PETRONAS GROWTH STRATEGY
An all time challenge that Petronas will always face is lack of resources and technology. This is due to oil being a non-renewable source of energy. Yes, there is still oil in Malaysia, but oil in Malaysia is beginning to deplete due to years and years of drilling. In order to drill deeper, they will need more advance technology. Without doubt, this is a problem faced by all oil and gas companies. The question here is how does Petronas escalate its performance throughout the years despite having this major problem?
The answer is they venture outside of Malaysia. Yes, other oil and gas companies must be doing the same thing. However, Petronas has a competitive advantage over other big oil and gas companies. They have successfully ventured to Islamic countries in the African continent. This is what their other rivals have failed to achieve despite having much more experience than Petronas.
These Islamic countries such as Sudan prefer Petronas to enter their countries not only of Malaysia’s ‘Islamic country’ status. Another reason of this acceptance is because Petronas offers to contribute to their country. Therefore, a win-win relationship can be formed. This is what other oil and gas company did not offer.
Currently, Petronas is the largest Malaysian company and key-player in Sudan’s oil and gas industry. Petronas contributed to Sudan by providing vast job opportunities to their nation. Not only does Petronas provide jobs, they also develop the locals into better individuals and employees.
Besides that, Petronas also build academic institutions for the locals. Petronas has carefully structure its education programmes in Sudan. They provide education opportunities from the basic to postgraduate level. They also introduced Petronas Mobile Library (PML) which encourages a reading habit among students. Petronas introduced a programme called Petronas Seeds that will ensure a steady supply of competent professionals in Sudan....
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