Multinational Corporation : Petronas

Multinational Corporation : Petronas Student’s Name Course Title Instructor State Date Type Of Organization PETRONAS which stands for Petroliam Nasional Berhad was established in 1974 and is a Malaysian fully integrated gas and oil multinational which is ranked among the biggest corporations on FORTUNE Global 500. Due to the growing demand for energy, the company becomes motivated, and their purpose strengthened to come up with new solutions as well as push boundaries towards achieving a sustainable energy future. Therefore, the company applies innovative strategies to technology which assist them in maximizing and unlocking the sources of energy emanating from the most challenging environment. The company’s value chain comes ranges from exploration to all the logistics needed for technological infrastructure, marketing and operation in more than 50 countries.[Ahmad, Wan Fatimah Bt Wan, Aliza Bt Sarlan, and Nur Zatul Iffah Binti Zolkana. "University Technology PETRONAS health, safety & environment system." In 2008 International Symposium on Information Technology, vol. 4, pp. 1-5. IEEE, 2008.] Through their rapidly growing and expanding network and trajectory, PETRONAS has continually and successfully executed some social environment as well as community programmes which are guided by their Corporate Sustainability guideline. Thus, making them carry out business in a more holistic and socially manner for the advantage f the present as well as the future generations The company’s functions are governed by the terms stipulated in the Act which was passed in 1974 called Petroleum Development.. Based on the 1971 plan, the main goal of PETRONAS is to secure national sovereignty over gas and oil reserves. Besides, to plan for the oil and gas demand both in the present and the future. Also, to participate in marketing and distributing petrochemical products and petroleum at reasonable prices. Additionally, they aimed at encouraging the provision of equipment, plant as well as services by the Malaysian companies. Basically, they aimed at spreading the tremendous benefits of the petroleum industry in a country.[Ibid] Brief Background Few statements define PETRONAS as an organization and significantly guide their corporate activities as well as police and also outline their future course. The stated purpose is an endless energy and solution partner enriching lives for a sustainable future. Whereas their shared values are encompassed in their culture as the backbone of their business conduct. At the same time reflecting our sense of responsibility and duty in upholding their commitment towards participation to the well-being of nations and people wherever they operate. Their shared values include integrity, loyalty, professionalism, and cohesiveness.[Bienz, C., T. Larsson, T. Sato, and B. Ullbrand. "In Front of the Grid–CFD at Sauber Petronas F1 Leading the Aerodynamic Development." In 1st European Automotive CFD Conference, Bingen, Germany. 2003.] In 1988 Malaysia experienced the world’s largest reserves of oil and natural gas. The total amount of the export they received from the two commodities amounted to 15% of the country’s foreign exchange income in the same year. Therefore, the exclusive control and own...