New Petronas CEO may boost exploration

New Petroliam Nasional Bhd chief executive officer Datuk Shamsul Azhar Abbas, who boosted the value of MISC Bhd sevenfold over the benchmark index as its head, may offer “continuity” to the Malaysian state oil company.

Shamsul, 57, who will replace Tan Sri Mohd Hassan Marican next week, may accelerate the company’s oil exploration business as the integrated producer expands globally, Jason Yap, an analyst at OSK (Asia) Securities, said in a report today. The leadership of Petronas, as Petroliam Nasional is known, is a key position in Malaysia because it is the biggest contributor to the country’s budget through its dividend payments.