Thursday, 22nd August 1974
Incorporation of PETRONAS. Parliament passed the Petroleum Development Act, vesting in PETRONAS the ownership and control of Malaysia’s petroleum resources. The establishment of PETRONAS by the Malaysian government was part of a wave of nationalistic oil legislation that swept the Southeast Asia region in the 1970's era. It followed the example of Pertamina, the Indonesian state oil company, to replace standard concession (previously awarded to foreigners) contracts with more lucrative production sharing schemes.