Datuk ShamsulAzhar Abbas, the new captain who will navigate Petroliam Nasional Bhd (Petronas) from next week, is no newcomer in the oil and gas field.
He has been onboard the national oil corporation since 1974 and has served in several senior positions, including Vice President of Oil Business, Vice President Petrochemicals, Vice President Exploration (Upstream) and Vice President Maritime and Logistics.
Shamsul Azhar, 57, last served as President and Chief Executive Officer at Petronas' shipping arm, MISC Bhd between 2004 and 2009, before retiring in January last year.
Without a doubt, his experience in various departments of Petronas, combined with his five-year stint in the shipping business, speaks volumes of the man, who is taking over the helm from Tan Sri Hassan Marican on Wednesday.
The Britain-trained former oil trader will replace Hassan as President and Chief Executive Officer as well as acting Chairman from Wednesday. Hassan’s contract ends on Tuesday.
Analysts say Shamsul Azhar is a highly respected figure both locally and internationally, and the fact that he is from the industry will ensure continuity in Petronas.
They say that he will be able to contribute positively to the company with his rich experience in all segments of the oil and gas industry.
When he clocks out this Tuesday, Hassan, will be reassured that the national oil company will be in good hands.
With strings of accolades under his belt, the 57-year old Hassan, can bow out with his head held high. One legacy he leaves behind would be the success Petronas has achieved.
Incepted in August 1974, Petronas, considered to be Malaysia’s most efficiently managed government-owned corporation, has firmly established itself as a global energy player over the last two decades.
It currently operates in over 30 countries, and its overseas operations, including exports, account for more than 75 per cent of its revenue.
Over the past five years alone, Petronas, which started off as a company with a paid-up capital of RM10 million, has seen revenue grow from RM137 billion in 2005 to RM264.2 billion during its 2009 financial year.
Net profit during that time grew from RM35.6 billion in 2005 to RM52.5 billion in 2009, with the peak of RM61 billion earned during its 2008 financial year.
When Hassan took over as chief executive of Petronas in 1995, he promised he would transform the oil company into a major international player.
Today, the company which controls and owns the country’s oil and gas resources, ranked number 14 among Asia’s top 50 companies, and 80th globally, in Fortune magazine’s Global 500 listings in 2008, the only Malaysian company in the rankings.
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