Photo courtesy of The Edge.Datuk Wan Zulkiflee Wan Ariffin (pic) has been named the new chief executive officer and president of national oil company Petroliam Nasional Bhd (Petronas) for a three-year term effective this April, according to a statement by the prime minister today.
Wan Zulkiflee is currently the Petronas chief operating officer and executive director. He will replace Tan Sri Shamsul Azhar Abbas, whose contract ended today but has been extended to March 31, 2015.
He is also the executive vice-president of the downstream business at Petronas and chairman of Petronas Chemicals Group Bhd and Petronas Dagangan Bhd.
Datuk Seri Najib Razak in his statement also thanked Shamsul for his services to Petronas since assuming the post in 2010.
Shamsul joined Petronas in 1975 and held several senior administrative posts.
On February 6, The Edge reported that high-ranking government officials were said to have met and interviewed Wan Zulkiflee, Datuk Mohd Anuar Taib and Md Arif Mahmood, who were candidates in the running to take over from Shamsul.
Wan Zulkiflee was said to have been in the running to replace former Petronas CEO, Tan Sri Hassan Merican before Shamsul was eventually selected. Many cited his young age at the time as the barrier to Petronas’ top post, reported The Edge.
Datuk Ahmad Nizam, 59, is also a familiar figure in the CEO selection process as he was a candidate to replace Hassan back in February 2010. He is currently the CEO of South Africa-based Engen Petroleum Ltd, an 80%-owned subsidiary of Petronas,
This selection for Shamsul’s successor comes at a time when the state-owned oil and gas company is grappling with falling oil prices. Petronas had already announced a cut in its capital expenditure by up to 20% this year to offset the weak oil prices.
With the low oil prices, Shamsul has forecast that payments by Petronas to the government — in the form of dividends, taxes and royalties — could dip by as much as 37% to RM43 billion in 2015 if oil prices hover at around US$75 (RM268.50) a barrel, reported The Edge.
Today Brent oil futures fell 0.2% to US$57.66 per barrel, off a six-week high of US$59.06 touched on Friday, reported Reuters.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.