Report: Petronas CEO's exit linked to planned oil law change, Warisan

Outgoing Petronas CEO Wan Zulkiflee Wan Ariffin's departure has been linked to plans to amend the Petroleum Development Act, reported The Edge.

Sources were cited as saying that Wan Zulkiflee (above) was allegedly opposed to plans to amend the law.

"He didn't want it (the changes to the act) to happen on his watch," said an anonymous executive.

It is not clear what the amendments are, but the business weekly speculated that it could be to Sabah and Sarawak's benefit, two states which get only 5 percent in oil royalties despite contributing 60 percent of oil and gas revenues.

By making the law more favourable to East Malaysia, the Perikatan Nasional government, it said, could try to woo Sabah's Warisan away from Pakatan Harapan.

In such a case, this would also likely keep Sarawak's GPS, which has 18 Parliament seats and is seen as a kingmaker, loyal to PN.

Speculation is rife that Harapan is trying to woo GPS in order to secure a strong enough majority to seize back federal power.

Wan Zulkiflee's exit from Petronas was announced by Prime Minister Muhyiddin Yassin last week. 

He will be moving to Malaysia Airlines where he will be chairperson.

The Edge said that the move to MAS was likely at Wan Zulkiflee's own request.

He will be replaced by Petronas chief financial officer Tengku Muhammad Taufik Tengku Aziz. - Mkini

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