It's that time of the year again when CEOs and top management of the world's largest companies anxiously wait for the most coveted list in the world of free enterprise - the Fortune Global 500 list by Fortune Magazine, the premier global business publication.
This year, the Fortune Global 500 list was released by the magazine on 9 July 2009.
Alhamdulillah, Petronas remained a resident in the list, making it the sole representative of Malaysia, something that we should continue to be proud of despite some skeptics and cynics who feels it is no longer a big deal given the fact that the national oil company has already been in the big leagues for many years now.
Still, during these challenging times and volatile business environment, we should take comfort that Petronas still managed to be ranked in a very, very comfortable spot among the 500 companies listed in the Fortune list.
Petronas leaped 15 spots up from 95 to 80 in the overall category (based on revenue). This is an incredible achievement despite the company registering lower profit margins for the financial year ended 31st March 2009.
However, the lower profit margins has definitely taken its toll on Petronas, resulting in slightly poorer ranking in other categories - but still something for us Malaysians to be proud of.
Petronas emerged as the 13th most profitable company in the world and 7th most profitable in the world in the petroleum refining category, just trailing the supermajors - ExxonMobil, Shell, Chevron, BP, Petrobras and Total. Petronas can be forgiven for losing out to these big boys. Hell, it even beat ENI of Italy, Rosneft of Russia and China National Petroleum. It also the second most profitable company in Asia.
This is the kind of recognition which is pertinent for Petronas to continue to maintain trust and confidence from its business partners and stakeholders. Most of Petronas' business partners are the oil and gas supermajors - these boys don't simply do business with anyone. And bear in mind that for the last decade or so, Petronas' revenue were mainly derived from its international operations of which Petronas has presence in more than 30 countries.
It has always been referred to by many in the oil & gas fraternity as "an entity of which we are very comfortable to deal with". Now, doesn't that tell you something? Surely Petronas is doing something right to be accorded with such accolades.
That is why Petronas staff must hold their head up high and not be disheartened by people who has tendencies to downplay or ridicule their contribution to the country. You guys have done a great job and a great service to the people of Malaysia.
It is hoped that the Government of Malaysia in turn, would do its part to defend Petronas from any attempts to destroy what the latter has achieved for the past 35 years.
It is not just about pleasing people in one state with oil royalty payments or pleasing one politician who thinks Petronas should give special payments to all families in the country to ease their financial burden. It is more than that. It is more than meets the eye. And if we fail to see beyond quick tangible gains, I promise you, we will live to regret it....
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