Petronas
In a grand celebration of its 50th anniversary, Petronas has embarked on a ceremonial journey of the Twin Torches. The Malaysian energy giant is touring its home nation with two symbolic flames, paying homage to significant places and events in its storied history.
The tour is more than a symbolic gesture – it is a public celebration of the company’s profound social and economic impact over the past fifty years.
Its first torch has already travelled through Sabah and Sarawak, regions integral to Petronas’ timeline due to their wealth of natural resources. Each stop has been marked by vibrant community events, including a Kaamatan Celebration, a Family Fun Day, sports events, and educational presentations in local schools. These activities underscore Petronas’ longstanding relationships with local communities, celebrating its achievements while also recognizing the deep cultural and economic ties it has fostered over the years.
The Kaamatan Celebration, for example, is a harvest festival deeply ingrained in the culture of Sabah. But it is also a fitting metaphor for Petronas’ journey. Just as Kaamatan celebrates the fruits of labour and the promise of future renewal, Petronas too reflects on its achievements to date while looking forward to new opportunities.
Petronas’ presence in Sabah and Sarawak goes far beyond its business operations. The company has been a cornerstone in the development of these regions, having made significant contributions to infrastructure, education and the wellbeing of local communities.
Through its Yayasan Petronas foundation, it has funded numerous educational initiatives with the aim of fostering local talent, particularly in STEM fields. Similarly, its Education Sponsorship Programme (PESP) has enabled thousands of Malaysian students to pursue advanced qualifications.
At a national level, Petronas has played a pivotal role in Malaysia’s economic growth, contributing to the country’s industrialization and remaining a major contributor to the national economy. The company’s role in Malaysia’s economic development cannot be overstated, as it has consistently been a key driver of progress and modernization.
Petronas has also been a leader in promoting sustainability within the energy sector. As global attention increasingly shifts towards environmental concerns, it has invested heavily in emerging technologies, renewable energy projects and various initiatives designed to reduce its carbon emissions to net zero by 2050.
Of course, Petronas’ journey has not been without its bumps in the road. The company has overcome several obstacles in the past, including attempted takeovers by then incumbent, colonial rivals.
Even today, Petronas has been dragged into a legal dispute involving Malaysia and the self-declared heirs of a now-defunct clan from the Philippines. Citing little more than a colonial-era agreement, the claimants have laid claim to Sabah’s resources. Having gained the support of dubious third-party funders and a rogue arbitrator who has since received a criminal conviction for his role in the case, the Sulu claimants successfully obtained a $15 billion arbitral award against Malaysia. Despite appeal courts across Europe later determining that the arbitration was invalid because the arbitrator lacked jurisdiction, the claimants continued to attempt to enforce the award. They journeyed across Europe in search of a court that was willing to allow their claim, a process which culminated in them successfully seizing Petronas’ assets in Luxembourg – all of this despite Petronas never having been a party to the legal dispute.
Despite these challenges, Petronas has remained resilient, defending its position and, by extension, Malaysia’s sovereignty over Sabah whilst also seeking to expose the corruption behind the initial arbitral ruling.
As the Twin Torches continue their journey across Malaysia, culminating in a grand celebration in Kuala Lumpur, they are intended to symbolise the company’s enduring spirit and its envisioned continuation into a new era of sustainable growth. The next chapter will undoubtedly present new challenges, particularly as the energy sector is faced with climatic changes, economic uncertainty and geopolitical turmoil.
But Petronas is well-positioned to navigate its way through these challenges, thanks in no small part to the strong foundations it has built within its home nation. These relationships, grounded in mutual respect and shared goals, will be the bedrock on which the company can rely as it faces the challenges of a rapidly changing world.
The company’s innovative approach and technological capabilities, coupled with the support of the people it has invested in over the years, will be crucial as it embarks on the next 50 years.
