PETRONAS Announces Financial Results

    KUALA LUMPUR, Malaysia, June 30 /Xinhua-PRNewswire/ -- PETRONAS announces
 the following financial results.
 
                         PETRONAS GROUP RESULTS FOR THE
                      FINANCIAL YEAR ENDED 31st MARCH 2004
 
                                                 (in RM million)
                                             Financial Year ended 31 March
                                          2004    +/-       2003      2002
 
       Revenue                          97,512    19.7%   81,434    67,181
       Profit Before Tax                37,442    39.3%   26,872    24,318
       EBITDA                           47,754    32.8%   35,967    32,206
       Profit After Tax and             23,659    56.6%   15,105    14,569
        Minority Interests
       Total Assets                    203,205    14.2%  178,012   144,216
       Shareholders' Funds              97,598    24.6%   78,356    64,784
 
                                                 (in US$ million)
       Revenue                          25,664    19.7%   21,433    17,682
       Profit Before Tax                 9,854    39.3%    7,073     6,400
       EBITDA                           12,568    32.8%    9,466     8,476
       Profit After Tax and              6,227    56.6%    3,976     3,835
        Minority Interests
       Total Assets                     53,482    14.2%   46,851    37,956
       Shareholders' Funds              25,687    24.6%   20,623    17,050
       Average RM/US$ exchange          3.7995            3.7995    3.7995
        rate
 
                      KEY FINANCIAL AND OPERATIONAL RATIOS
 
                                                 Financial Year ended 31 March
                                                             2004         2003
     Return on Revenue (PBT/Net                             38.4%          33%
       Revenue)
     Return on Assets (PBT/Total                            18.4%        15.1%
       Assets)
     Return on Capital Employed                             29.8%        26.7%
     Debt / Assets Ratio                                    0.28x        0.33x
     Reserves Replacement Ratio                              2.6x         2.1x
 
 
     OVERVIEW
     PETRONAS Group of Companies turned in another record performance for the
 Financial Year ended 31 March 2004 as it continued to deliver sustained growth
 and improvements both financially and operationally on the back of strong
 crude oil, petroleum products, Liquefied Natural Gas (LNG) and petrochemical
 prices.
     The year under review saw the global oil and gas industry continue to be
 marred with uncertainties primarily due to geopolitical developments in the
 Middle East that heightened concerns over security of supply. Demand on the
 other hand was boosted by global economic recovery coupled with active stock
 building activities by major consuming nations, exerting upward pressure on
 crude oil prices. Interestingly, the year also saw speculators having a
 greater influence on crude oil prices as their growing trading positions on
 oil futures exacerbated the upward pressure on prices. Consequently, the
 average realized Malaysian Crude Oil (MCO) prices increased by 8% from
 US$28.60 per barrel to US$30.90 per barrel. The realized weighted average
 price of our non-MCO also increased in line with the global trend.
     While higher crude oil prices was a key contributing factor, the
 integrated and global business portfolio of PETRONAS coupled with operational
 improvements and continuing cost reduction initiatives enabled the Group to
 optimize performance in varying market conditions, resulting in a sustained
 overall performance growth which was comparable and in most cases higher than
 industry average.
 
     Financial Highlights
     PETRONAS Group of Companies generated a record revenue of RM97.51 billion
 for the financial year ended 31 March 2004, a growth of 20% over RM81.43
 billion recorded in the previous year - a respectable growth rate which is
 amongst the highest in the industry. Group profit before tax grew by an
 impressive rate of 40% to RM37.44 billion, resulting in a 38.4% annual return
 on revenue (profit before tax over revenue) compared to an average of below
 15% amongst the super majors. The Group's Return on Capital Employed for the
 year stood at a commendable 29.8%.
     The Group's balance sheet continued to strengthen with total assets
 growing from RM178.01 billion to RM203.21 billion, an increase of 14%.
 Shareholders' funds increased 25% from RM78.36 billion to RM97.60 billion.
 Cash and fund investment balance however declined to RM53.79 billion from
 RM55.38 billion primarily due to the utilization of funds for assets
 acquisition particularly the producing West Delta Deep Marine (WDDM) asset and
 Egyptian LNG project in Egypt. Group borrowings decreased to RM57.73 billion
 from RM58.09 billion mainly due to the repayment of the US Dollar Note of
 US$500 million. The Group's total debt over assets ratio improved to 28.4%,
 within the group policy of keeping debt level below 30% of total assets.
 
     REVIEW OF RESULTS
     Buoyed by strong demand driven by global economic recovery and China's
 growth in energy demand, PETRONAS recorded higher sales volume for all
 products, namely crude oil and condensates, petroleum products, LNG and
 petrochemicals. Sales volume for domestic sales gas, however, recorded a
 marginal decline due to the domestic power sector's reduced dependency on gas
 in favor of coal as a fuel source.
     11% growth in crude oil gross sales volume
     Overall crude oil gross sales volume increased to 420.3 million barrels
 compared to 378.8 million barrels in 2003, generating gross revenue of RM44.26
 billion, of which MCO contributed 57.8%.
     11% growth in petroleum products gross sales volume
     Group gross sales volume of petroleum products grew from 342.5 million
 barrels in 2003 to 381.3 million barrels, mainly from increasing trading
 activities. Higher realized prices of petroleum products, especially for
 gasoline and naphtha, and their higher sales volumes, contributed to the rise
 in total revenue of RM 52.09 billion. Petroleum products maintained their
 position as the largest revenue contributor to the Group.
     21% growth in the volume of LNG export
     LNG continued to be the third largest revenue earner for the Group,
 generating RM16.82 billion representing an increase of 29% from the previous
 year due to higher export volume of 18.4 million metric tonnes and higher
 averaged prices realized.
     9% growth in petrochemical products sales volume
     Petrochemicals continue to register strong growth with gross sales volume
 increasing by 9%. Coupled with the overall higher petrochemical prices, gross
 revenue from petrochemicals grew by 32.5% to RM12.22 billion from RM9.23
 billion before.
     24% growth in exports and international revenue
     Exports and international operations generated RM75.90 billion in revenue,
 representing 77.8% of Group revenue and earned valuable foreign exchange
 revenue for the nation. Of this, exports amounted to RM41.75 billion while
 international revenue amounted to RM34.15 billion. Revenue from international
 operations increased by almost RM10 billion from RM24.97 billion in 2003,
 representing 35% of the Group's total revenue.
     13% revenue growth from value adding activities
     Value adding and enhancement remains a primary objective throughout the
 Group's activities. This year, manufacturing revenue accounted for 59% or
 RM57.52 billion of net revenue - an increase of about RM7 billion.
 Manufacturing revenue consists primarily of revenue earned from refining, LNG
 and petrochemicals productions.
     The development of the Kertih and Gebeng Integrated Petrochemical
 Complexes together with its supporting infrastructure was in line with the
 Second Industrial Master Plan. Apart from adding value to our oil and gas
 chain, PETRONAS was able to attract the major petrochemical companies to
 invest in Malaysia, thereby attracting foreign direct investments of about
 RM10.5 billion.
     Combined with the expansion of the PETRONAS LNG Complex, FDI was further
 boosted to about RM13 billion.
     RM177.21 billion gross revenue
     Overall, the PETRONAS Group generated gross revenue of RM177.21 billion, a
 significant increase of RM30.04 billion from the previous year, generating
 substantial economic activities and benefits to the nation.
 
     UPSTREAM
     PETRONAS' exploration and production business continue to chart
 commendable growth and expansion both at home and abroad during the year as
 the Group pursued its upstream strategy to maximize value creation and growth
 to the domestic resources while at the same time capitalizing on select
 potential opportunities overseas.
 
     Domestic Exploration & Production (E&P)
     Highlights
     - Malaysia's crude oil and condensates reserves grew by 6.6% with reserves
 replacement ratio of 2.5 times.
     - Total number of PSCs in operation in Malaysia increased to 49, the
 highest in history. The PSC contractors invested RM10.93 billion with most
 investments channelled into development projects.
     - Malaysia's production increased by 7%.
 
     As at 1st January 2004, Malaysia's crude oil reserves including
 condensates increased by 6.6% to 4.84 billion barrels from 4.54 billion
 barrels in 2003 as a result of new discoveries following continued investments
 in the nation's upstream sector. Natural gas reserves however, declined to
 87.0 trillion standard cubic feet (tscf) from 89.0 tscf but remained three
 times the size of crude oil and condensates reserves. At the current rate of
 production, Malaysia's oil reserves is expected to last another 18 years while
 the average life for gas reserves is 34 years.
     Four new production sharing contracts were concluded during the year,
 bringing the number of PSCs in operation to a record 49, the highest level for
 the last 29 years. This success favourably reflects the high potential of
 Malaysia's acreages, especially the deepwater and ultra deepwater blocks, and
 the attractiveness of the PSC terms.
     Investments in Malaysia's upstream sector continued to grow during the
 year. The PSC contractors invested RM10.93 billion in E&P activities compared
 to RM10.87 billion last year. Of this, RM5.37 billion or 49.1% was for
 development and production activities, RM1.69 billion or 15.5% for exploration
 activities and the balance for operations. Approximately half of the total
 investment was made by PETRONAS' E&P subsidiary, PETRONAS Carigali Sdn Bhd and
 the balance by foreign PSC contractors. PETRONAS and its PSC contractors will
 continue to maximize value creation and growth to the domestic resources
 especially in the deepwater areas.
     Some 384,247 line-kilometers of seismic data were acquired with 25
 exploration wells and 124 development wells drilled during the year. This
 resulted in 10 new discoveries, adding 375.8 million barrels of crude oil and
 2.0 tscf of gas to the nation's hydrocarbon reserves, bringing the reserves
 replacement ratio for oil to 2.5 times which is higher than the industry
 average.
     Seven oil and gas fields were brought into production during the year,
 increasing the number of producing fields from 63 to 70. Of these, 51 are oil
 fields. PETRONAS Carigali operates 32 of the 70 producing fields.
     Malaysia's production of crude oil and condensates during the year
 increased to 274.6 million barrels (average 750,200 bpd) from 256.4 million
 barrels (average 702,700 bpd) in the previous period, a growth of 7%, which is
 higher than the world's average production growth of 4.1%. PETRONAS' share of
 total production increased slightly to 75.7% from 75% in the previous year.
     Malaysia's natural gas production for the year increased marginally to
 2.20 tscf from 2.13 tscf last year. After accounting for gas re-injection, gas
 used in operations and flaring, a total of 1.81 tscf was sold as natural and
 processed gas and LNG. A higher volume of the gas produced during the year was
 utilized for value adding activities, including the manufacturing of
 petrochemicals. PETRONAS' share increased to 72.5% from 71.2% the previous
 year.
     Combined, PETRONAS' overall share of total domestic oil and gas production
 amounted to 426.9 million barrels of oil equivalent (boe), representing 74.0%
 of the nation's total oil and gas production.
 
     International Exploration & Production
     Highlights
     - Overseas reserves grew by 32% through new discoveries and acquisition.
     - Established interests in 57 ventures in 25 countries. Operator in 25 of
 the ventures
 
     Driven by its strategy to pursue growth through exploration and reserves
 acquisition in the international E&P arena, the Group continued to make
 headway with the acquisition of interest in a producing block, the signing of
 four new PSCs and two reconnaissance contracts, extending PETRONAS' portfolio
 of global upstream ventures to 57 in 25 countries.
     The growth was a reflection of the confidence shown by an increasing
 number of countries in the capabilities of the Group and the recognition
 accorded to PETRONAS as a serious global player.
     Active E&P activities globally enabled PETRONAS to record an increase of
 1.53 billion boe of reserves from 4.76 billion boe to 6.29 billion boe, an
 impressive 32.1% growth. This addition was derived mainly through the
 acquisition of interest in the WDDM block in Egypt and several successful
 discoveries in Sudan. PETRONAS achieved a commendable Reserves Replenishment
 Ratio of 2.6 times for its domestic and international reserves combined. The
 international reserves account for 25% of PETRONAS' total reserves compared to
 about 20% in the previous year. Currently, PETRONAS' international reserves
 are 36% oil and 64% gas. Moving forward, PETRONAS will continue to seek a
 balanced portfolio of its oil and gas reserves.
     PETRONAS' share of international oil and gas production grew by 42.7% to
 344,000 boe per day as a result of higher production from Sudan, Vietnam,
 Myanmar and Indonesia as well as maiden production contribution from Chad and
 Egypt. Overseas' production during the year account for 22.8% of PETRONAS'
 total production. The increase in both international reserves and production
 is a clear signal of the Group's increasing success in the global upstream
 sector.
     In Egypt, the WDDM concession acquired during the year produced an average
 of 377.4 mmscfd of gas that was supplied to the growing Egyptian domestic gas
 market. Development work is progressing to increase the production from the
 WDDM concession to supply the Egyptian LNG project, with the first train due
 to come on stream in 2005.
     The one billion barrels Chad-Cameroon Integrated Pipeline Project was
 brought on stream nine months ahead of schedule in July 2003 with initial
 average production of 190,000 bpd and is expected to rise to 225,000 bpd by
 July 2004. The successful commencement of production from the project has
 brought Chad into the league of world oil exporting nations.
 
     DOWNSTREAM
     The impressive growth in PETRONAS' E&P business both at home and abroad
 was complemented by an equally commendable performance in the downstream
 sector as efforts to promote further integration and enhance value continued
 to yield greater benefit.
 
     Oil Business
     Highlights
     - Revenue growth of 16.7%.
     - Expanded MCO market beyond Asia
     - PETRONAS Dagangan Berhad maintained leading position as largest supplier
 of petroleum products in Malaysia with 39% market share
     - All refineries operated above capacity
 
    The Group's Oil Business sector recorded a satisfactory performance during
 the year with higher net revenue of RM55.07 billion from sales of crude oil
 and petroleum products (crude oil: RM22.21 billion; petroleum products:
 RM32.86 billion). This 16.7% growth in revenue was recorded on the back of
 increased production and trading volume as well as higher crude oil and
 petroleum product prices.
 
     Crude Oil
     PETRONAS exported 125.7 million barrels of its share of MCO, processed
 81.9 million barrels at its refineries in Melaka and Terengganu and sold the
 balance to other domestic refineries. While in the previous year, 97% of
 PETRONAS' share of MCO was sold in Asia's crude oil market, in the current
 year PETRONAS succeeded in expanding its MCO export beyond Asia, with 17% of
 the MCO delivered to Australia, New Zealand and the USA. Crude oil from our
 international production was sold to the USA, Europe and Asia.
 
     Petroleum Products
     In the domestic petroleum products sector, PETRONAS, through its
 subsidiary PETRONAS Dagangan Bhd successfully maintained its leading position
 as the largest supplier of petroleum products in the country, with 39% market
 share. A total volume of 68.9 million barrels of petroleum products, LPG and
 lubricant was sold compared to 66.7 million barrels during the previous year.
 A total of 48 new service stations were brought into operations during the
 year, increasing the total number of PETRONAS service stations to 683
 nationwide.
     Subsidiary Engen Limited of South Africa that operates more than 1,250
 service stations in Southern Africa defended its leadership position with a
 market share of 26%. Engen's total sales volume increased to 52.3 million
 barrels, compared to 51.2 million barrels in 2003.
 
     Refining
     PETRONAS successfully took advantage of the high refining margins by
 maximizing its refineries' utilization where all its refineries were operated
 above their capacity levels during the year. In total, PETRONAS' total net
 refining capacity has increased from 340,500 bpd to 356,500 bpd following a
 de-bottlenecking exercise at Engen Refinery in Durban, South Africa.
 
     Gas Business
     Highlights
     - Acquisition of interests in the Egyptian LNG project, the LNG receiving
 terminal in Milford Haven and the conclusion of shareholders agreement for
 Pars LNG in Iran set to transform PETRONAS into a truly global LNG player.
     - The PETRONAS LNG Complex in Bintulu, Sarawak became the world's largest
 LNG producer at a single location with 23 million tonnes per annum capacity
 following full operation of MLNG Tiga.
     - Operationalization of ALTCO
 
     LNG
     The Group's gas business continued to make further headway by
 strengthening its position in the LNG business following the acquisition of
 interests in the Egyptian LNG project, the LNG receiving terminal in Milford
 Haven, Wales and the conclusion of shareholders agreement to develop an 8
 million tonnes per annum LNG plant in Iran during the year. These developments
 will transform PETRONAS into a truly global LNG player, boosting its leading
 position as the world's largest LNG producer from a single location and the
 world's largest owner of LNG production capacity.
     During the year, LNG generated a revenue of RM16.82 billion, an increase
 of RM3.79 billion or 29% from last year on the back of higher volume sold and
 stronger LNG prices. Japan continued to be Malaysia's largest LNG customer,
 taking up 66.2% of the total LNG exported. This is followed by South Korea
 with 21.3% and Taiwan 11.5%. In terms of market share, Malaysia holds about
 49% of Taiwan's LNG market, 25% of Japan's, 20% of South Korea's.
     Malaysia' LNG production capacity increased to 23 million tonnes per annum
 with the coming on stream of MLNG Tiga's second train in October 2003,
 effectively turning the PETRONAS LNG Complex in Bintulu, Sarawak into the
 world's largest LNG producer from a single location. Now with eight
 liquefaction trains fully operational, the complex has effectively enhanced
 the operational flexibility of PETRONAS' LNG production.
     The first train of the Egyptian LNG project with 3.6 million tonnes per
 annum capacity is scheduled to come onstream in 2005. The entire LNG output
 from the first train has been sold to Gaz de France under a 20-year contract.
 The second train, also with 3.6 million tonnes per annum capacity, is expected
 to come onstream in 2006 and the entire output from the second train has been
 contracted to BG Gas Marketing, a subsidiary of BG Group.
     The year also saw the operationalization of PETRONAS' wholly owned
 subsidiary, ASEAN LNG Trading Company (ALTCO) in July 2003 to tap on the
 growing global trend towards LNG trading. ALTCO successfully transported its
 maiden LNG cargo in August 2003 with the purchase of one cargo from the Middle
 East for sale into Asia. ALTCO also signed an agreement with MLNG Tiga and BG
 LNG Services in February 2004 for the purchase, transportation and sale of 17
 LNG cargoes throughout 2004/05 from the PETRONAS Bintulu Complex to Lake
 Charles receiving terminal in Louisiana, USA.
 
     Sales Gas
     Meanwhile, in Peninsular Malaysia, sales gas volume decreased by 3.2% to
 1,789 mmscfd due to the reduction of dependency on gas by the power sector.
 However, the non-power sector's sales gas consumption rose by 12.9% to 506
 mmscfd, primarily due to higher off-take from the industrial sector.
 
     Petrochemical Business
     Highlights
     - Revenue growth of 36.5%.
     - Gas-based feedstock and integrated nature of operation proved to be more
 efficient, competitive and profitable against volatile nature of the industry.
 
     The petrochemical business sector registered strong growth in performance
 this year with sales revenue increasing by 36.5% from RM5.82 billion to RM7.95
 billion, primarily due to increases both in realized product prices and sales
 volumes.
     While the last few years proved to be difficult, the highly volatile
 petrochemical industry saw a reversal in fortune this year. Strong regional
 demand especially from China coupled with a tight demand-supply balance due in
 part to export constraints from the Middle East led to the consolidation and
 subsequently, upturn in petrochemical markets and prices.
     Particularly noteworthy was the fact that while most petrochemical
 businesses have experienced lower or flat margins during the year due high
 feedstock costs in line with high crude oil prices, the Group's petrochemical
 business had enjoyed healthier margins. This is primarily due the fact that
 the Group's petrochemical business is largely gas-based rather than naphtha-
 based, therefore less vulnerable to the impact of higher crude oil prices. In
 addition, the integrated nature of the Group's petrochemical plants where
 feedstock supply is derived from within the system provided an additional
 shield against fluctuating feedstock costs.
     In total, the Group sold 6.1 million tonnes of petrochemical products
 during the financial year compared to 5.5 million tonnes in the previous year.
 Both export and domestic petrochemical sales grew strongly in line with demand
 growth. Fuelled by demand both external and within the Group, production
 levels of the Group's petrochemical plants increased 9.3% to 10.2 million
 tonnes for the year. The higher level of production was made possible by
 better operational performances where most of the Group's petrochemical plants
 achieved availability and utilization rates of above 90% during the year.
     The improved performance bodes well for the Group's strategy for the
 petrochemical business sector to achieve and sustain operational excellence.
 Even though the petrochemical business is not a major revenue contributor to
 the Group, it continues to be an important business sector in that it
 significantly adds value to the Group's oil and gas value chain.
     The general view is that the petrochemical industry is currently riding on
 the crest of its current cycle and the outlook is favorable. The upswing trend
 both in the global and domestic economies is expected to carry the upturn in
 the petrochemical markets for at least the short term. Much has been said
 about future challenges in the petrochemical industries including the volatile
 nature of prices and markets, as well as the potential threat of new suppliers
 from the Middle East. The Group, however, strongly believes that its focus on
 achieving operational excellence through enhanced productivity and margin
 improvements through cost containment and efficiency efforts will place it in
 good stead to face these challenges.
 
     Logistics and Maritime Business
     Highlights
     - Strategic acquisition of AET contributed RM1.3 billion to revenue and
 RM500 million to PBT of MISC, auguring well for the realisation of MISC's
 aspiration to be the premier energy based transport provider in the world.
     - MSE became a subsidiary of MISC and will be transformed into the
 company's heavy engineering arm.
 
     Spearheaded by subsidiary MISC, the Group's logistics and maritime
 business generated total revenue of RM8.46 billion for the financial year
 ended 31 March 2004, a growth of RM2.28 billion or 37.0% year-on-year.
 Improved freight rates and MISC's acquisition of American Eagle Tankers (AET)
 in July 2003 were the main contributors to the improved revenue.
     During the financial year, MISC took delivery of another two LNG tankers,
 expanding its LNG carrier fleet to 17 tankers. A further six tankers are on
 order, which will bring the total number of tankers to 23, strengthening
 MISC's position as the world's largest owner and operator of LNG carrier fleet
 and in line with its focus on energy, particularly LNG shipping as a core
 business sector.
     A milestone was set during the year when one of MISC's vessels, on its
 return voyage from Lake Charles, USA, back-hauled a cargo from Oman to Japan.
 The back-hauling is illustrative of MISC's continuous efforts in optimizing
 operational efficiency, capitalizing on its position as the world's largest
 owner and operator of LNG vessels. MISC has also made headway in securing
 third party charters for its LNG vessels when it managed to strike an
 agreement with J&S Cheniere for the charter of one of its LNG vessels during
 the financial year.
     The acquisition of AET has provided MISC with a firm foothold in the
 Atlantic petroleum-shipping sector, at the same time transforming MISC into
 the second largest Aframax petroleum tanker operator in the world with 39
 Aframax tankers.
     The year also saw MISC successfully reversing its previous year losses on
 the bulk, liner and chemical businesses. Although higher freight rates have
 contributed in part to the improved results for these businesses, MISC's
 rationalization efforts in terms of shifting between spot versus long-term
 business and restructuring its loss-making services have also been key success
 factors in turning around the businesses.
     During the year, MISC acquired an additional 22% interest in Malaysia
 Shipyard Engineering (MSE), making it a 65% subsidiary. The company will be
 MISC's heavy engineering arm focussing on the energy business. MISC also took
 delivery of its first Floating Production Storage and Offloading (FPSO) tanker
 in March 2004 that is currently on long-term charter to PETRONAS Carigali. The
 FPSO / Floating Storage Offloading market will provide another new area of
 business for the company to diversify its earnings base.
     Looking ahead, MISC endeavors to be the preferred provider of world-class
 maritime transportation and logistic services with energy as its target core-
 area. Presently, over 90% of MISC's revenue is already derived from the energy
 sector, in line with its role within the Group's integrated structure.
 
     CLOSING
     The financial year ended 31 March 2004 proved to be an exceptionally
 successful year for PETRONAS as the Group delivered its best financial
 performance ever. This has put it on par with other major industry players,
 most of whom are much larger in size and scale of operations. PETRONAS
 believes that the firm foundation built on its broad strategy to integrate,
 add value and globalise its businesses over the years is producing results.
     The superior performance is a fitting achievement for the employees of
 PETRONAS, both Malaysians and non-Malaysians, as the Company celebrates its
 30th anniversary on 17 August this year. Indeed, the success was made possible
 by the talent and commitment of the men and women of the PETRONAS Group, who
 embraced the challenge and delivered results, and more importantly did so the
 right way, by acting with integrity and high ethical standards.
     Moving forward, we will continue to be guided by our Shared Values, be
 anchored in our Mission and Corporate Vision "To Be A Leading Oil and Gas
 Multinational of Choice," renew our commitment and resolve in the
 implementation, adaptation and proactive execution of our plans.
     We have embarked on the next phase of our journey - our Corporate Agenda -
 to significantly raise performance across all our businesses and at the same
 time create true distinctiveness to achieve sustainable value creation in our
 growth. Our strategic plan is to transform PETRONAS into a high-performing
 organisation known for its resilience and distinctiveness. This is our
 aspiration in our Corporate Agenda.
     2004 marks the 30th anniversary of the incorporation of Malaysia's
 national oil company that has grown to become a fully integrated oil and gas
 multinational with significant global presence. For the past 30 years, we have
 taken pride in knowing that we have been able to play an effective role as a
 catalyst for nation building and contribute towards economic development and
 help improve the standard of living around the world. While this anniversary
 causes us to reflect upon our past accomplishments and successes, it also
 reminds us of our responsibility to build for the next 30 years.
 
      Issued by
      Media Relations & Information Department
      Legal and Corporate Affairs Division
      PETRONAS
 
     More information on PETRONAS' FY2003/04 results is available on
 www.petronas.com
 
      Contact:
      Mr. Azman Ibrahim
      PETRONAS
      Tel:  +603-2051-2140
 
 

SOURCE PETRONAS

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