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Saturday, 6 February 2010 - Malaysia opposition frets over Petronas shake-up
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    Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Malaysia opposition frets over Petronas shake-up AFP - Saturday, February 6 Send IM Story Print Malaysia opposition frets over Petronas shake-up KUALA LUMPUR (AFP) - – Malaysia's opposition Friday accused the government of meddling in cash-rich energy giant Petronas after a new chief executive was named for the state-owned company. The government announced on Wednesday that Shamsul Azhar Abbas, 57, would replace Hassan Merican, who has led the company since 1995. In a statement, it noted that Hassan's contract expires next Tuesday but gave no more explanation. Analysts have lauded Hassan for his independence. Petronas -- Malaysia's only Fortune 500 company -- contributes almost half the country's budget revenues. Its cash is all the more valuable after Malaysia last year ran up its highest budget deficit in 20 years, at 7.4 percent of gross domestic product, during the global financial crisis. "The fear is that the wealth of Petronas is now at risk of further plunder by the government," opposition parliamentarian Tony Pua told AFP. "There is fear that (Prime Minister) Najib Razak will arm-twist Petronas into providing more funds than Petronas can afford into funding the federal government," said Pua, who is from the Democratic Action Party. The prime minister's office declined to comment to AFP. But analysts at AmResearch said the company was in safe hands under Shamsul, formerly the chief executive of shipping giant and Petronas subsidiary MISC. "We are positive on this development as Shamsul's extensive experience with Petronas should ensure that the group's strategies, direction and policies remain intact," AmResearch said in a report. "This is vital given the group's thrust in further developing deep-water and overseas projects such as the four recent oil well concessions in Iraq," it added. Petronas is part of a consortium led by PetroChina that has formally signed a 20-year deal with Iraq to develop the Halfaya oil field, which has proven reserves of about 4.1 billion barrels. Petronas is also helping to develop offshore gas resources from the vast Sunrise field off East Timor. Recommend Send IM Story Print Related Articles Spectra Energy Partners' 4Q profit rises AP - 2 hours 9 minutes ago Leap shares decline after JPMorgan downgrade AP - 2 hours 16 minutes ago Beazer Homes posts a $48 million profit for Q1 AP - 2 hours 19 minutes ago Stocks tumble for 2nd day on euro zone, jobs Reuters - 1 hour 58 minutes ago US STOCKS SNAPSHOT-Dow, S&P fall 1 pct Reuters - 2 hours 33 minutes ago News Search Top Stories BAE to pay 450 million dollars in fraud fines UN wildlife trade agency backs ban on bluefin tuna White House sees 'encouraging signs' in job data US loses 20,000 jobs, unemployment dips to 9.7% Euro hits nine-month dollar low More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Fury heats up after new AIG bonuses Shell cuts jobs after profits plunge Jackson doctor to surrender Friday: lawyer Blushing Pluto? Dwarf planet takes on a ruddier hue: NASA NY sues Bank of America alleging fraud in Merrill deal More Most Viewed » Fury heats up after new AIG bonuses More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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