Background of Industry Refining

Topics: Petroleum, Oil refinery, Natural gas Pages: 4 (1069 words) Published: June 8, 2013
Background of Industry

Refining industry holds an importance for all the oil producing countries. If focused on the global trends in the oil refining industry, then there will been see that this industry in the past few decades has experienced many ups and downs.

Malaysia Channel coast Malacca western, as the connection of the Indian Ocean and Pacific and Pacific maritime energy trade in an important way. Malaysia's position in the South China Sea makes it a party to the various disputes among neighboring countries over competing claims to the sea's resources. Although Malaysia bilateral solve a potential problem is the competing claims with Vietnam, Brunei, Thailand, China claimed that the fact that almost all of the South China Sea, including the Spratly Islands, which is in the vicinity of the oil and gas producing basins.

Malaysia is an important oil and gas producer, location; energy trade is an important maritime route. As Malaysia's oil fields are maturing, the Government's focus is to increase production from existing fields, and new offshore oil and gas development, which is the near total production capacity, is expected to increase medium-term.

The Malaysian government is focused on efforts to enhance output from existing oil and natural gas fields and to advance exploration in deepwater areas. New tax and investment incentives introduced in 2010 aim to promote oil and natural gas exploration and development. Their target is to increase aggregate production capacity by 5 percent per year up to 2020 to meet domestic demand growth and to sustain crude oil and LNG exports to overseas markets. Malaysia also aims to become regional oil storage and trading hub, taking advantage of its strategic location in the center of the Asia-Pacific region astride key shipping lanes.

Profile of Company

Petron Malaysia Refining & Marketing Bhd

Petron Malaysia is part of Petron Corporation in the Philippines, which is an emerging and rapidly...
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