on international arbitration. Corporate identity Petronas's logo was created in 1974 by Dato Johan Ariff of Johan Design Associates. He is also responsible in creating logos for other Petronas subsidiaries, JVs, link-companies and properties, including Kuala Lumpur City Centre (KLCC), MISC, MMHE, Universiti Teknologi Petronas (UTP), Kuala Lumpur Convention Centre, Putrajaya Holdings, Prince Court Medical Centre (PCMC), PETLIN, Malaysian Petroleum Club and Mesra Mall. In 2013, Petronas introduced a refreshed version of its corporate logo at the 2013 Asia Oil and Gas Conference (AOGC 2013). Corporate affairs Petronas is a corporation wholly-owned by the government of Malaysia and is directly answerable to the prime minister of Malaysia. The Malaysian federal government is the sole shareholder of the company. Key positions in the company are all appointees from the federal government. Besides, the federal government also controls the amount of dividend payout to finance the yearly budget of the country. In December 2019, prime minister Mahathir Mohamad mooted an idea of selling a percentage of Petronas stake to Sabah and Sarawak because the Pakatan Harapan government was unable to fulfill its promise of giving 20% oil royalty to both the states. The price of the purchase was reported to be RM 8 billion for one percent of the company. Such proposal met cold response from Sarawak. This is because once the shares are bought, Sarawak can only become a minority shareholder. Sarawak therefore will not have much voice in the Petronas board meetings. Due to its high share price, the money, once invested, may have difficulty to break even in the future. A lawmaker from Sarawak stated that Petronas acts as a trustee for the oil and gas fields in both the states; therefore, it makes no sense of buying a property that should have been already owned by the state governments. Besides, Petronas company brand valuation as of January 2021 was US$12 billion (RM 48 billion according to conversion rate of US$1.00 to RM 4.00). Total stockholder equity as of February 2021 was US$82 billion (RM 328 billion). Production sharing contracts Production-sharing contract (PSC) was signed between Petronas and other foreign oil companies in 1976. A ratio of 70:30 was agreed upon where for total amount of oil produced, other oil companies will take 20% of oil for cost recovery (cost oil), and the remaining 10% will be taken as oil royalty and shared equally between federal and respective state