Sunday, 6 June 2010

Petronas new Chief first 100days

The session marking 100days of Petronas head honcho Datuk Shamsul Azhar Abbas in office was reported in:

The Star .. Petronas keen on home oil fields

The Malaysian Insider …Petronas to push ahead with new board, new plans

Of the news reports;

Blogger Goh Wei Liang do not agree …Wrong direction, Petronas

Blogger Rocky Bru have a different angle on it….”We won’t sell KLCC”

My thoughts, After 100 days it seemed that Datuk Shamsul is still on honeymoon in Petronas. Its all talk at the moment some movements at the top and the BOD here and there but the proof in the pudding is how his management will affect Petronas's workforce and bottomline.

Datuk Shamsul has his work cut out for him, Hassan Merican and his team built Petronas to rank among Fortune Global 500's largest corporations in the world. Fortune ranks Petronas as the 95th largest company in the world in 2008 and 80th largest in 2009. It also ranks Petronas as the 8th most profitable company in the world. That was what was achieved by Petronas under Hassan Merican. That is definitely not a small feat.

What are his concrete plan for the 4 new Iraqi oil fields secured by Petronas during Hassan Merican's time; excerpt from Amresearch report:

"Petroliam Nasional Bhd (Petronas), together with foreign consortiums, has secured four of the five bids submitted to develop oilfields in Iraq. The four fields comprising Majnoon, Halfaya, Badra and Gharaf will raise Petronas’ international crude oil reserves by 3.6 billion barrels of oil equivalent (BOE) to 5.8 billion barrels.

It said this exceeds current domestic crude oil reserves of 5.5 billion BOE"

... is Datuk Shamsul thinking about selling to other JV partners in Iraq. Hmm..I hope not. Also its kind of strange that he reportedly said "we won't sell KLCC"..why the heck does the Government wants to sell the Petronas Twin Towers? It could just be a metaphor to say that he won't be selling out Petronas.

It remains to be seen if Datuk Shamsul's odd plan to divest non core overseas business will take Petronas to. Jangan jadi macam Ming Dynasty burn their huge treasure ships fleet zaman dahulu kala sudahlah.

Anyway lets see if Petronas can climb higher in the Forbes ranking under Datuk Shamsul, if not, he and his Exco should take the can and resign all of them.

Notwithstanding the above, Good luck to Datuk Shamsul, I believed he has the best of intentions to take Petronas to higher levels,PM Najib believes in him.

God bless Petronas, God bless Malaysia.

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