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Hassan Merican to stay Petronas boss

KUALA LUMPUR, Jan 12 — Tan Sri Hassan Merican’s term at the helm of national oil company Petronas is likely to be extended for another year after his contract expires next month, The Malaysian Insider understands.

An announcement on the extension — expected soon from the government — will put an end to the uncertainty surrounding Hassan’s future.

The Malaysian Insider understands that the government’s reason for renewing Hassan’s contract was because “he is the best man for the job.”

There has been swirling speculation that Hassan would be replaced as Petronas chief executive after his contract ends in February.

This was because of his clashes with the Datuk Seri Najib Razak administration in the past year over an appointment to the board of directors and his own independent streak.

The clash with the administration happened last year when Omar Mustapha, a senior aide of Najib, was denied a board seat at the oil firm despite explicit instructions by the prime minister.

Under the Petroleum Development Act, the oil firm is answerable only to the PM, which meant that the board may have been insubordinate in its actions.

Eventually, a second request by Najib led to the board “deferring” the decision. Najib then put his foot down and Omar has since joined the board.

The Omar saga led to much speculation surrounding Hassan’s future.

But The Malaysian Insider understands that the continued economic uncertainty and Hassan’s experience has made replacing him now an unattractive prospect.

The rise of the national oil company into the big leagues through its success in getting awarded lucrative exploration rights in Iraq recently would have also helped tip the scales in favour of retaining Hassan.

Hassan’s independent streak also won him accolades from many Malaysians recently.Despite some pressure and expectation that it would sponsor the Malaysian-backed Lotus F1 Racing team, Petronas decided last month to instead put their money in the Mercedes Formula One team.

This decision also led to further speculation about Hassan’s future.

Conservative hawks within Umno have also been questioning the patriotism of the move by Petronas to back Mercedes instead of Lotus F1, but Hassan was understood to have made a strong case and convinced the PM that sponsoring Mercedes was a business decision.

It is understood that Hassan’s shrewd experience in the oil industry and his fierce independence was something the Najib administration felt was needed for the oil company as Malaysia attempts in the next few months to chart a new economic model.

source: The Malaysian Insider

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