Just how dependent is Malaysia on the revenues of the national oil company? Our subsidies are after all tied to the price of petrol. How much longer can this dependency last?
The first oil well in Malaysia was called the Grand Old Lady. This was in Miri, Sarawak. Also known as Oil Well No. 1, it was operated by the Royal Shell Company from 1910 and lasted for 62 years. Fast forward 100 years, and the custodian of the nation’s oil and gas assets is now Petronas.
Petronas is Malaysia’s only Fortune 500 corporation and its 2012 revenue alone was one-third the national real GDP. It also contributes close to half the government’s revenue in one form or another.
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