Petronas has been under severe criticisms since the recent increase of fuel prices. Most of the topics have been centred around its fund use, Formula One, Philharmonic Orchestra, Executive Plane, KLCC, and Putrajaya. But the following less visible contributions and where some of the funds have gone have seldom been talked about or neglected.

Petronas has grown from a small national oil company into one of the best-run national oil giants and has been acclaimed as one of the New Seven Sisters oil companies. It is one of the Fortune 500 companies and ranked as one of the top 20 most profitable corporations in the world last three years.

This achievement by Petronas is not due to Malaysia being a big oil and gas producer and exporter. It is due to the very competent, committed and professional management by Malaysians of high integrity since its incorporation in August 1974. It is the people and management of a company who decide its success and profitability.

Petronas has expanded its operations globally and is now in 33 countries. It has acquired oil and gas reserves in some of these countries – very valuable assets in today’s high oil price scenario. It is able to do that because of its strong balance sheet and trust by other national oil companies and oil majors.

It has invested billions of ringgit in upstream oil and gas exploration and production. In 1974, Malaysia produced only about 80,000 barrels per day of oil before the entry of Petronas. Now Malaysia produces almost 700,000 barrels of oil per day and Petronas has production of oil and gas in countries overseas including Chad, Indonesia, Sudan, Turkmenistan, Vietnam and some others.

For its 2007 financial year, Petronas sold 192.4 million barrels of oil, 215.9 million barrels of petroleum products, 3.2 million tonnes of LPG, 6.4 million tonnes of petrochemicals, 720.8 trillion btu of processed gas (or approximately 124.3 million barrels of oil equivalent) and 24.1 million tonnes of LNG based on figures from its annual report 2007 (as at March 31, 2007). The figures speak for themselves, it shines when its performance is compared to some of its peers.

It has instituted prudent oil and gas production conservation policy (which the public is perhaps not aware as it is not normally talked about) and continues to re-invest in reserve build-ups. Petronas is, therefore, able to say that the production can go on for another 20 to 22 years, which will definitely benefit the nation and the next generation.

There was talk that its total domestic and international reserves could be more than 20 billion barrels of oil equivalent with about 30% from its international operations.

Through the years, it has added value to some of the oil and gas produced by investing billions of ringgit into oil refining and petrochemical productions, generating a great deal of domestic economic activities and creating thousands of jobs for Malaysians. To name a few:

• It has built two world-scale natural gas crackers in Kertih and many gas-based world-class petrochemicals plants in Kertih, some of which are joint venture with reputed multi-nationals.

Petronas has invested billions of ringgit in education. It builds and runs the technician skills training centre in Kertih and the Universiti Teknologi Petronas in Batu Gajah. In addition, it has given out thousands of scholarships to students to study in both local and overseas universities since its incorporation.

The management and staff of Petronas (the bulk of whom are Malaysians) have made the company into a very respectable one. The executives have all been well-trained and exposed to the best and latest management skills and technology. Other government corporations and organisations should perhaps look upon Petronas as a model to follow as it is not only successful domestically but internationally.

It was reported that Petronas helped to save the country from being bankrupt during the financial crisis in 1997/98 by bringing back its huge foreign reserves and injecting it into the local financial systems.

Therefore, one has to look at the entire perspective when one criticises Petronas, which has been working quietly and contributing to the well-being of the people and the nation. With so many achievements and contributions, one should actually be proud of the national oil company.

Based on its annual report, Petronas made a pre-tax profit of RM76.3 billion in financial year 2007 (as at March 31, 2007) and its total contribution to the government is about RM46 billion assuming a ratio of 60% contribution. One should not ask Petronas how that contribution has been utilised as Petronas is not responsible for the fuel subsidy.

For the financial year ended as at March 31, 2008, Petronas is estimated to make a pre-tax profit way above RM80 billion and the contribution to government will be much more. Which other company in Malaysia can make that kind of contribution? Why attack Petronas?

There are talks that Petronas should report to parliament rather than to the prime minister, but one wonders (for those who can appreciate the achievements and contributions made by Petronas) if the present system is good, why change it? Or why kill the goose that continues to lay so many golden eggs as someone asked .

We need professionals who know the complexities of the oil business to run an organisation like Petronas and not amateurs or politicians. Politicians will bring down the giant that has been painstakingly built up and has been the big pillar of support for the government and this country especially when there is a crisis.

All concerned Malaysians should support Petronas against the politicians - whether they are from the Barisan Nasional or the oppositions - from putting their fingers in Petronas.