Petronesa Sdn Bhd (Petronesa), a subsidiary of Sarawak Foundation (Yayasan Sarawak), was incorporated on 21 September 1987 under the name Bormob Oil Sdn Bhd. At the time of incorporation, Yayasan Sarawak held a 90% equity stake, while the remaining 10% was allocated to a minority shareholder.

Today, the Company’s shareholding structure consists of Yayasan Sarawak with 60% equity, Kalamars Sdn Bhd — a local Bumiputera investment company — holding 30%, and the remaining 10% owned by an individual shareholder.

Petronesa was initially established to collaborate with Mobil Oil Malaysia Sdn Bhd in early 1988, supplying diesel to timber operators across Sarawak. This partnership continued for approximately two years before ending on 31 December 1990, mainly due to logistical challenges.

In March 1991, Petronesa entered into a distributorship agreement with Petronas Dagangan. With its nationwide logistics network and strategic operating locations, Petronas Dagangan provided more efficient product distribution and improved pricing mechanisms.

In 1995, the distributorship arrangement with Petronas Dagangan was transferred to its associate company, Petronesa Trading Sdn Bhd.

In 1992, Petronesa diversified its business operations by venturing into the trading of consumer products through its credit sales schemes. Building on this diversification strategy, in 2015 the Company expanded into commodity derivatives trading through Murabahah Credit Sales schemes, a Shariah-compliant financing structure. Today, this business segment has evolved into the Company’s core activity and remains the mainstay of Petronesa’s operations.