001
PETRONAS, together with Sudapet Ltd, IPC natural gas-powered vehicles, the Enviro Vietnamese to operate and maintain
Electric Power Co Inc to supply up to
Sudan and OMV Aktiengesselshaft was 2000 , in Thailand. PMPC’s PVC plant in Vietnam.
900,000 tonnes of liquefied natural gas
awarded the exploration and production
(LNG) per year for 20 years beginning 2005.
contract for Block 5B onshore Sudan by the 25 June 23 July
With this agreement, Tohoku Electric’s import
Government of the Republic of Sudan. PETRONAS signed a production sharing PETRONAS acquired an additional
of LNG from Malaysia will increase to 1.4
PETRONAS holds a 41% participating interest contract (PSC) with Sabah Shell 8% equity in Malaysian Refining
million tonnes per year.
in the block through its wholly-owned Petroleum Company Ltd, Shell Sabah Company Sdn Bhd (MRC) from Dan
subsidiary PETRONAS Carigali Overseas Sdn Selatan Sdn Bhd and PETRONAS Carigali Norske Statsoljeseskep AS (Statoil),
27 April 2001 26 April 2 July 2001
Bhd. for Block SB 303, offshore Sabah. bringing its total shareholding in MRC
PETRONAS Carigali Sdn Bhd made two gas
PETRONAS Carigali has a 40% stake in to 53%.
discoveries offshore Sarawak, one in Block
31 May the block which is located about 100 km
SK310, an open acreage in the Central
PETRONAS’ office in Jakarta, Indonesia was off the coast of Kota Kinabalu. 7 August
Luconia Province, about 160 km north of
officially opened by Prime Minister of Malaysia The consortium comprising
Bintulu and the other in Block SK308, about
Dato Seri Dr Mahathir Bin Mohamad. The new 29 June PETRONAS Carigali (Pakistan) Ltd,
200 km west of Miri.
office would oversee the PETRONAS Group’s Phu My Plastics And Chemical Co Ltd Lasmo Oil Pakistan Limited and
operations in Indonesia, both in the upstream (PMPC), a joint venture between Government Holdings (Pvt) Ltd made
1 June 2001 27 April 23 July 2001
and downstream sectors, and would also PETRONAS, PetroVietnam and its first gas discovery in onshore
MLNG Tiga signed agreements for two loans
house its subsidiaries, Malaysia International Tramatsuco commenced construction of Block 2769-4 (Mubarak Block) in the
comprising a US$651 million 13-year from
Shipping Corporation and Malaysia its US$70 million polyvinyl chloride (PVC) Sindh Province, Pakistan. PETRONAS
the Japan Bank for International Cooperation
International Trading Company. plant in the Phu My Industrial Area in Carigali is the operator of the block
and a US$165 million 8.5-year Term Loan
Vietnam. with an equity of 57%.
9 September
PETRONAS celebrated its 10th
150-hectare Verbund (fully integrated)
site comprises 12 plants developed in
2002 offshore Corisco Bay Block. PETRONAS
Carigali Overseas is the operator of the
Anniversary in Vietnam,marking a three stages to produce acrylic block, with a 60 per cent interest.
8 January
decade of successful operations in the monomers, oxo products and
PETRONAS signed a Petroleum Contract with
country since the signing of its first PSC butanediol. 19 February
PetroVietnam and Pertamina to jointly explore
with PetroVietnam, the national oil MLNG Tiga signed a sale and purchase
9 September 2001 and develop hydrocarbon resources in Blocks 18 January 2002
corporation of Vietnam in 1991. 18 October agreement for the supply of up to 1.6
10 and 11.1 offshore Vietnam. Under the
PETRONAS rolled out its high million tonnes of LNG a year to a
contract, the three national oil companies will
18 September performance prototype motorcycle consortium comprising Tokyo Gas Co Ltd,
form a joint venture company to operate the
PETRONAS secured its third exploration engine, GP1 at the Sepang F-1 Circuit, Toho Gas Co Ltd and Osaka Gas Co Ltd for
blocks, the first such alliance, within the ambit
block in Indonesia, the Tanjung Aru prior to the start of the Malaysian leg of 20 years beginning from 2004.
of the Tripartite Cooperation Arrangement.
Block located in the highly prospective the 2001 FIM World Motorcycle Grand
Kutei Basin in the Makassar Straits, Prix (Moto GP). 8 March
18 January
offshore Kalimantan. Malaysia LNG signed a Memorandum of
4 October 2001 IndianOil PETRONAS Private Limited’s 4 February 2002
1 November Agreement with The Tokyo Electric Power
liquefied petroleum gas (LPG) terminal, a
20 September PETRONAS signed two Exploration and Company Inc and Tokyo Gas Company Ltd
50:50 joint venture between Indian Oil
PETRONAS made a new oil discovery Production Sharing Agreements with to supply up to 7.4 million tonnes of LNG
Corporation and PETRONAS was officially
through the Topaz North-1X exploration the Ministry of Oil of Bahrain. per annum for 15 years beginning 2003,
launched. The US$60 million LPG terminal,
well in Blocks 01 and 02, offshore PETRONAS Carigali Overseas, is the with an option for a five-year extension.
with an annual capacity of 600,000 tonnes
Vietnam. operator with a 100 per cent equity in
per year, is expected to meet some of the LPG
both offshore Blocks IV and VI. 18 March
shortage faced by the eastern market of India.
4 October PETRONAS and its partners TotalFinaElf
18 October 2001 8 March 2002
BASF PETRONAS Chemicals Sdn Bhd’s 21 December and Gazprom brought on-stream Phases 2
4 February
world-scale integrated chemical The first oil production from the Angsi and 3 of the South Pars gas field in the
PETRONAS, together with its partners
complex in Gebeng, Pahang was field, jointly developed by PETRONAS Persian Gulf offshore Iran, which is
GEPetrol,OCEAN Equatorial Guinea
officially opened by Prime Minister Dato Carigali and ExxonMobil Exploration and expected to produce two billion cubic feet
Corporation and VANCO Equatorial Guinea
Seri Dr Mahathir Bin Mohamad. The Production Inc, commenced. of gas and 80,000 barrels of condensate
Limited signed a PSC with the Government
per day from 20 wells through two
of the Republic of Equatorial Guinea for the
unmanned platforms.
9 September
PETRONAS celebrated its 10th
150-hectare Verbund (fully integrated)
site comprises 12 plants developed in
2002 offshore Corisco Bay Block. PETRONAS
Carigali Overseas is the operator of the
Anniversary in Vietnam,marking a three stages to produce acrylic block, with a 60 per cent interest.
8 January
decade of successful operations in the monomers, oxo products and
PETRONAS signed a Petroleum Contract with
country since the signing of its first PSC butanediol. 19 February
PetroVietnam and Pertamina to jointly explore
with PetroVietnam, the national oil MLNG Tiga signed a sale and purchase
9 September 2001 and develop hydrocarbon resources in Blocks 18 January 2002
corporation of Vietnam in 1991. 18 October agreement for the supply of up to 1.6
10 and 11.1 offshore Vietnam. Under the
PETRONAS rolled out its high million tonnes of LNG a year to a
contract, the three national oil companies will
18 September performance prototype motorcycle consortium comprising Tokyo Gas Co Ltd,
form a joint venture company to operate the
PETRONAS secured its third exploration engine, GP1 at the Sepang F-1 Circuit, Toho Gas Co Ltd and Osaka Gas Co Ltd for
blocks, the first such alliance, within the ambit
block in Indonesia, the Tanjung Aru prior to the start of the Malaysian leg of 20 years beginning from 2004.
of the Tripartite Cooperation Arrangement.
Block located in the highly prospective the 2001 FIM World Motorcycle Grand
Kutei Basin in the Makassar Straits, Prix (Moto GP). 8 March
18 January
offshore Kalimantan. Malaysia LNG signed a Memorandum of
4 October 2001 IndianOil PETRONAS Private Limited’s 4 February 2002
1 November Agreement with The Tokyo Electric Power
liquefied petroleum gas (LPG) terminal, a
20 September PETRONAS signed two Exploration and Company Inc and Tokyo Gas Company Ltd
50:50 joint venture between Indian Oil
PETRONAS made a new oil discovery Production Sharing Agreements with to supply up to 7.4 million tonnes of LNG
Corporation and PETRONAS was officially
through the Topaz North-1X exploration the Ministry of Oil of Bahrain. per annum for 15 years beginning 2003,
launched. The US$60 million LPG terminal,
well in Blocks 01 and 02, offshore PETRONAS Carigali Overseas, is the with an option for a five-year extension.
with an annual capacity of 600,000 tonnes
Vietnam. operator with a 100 per cent equity in
per year, is expected to meet some of the LPG
both offshore Blocks IV and VI. 18 March
shortage faced by the eastern market of India.
4 October PETRONAS and its partners TotalFinaElf
18 October 2001 8 March 2002
BASF PETRONAS Chemicals Sdn Bhd’s 21 December and Gazprom brought on-stream Phases 2
4 February
world-scale integrated chemical The first oil production from the Angsi and 3 of the South Pars gas field in the
PETRONAS, together with its partners
complex in Gebeng, Pahang was field, jointly developed by PETRONAS Persian Gulf offshore Iran, which is
GEPetrol,OCEAN Equatorial Guinea
officially opened by Prime Minister Dato Carigali and ExxonMobil Exploration and expected to produce two billion cubic feet
Corporation and VANCO Equatorial Guinea
Seri Dr Mahathir Bin Mohamad. The Production Inc, commenced. of gas and 80,000 barrels of condensate
Limited signed a PSC with the Government
per day from 20 wells through two
of the Republic of Equatorial Guinea for the
unmanned platforms.
M A L AY S I A’ S
contract areas VIETNAM

AND OIL AND GAS FIELDS
PHILIPPINES
Barton
S. Furious
South China Sea St. Joseph
THAILAND Tembungo PH Sulu Sea
Malaysia / Thailand Erb West IL
Joint Development Area M I
Samarang
AL PP
PM3 Kinabalu AY INE
Commercial Baram SI S
Fairley Baram H SB303 A
Arrangement Area Bakau
W. Lutong
Baronia
Betty K SB302
Lawit
Bunga Kekwa Bokor
PM 302 Jer neh Tukau
D
Sikau
IA
ILAN
Resak
AYS
Dulang Siwa
PM301
THA
MAL Semangkok J
Larut Kota Kinabalu
D Pulau Kangar Tabu
F G SB301
AN Langkawi PM303 Guntong Sandakan
A IL SIA Kota
TH LAY Gurun Bharu
Palas E
Tiong M1
A PM306
M Yong
North Raya M3 P. Labuan SABAH
PM320 Butterworth Kuala Kepong SK301 SK312
Pulau Pinang
Terengganu Tinggi SK307
PM304 Seligi F23
P. Timbun Mata
Pulai
F6
Lutong
BRUNEI
Tok Arun
PM305 SK308 DARUSSALAM
Duyong SK306 E11
Ipoh Bekok
Kertih PM307 Tapis Miri
Anding SK311
PENINSULAR
M DO
Irong Barat D35 D18

A
IN
Angsi
MALAYSIA
LA NE
Malong SK309
Y SI
Sotong
S
Bayan
IA
PM322 Kuantan Temana Celebes

A
Bintulu
S Sea
A
tra KUALA LUMPUR
MA NESI
IA
its
YS
INDONESIA
MALAYSIA
of Meru
LA
O
P. Tioman SARAWAK
IND
M Port Klang
el Dengkil N KALIMANTAN
ak Sepang
a Port Dickson Segamat
SUMATRA Melaka
Kuching
Pasir
Johor Gudang
Bahru
SINGAPORE
Domestic Operations Indicators

PRODUCTION SHARING CONTRACT (PSC) AREAS Producing Fields
PETRONAS Carigali Sdn Bhd (PETRONAS Carigali) PM303
SEPM (Shell Exploration & Production SK309, SK311 Murphy Sarawak Oil Co Ltd/PETRONAS Carigali
Malaysia B.V.) /PETRONAS Carigali OIL GAS
PETRONAS Carigali/ Esso Production Malaysia Inc PM320, PM322

Under Technical Arrangement with SEPM B.V. Deepwater H & K Murphy Sabah Oil Co Ltd/PETRONAS Carigali
Under PM303 PSC
Sabah Shell Pet Co/
Shell Sabah Selatan/PETRONAS Carigali PM306, PM307 PETRONAS Carigali Sdn Bhd
SK308, SK312 Sarawak Shell Bhd/PETRONAS Carigali
Sabah Shell Pet Co Ltd/Shell Sabah Selatan/ Peninsular Gas Utilisation Pipeline System
Esso Production Malaysia Inc./PETRONAS Carigali Sabah Shell Pet Co Ltd/ Deepwater G & J
Conoco Sabah Ltd/PETRONAS Carigali
SB301, SB303
Shell Sabah Selatan/PETRONAS Carigali
PETRONAS Carigali/SEPM
PM301, PM302
(Shell Exploration & Production Malaysia B.V.) SK307 SB302 Amerada Hess (Malaysia - SB302) Ltd/PETRONAS Carigali Phase 1 PGU Loop I
PETRONAS Carigali/ Sarawak Shell Bhd
Talisman Malaysia Ltd/Sands Malaysia AB/ Amerada Hess (Malaysia - PM 304) & (Malaysia - SK306)
PM3
PVEP/PETRONAS Carigali PM304, SK306 Deepwater F Amerada Hess (Malaysia - Block F) Ltd/ PETRONAS Carigali Phase 2 PGU Loop II
Ltd/KUFPEC/PIDC/PETRONAS Carigali
PM305 Talisman Malaysia Ltd/PETRONAS Carigali SK 301 YPF Malaysia Ltd/Mitsubishi Corp/PETRONAS Carigali Deepwater E Sarawak Shell Bhd./ Diamond Gas/PETRONAS Carigali Phase 3
M A L AY S I A’ S
contract areas VIETNAM

AND OIL AND GAS FIELDS
PHILIPPINES
Barton
S. Furious
South China Sea St. Joseph
THAILAND Tembungo PH Sulu Sea
Malaysia / Thailand Erb West IL
Joint Development Area M I
Samarang
AL PP
PM3 Kinabalu AY INE
Commercial Baram SI S
Fairley Baram H SB303 A
Arrangement Area Bakau
W. Lutong
Baronia
Betty K SB302
Lawit
Bunga Kekwa Bokor
PM 302 Jer neh Tukau
D
Sikau
IA
ILAN
Resak
AYS
Dulang Siwa
PM301
THA
MAL Semangkok J
Larut Kota Kinabalu
D Pulau Kangar Tabu
F G SB301
AN Langkawi PM303 Guntong Sandakan
A IL SIA Kota
TH LAY Gurun Bharu
Palas E
Tiong M1
A PM306
M Yong
North Raya M3 P. Labuan SABAH
PM320 Butterworth Kuala Kepong SK301 SK312
Pulau Pinang
Terengganu Tinggi SK307
PM304 Seligi F23
P. Timbun Mata
Pulai
F6
Lutong
BRUNEI
Tok Arun
PM305 SK308 DARUSSALAM
Duyong SK306 E11
Ipoh Bekok
Kertih PM307 Tapis Miri
Anding SK311
PENINSULAR
M DO
Irong Barat D35 D18

A
IN
Angsi
MALAYSIA
LA NE
Malong SK309
Y SI
Sotong
S
Bayan
IA
PM322 Kuantan Temana Celebes

A
Bintulu
S Sea
A
tra KUALA LUMPUR
MA NESI
IA
its
YS
INDONESIA
MALAYSIA
of Meru
LA
O
P. Tioman SARAWAK
IND
M Port Klang
el Dengkil N KALIMANTAN
ak Sepang
a Port Dickson Segamat
SUMATRA Melaka
Kuching
Pasir
Johor Gudang
Bahru
SINGAPORE
Domestic Operations Indicators

PRODUCTION SHARING CONTRACT (PSC) AREAS Producing Fields
PETRONAS Carigali Sdn Bhd (PETRONAS Carigali) PM303
SEPM (Shell Exploration & Production SK309, SK311 Murphy Sarawak Oil Co Ltd/PETRONAS Carigali
Malaysia B.V.) /PETRONAS Carigali OIL GAS
PETRONAS Carigali/ Esso Production Malaysia Inc PM320, PM322

Under Technical Arrangement with SEPM B.V. Deepwater H & K Murphy Sabah Oil Co Ltd/PETRONAS Carigali
Under PM303 PSC
Sabah Shell Pet Co/
Shell Sabah Selatan/PETRONAS Carigali PM306, PM307 PETRONAS Carigali Sdn Bhd
SK308, SK312 Sarawak Shell Bhd/PETRONAS Carigali
Sabah Shell Pet Co Ltd/Shell Sabah Selatan/ Peninsular Gas Utilisation Pipeline System
Esso Production Malaysia Inc./PETRONAS Carigali Sabah Shell Pet Co Ltd/ Deepwater G & J
Conoco Sabah Ltd/PETRONAS Carigali
SB301, SB303
Shell Sabah Selatan/PETRONAS Carigali
PETRONAS Carigali/SEPM
PM301, PM302
(Shell Exploration & Production Malaysia B.V.) SK307 SB302 Amerada Hess (Malaysia - SB302) Ltd/PETRONAS Carigali Phase 1 PGU Loop I
PETRONAS Carigali/ Sarawak Shell Bhd
Talisman Malaysia Ltd/Sands Malaysia AB/ Amerada Hess (Malaysia - PM 304) & (Malaysia - SK306)
PM3
PVEP/PETRONAS Carigali PM304, SK306 Deepwater F Amerada Hess (Malaysia - Block F) Ltd/ PETRONAS Carigali Phase 2 PGU Loop II
Ltd/KUFPEC/PIDC/PETRONAS Carigali
PM305 Talisman Malaysia Ltd/PETRONAS Carigali SK 301 YPF Malaysia Ltd/Mitsubishi Corp/PETRONAS Carigali Deepwater E Sarawak Shell Bhd./ Diamond Gas/PETRONAS Carigali Phase 3

Petronas Annual Report 2002

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Petronas Annual Report 2002

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Design: Johan Design Associates, Malaysia.

Telephone: (603) 2331 5000 / 2331 0022 / 2331 0088

To Be A Leading Oil And Gas Multinational Of Choice

We Are A Business Entity

Petroleum Is Our Core Business

Our Primary Responsibility Is To Develop And

Our Objective Is To Contribute To The Well Being Of

8 PETRONAS Group Of Companies

16 The Year In Review 44 Five-Year Financial Highlights

46 The Year’s Highlights

50 Malaysia’s Contract Areas And Oil And Gas Fields

national petroleum corporation. Incorporated on 17 August 1974 under

the Companies A c t , 1 9 6 5 , it is wholly owned by the Malay s i a n

Government. The Petroleum Development Act, 1974 vests in PETRONAS

the entire ownership and control of the petroleum resources in Malaysia.

RANKED among the Fortune Global 500 companies, PETRONAS is an

integrated international oil and gas company with business interests in

more than 30 countries. As at end March 2002, the PETRONAS Group

comprised 72 wholly - o w n e d , 21 partly-owned subsidiaries and

THE GROUP is engaged in a wide range of activities, including upstream

exploration and production of oil and gas to downstream oil refining;

marketing and distribution of petroleum products; trading; gas

processing and liquefaction; gas transmission pipeline network

o p e r ations; marketing of liquefied natural gas; petrochemical

manufacturing and marketing; shipping and property investment.

national petroleum corporation. Incorporated on 17 August 1974 under

the Companies A c t , 1 9 6 5 , it is wholly owned by the Malay s i a n

Government. The Petroleum Development Act, 1974 vests in PETRONAS

the entire ownership and control of the petroleum resources in Malaysia.

RANKED among the Fortune Global 500 companies, PETRONAS is an

integrated international oil and gas company with business interests in

more than 30 countries. As at end March 2002, the PETRONAS Group

comprised 72 wholly - o w n e d , 21 partly-owned subsidiaries and

THE GROUP is engaged in a wide range of activities, including upstream

exploration and production of oil and gas to downstream oil refining;

marketing and distribution of petroleum products; trading; gas

processing and liquefaction; gas transmission pipeline network

o p e r ations; marketing of liquefied natural gas; petrochemical

manufacturing and marketing; shipping and property investment.

Tan Sri Dato’ Dr. Samsudin Hitam

Dato’ Seri Dr. Zainul Ariff Haji Hussain

Tan Sri Dato’ Zaki Tun Azmi

Dato’ Iskandar Dzakurnain Badarudin Company Secretary

Datuk Ishak Imam Abas

Haji Mohd. Zarif Mohd. Zaman Kuala Lumpur City Centre

(Alternate to Dato’ Iskandar Dzakurnain Badarudin) 50088 Kuala Lumpur

Telephone : (03) 2331-5000

Seated From Left:

Standing From Left:

Tan Sri Dato’ Dr. Samsudin Hitam

Dato’ Seri Dr. Zainul Ariff Haji Hussain

Tan Sri Dato’ Zaki Tun Azmi

Dato’ Iskandar Dzakurnain Badarudin Company Secretary

Datuk Ishak Imam Abas

Haji Mohd. Zarif Mohd. Zaman Kuala Lumpur City Centre

(Alternate to Dato’ Iskandar Dzakurnain Badarudin) 50088 Kuala Lumpur

Telephone : (03) 2331-5000

Seated From Left:

Standing From Left:

Dato’ Mohamad Idris Mansor

Datuk Ishak Imam Abas

Dato’ Shamsul Azhar Abbas

Mariam Rahimah Haji Mukhtar

Seated From Left: