Petronas, established in 1974, is a state-owned enterprise. Fully owned by the Malaysian government. And it has been granted all rights to own and control Malaysia's oil resources through the Petroleum Development Act passed by the parliament. The company has been designated as the development company for all oil and gas in Malaysia and is required to carry out value-added processing on these resources. Petronas has grown from a simple oil and gas extraction enterprise at its inception to a diverse entity with added value in multiple areas.