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Annual Report 2008 Rationale Annual Report 2008 Rationale PETRONAS is defined not only by our operational excellence, but by the way we do things - how we deal with our stakeholders and how we conduct ourselves. By driving sustainable development through strengthening our resilience, reliability and competency, by conducting business with integrity, mutual respect and understanding, we continue to earn the trust of our stakeholders. It’s who we are. PETRONAS ANNUAL REPORT 2008 I 1 Table of Contents 3 CORPORATE STATEMENTS 48-49 OUR PEOPLE 4-5 CORPORATE PROFILE 52 PETRONAS & SOCIETY 53-55 • Health, Safety And 6-7 BOARD OF DIRECTORS Environment (HSE) 58-63 • Corporate Social 8-9 MANAGEMENT COMMITTEE Responsibility (CSR) 10-14 PRESIDENT & CEO’S MESSAGE 64-70 MAIN EVENTS 15 FIVE-YEAR GROUP FINANCIAL 71 GLOSSARY OF TERMS HIGHLIGHTS 16-17 REVIEW OF FINANCIAL RESULTS REVIEW OF BUSINESS 20-29 • Exploration And Production Business 32-35 • Oil Business 38-41 • Gas Business 42-43 • Petrochemical Business 44-45 • Logistics And Maritime Business 46-47 TECHNOLOGY DEVELOPMENT To read a text-only version of this report, please download the Media Release 2008 from www.petronas.com © 2008 PETROLIAM NASIONAL BERHAD. All logos appearing in this Annual Report are used with permission. All rights reserved. 2 I PETRONAS ANNUAL REPORT 2008 Corporate Statements VISION To be a Leading Oil and Gas Multinational of Choice MISSION 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 VALUES Loyalty Loyal to nation and corporation Integrity Honest and upright Professionalism Committed, innovative and proactive and always striving for excellence Cohesiveness United in purpose and fellowship PETRONAS ANNUAL REPORT 2008 I 3 Corporate Profile PETRONAS, the acronym for Petroliam Nasional Berhad, was incorporated on 17 August 1974 under the Companies Act, 1965. It is wholly-owned by the Malaysian government and is vested with the entire ownership and control of the petroleum resources in Malaysia through the Petroleum Development Act 1974. Over the years, PETRONAS has grown to become a fully integrated oil and gas corporation and is ranked among the FORTUNE Global 500® largest corporations in the world. PETRONAS has four subsidiaries listed on the Bursa Malaysia and has ventured globally into more than 30 countries worldwide in its aspiration to be a leading oil and gas multinational of choice. 4 I PETRONAS ANNUAL REPORT 2008 PETRONAS ANNUAL REPORT 2008 I 5 Board of Directors Tan Sri Dato’ Seri Mohd Hassan Marican Acting Chairman 6 I PETRONAS ANNUAL REPORT 2008 Board of Directors Tan Sri Dr Wan Abdul Tan Sri Dr Sulaiman Tan Sri Khalid Ramli Abdul Kadir Aziz Wan Abdullah Mahbob Md Kassim Secretary-General of Treasury, Director-General, Director-General, Advocate & Solicitor Ministry of Finance Economic Planning Unit, Implementation Coordination Unit, Prime Minister’s Department Prime Minister’s Department Datuk Anuar Ahmad Datuk Nasarudin Wan Zulkiflee Mohammed Azhar Md Idris Wan Ariffin Osman Khairuddin Vice President PETRONAS Vice President PETRONAS Vice President PETRONAS (Company Secretary) PETRONAS ANNUAL REPORT 2008 I 7 Tan Sri Dato’ Seri Mohd Hassan Marican President & Chief Executive Officer (in alphabetical order) Datuk (Dr) Abdul Datuk Abdullah Karim Ahmad Nizam Salleh Rahim Hj Hashim Vice President Vice President, PETRONAS Vice President Research and Technology MD/CEO, PETRONAS Carigali Corporate Services Division Division Sdn Bhd Datuk Ainon Datuk Anuar Ahmad George Ratilal Marziah Wahi Vice President Vice President Vice President Human Resource Management Oil Business Finance Division Division 8 I PETRONAS ANNUAL REPORT 2008 Management Committee Kamarudin Zakaria Mohammed Azhar Datuk Nasarudin Ramlan Abdul Malek Osman Khairuddin Md Idris Vice President Senior General Manager Vice President Vice President Petrochemical Business Legal & Corporate Affairs Corporate Planning & Exploration & Production Business Division Development Division Datuk Dr Rosti Dato’ Shamsul Wan Zulkiflee Faridah Haris Hamid Saruwono Azhar Abbas Wan Ariffin Vice President President/CEO Vice President (Secretary) Education Division MISC Berhad Gas Business PETRONAS ANNUAL REPORT 2008 I 9 President & CEO’s Message On behalf of the Board of Directors, it gives me great pleasure to present the Annual Report of Petroliam Nasional Berhad (PETRONAS) for the financial year ended 31 March 2008. TAN SRI DATO’ SERI MOHD HASSAN MARICAN President & Chief Executive Officer 10 I PETRONAS ANNUAL REPORT 2008 President & CEO’s Message The year under review was yet another USD82.24 per barrel and USD82.31 The cost escalation was compounded highly challenging year for us as we per barrel respectively during the period by the scarcity of and harder-to-find continue to strive to create value amidst while the weighted average price of new hydrocarbon reserves located an increasingly volatile and uncertain Malaysian Crude Oil (MCO) rose by mainly in deeper waters, harsher climatic global oil and gas industry environment 26.7% to USD86.81 per barrel. Strong conditions and environmentally sensitive fraught with escalating cost and acute demand from the transportation sector regions, making access to the reserves shortage of experienced personnel as drove prices of gasoline up by 37.7% more difficult, riskier and technologically well as equipment. to an average of USD102.50 per barrel more challenging. Worsened by the and diesel by 22.6% to an average of lack of engineering and construction The year saw sustained growth in USD94.97 per barrel. capacity as well as the acute shortage demand for oil on the back of strong of experienced personnel, the cost global economic expansion, particularly The sustained high oil price environment escalation had also led to many projects in China and India. Global demand and strong demand growth over the last being delayed and deferred during the outstripped supply during the review few years have resulted in intensification year. period, and this, coupled with recurring of industry activities. This has driven up supply disruptions in some producing costs, in most cases, higher than the In short, the year saw oil and gas countries as well as continuing increase in crude prices. For example, companies continuing to operate in a geopolitical uncertainties particularly in over the past five years, WTI crude highly challenging environment where the Middle East, escalated concerns prices recorded a cumulative increase escalating costs have eclipsed gains over security of supply. of 182%. In comparison, the daily from high prices. More significantly, the charter rates for drilling rigs increased combined effects of high prices and All these developments, compounded by almost 300% and the average high costs have contributed to higher by speculative activities, drove crude oil price of steel increased by 225% a inflation and a general downturn in prices to historic highs during the review tonne. In general, the increase in cost global economic conditions, particularly period. The average price of West Texas has resulted in oil and gas companies for developing nations. Intermediate (WTI) and Brent crude incurring higher capital expenditures to oils increased by 26.7% and 26.5% to sustain operations. COST VS 300 298% CRUDE OIL PRICE 250 225% 203% 200 Global semi-submersible 182% drilling rig rates 150 Global steel prices 100 MCO prices cumulative % increase 50 WTI crude prices 0 FY2004 FY2005 FY2006 FY2007 FY2008 PETRONAS ANNUAL REPORT 2008 I 11 Financial Highlights Financial Highlights The PETRONAS Group recorded a We remained focused on adding value revenue of RM223.1 billion, an increase to our operations through manufacturing of 21.2%, primarily due to higher prices activities comprising the manufacture ✦ Group revenue increased by and higher sales volume. The Group of petroleum products, Liquefied 21.2% to RM223.1 billion, successfully contained the impact of Natural Gas (LNG), processed gas driven by higher prices and sales high costs and posted a 25.2% increase and petrochemicals. During the year, volume in profit before tax from RM76.3 billion revenue from manufacturing activities to RM95.5 billion. Profit after tax and increased from RM102.9 billion to minority interests increased by 31.5% RM120.5 billion. ✦ Revenue from international from RM46.4 billion to RM61.0 billion. operations increased by 33.1% Our globalisation strategy continues to RM90 billion, making it the Apart from the Group’s ability to to generate encouraging results. The biggest contributor to group contain costs, this achievement was year saw revenue from international revenue for the first time - also largely due to the improved operations increasing by 33.1% to demonstrating the Group’s operational efficiency and higher plant reach RM90.0 billion. This represents increasing returns from global reliability achieved across the Group’s 40.3% of the Group’s total revenue investments businesses. and made international operations the biggest contributor to Group revenue The Group’s balance sheet continued for the first time, overtaking exports. ✦ Profit before tax increased by to strengthen with total assets rising This reflects not only the growing 25.2% to RM95.5 billion, as a by 15.2% to RM339.3 billion while importance but also the success of the shareholder’s funds grew to RM201 Group’s international operations. result of successful containment billion, an increase of 17.6%. Return on of cost impact and enhanced Total Assets rose to 28.1% compared Export revenue increased by 18.3% to efficiency to 25.9% in the previous year, while RM86.8 billion and represented 38.9% Return on Average Capital Employed of Group revenue. PETRONAS Group’s (ROACE) remained strong at 45.5%. export revenue represented about ✦ Stronger balance sheet with 14% of Malaysia’s total exports over total assets increasing to Capital expenditure increased by the same period, helped earn valuable RM339.3 billion 33.3% to RM37.6 billion during the foreign exchange for the nation, and year, partly as a result of the escalation at the same time provided a positive in cost.
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