The company is directed by the Prime Minister, who also controls appointments to the company board. Petronas holds stakes in the majority of oil and gas blocks in Malaysia, and it is the single largest contributor to Malaysian government revenues, up to 45%, by way of taxes and dividends. Since its incorporation in 1974, Petronas has grown to be a world-renowned integrated international oil and gas company with business interests in more than 30 countries. Under legislation enacted in 1985, Petronas is required to hold a 15% minimum equity in production sharing contracts (PSC) with all foreign and private companies