MICHAEL CONCLUDES TESTNG ACTION IN JEREZ

MICHAEL CONCLUDES TESTNG ACTION IN JEREZ
Source : http://www.mercedes-gp.com 

The final day of this week’s test in Jerez saw Michael Schumacher back at the wheel of the MGP W01.

The day started slowly with early morning rain leaving the track still very wet for the start of the session. Michael completed a few exploratory laps before returning to the garage to wait for a dry line to emerge.

Michael went back out once the track had dried sufficiently to run on slick tyres and made full use of the remaining track time to further develop the set-up of the car. Michael completed 84 laps over the course of the day setting a quickest time of 1:20.613.

The next test for MERCEDES GP PETRONAS will start in Jerez on Wednesday 17 February.

Michael Schumacher: “We had a good day today to end this week’s test programme. The weather affected us a little in the early part of the day but we were able to use our time very effectively once we could run on dry tyres. We completed everything that we wanted and were able to increase our understanding of the car a step further so overall it’s been positive. It’s very tough to understand the order of the teams just yet as everyone can play so much with the fuel loads. So there is a lot of speculation going on but it’s very interesting!”

Ross Brawn: “It’s been a difficult week weather-wise for all of the teams out in Jerez however we have achieved a significant amount of mileage in both the wet and dry conditions and completed some important test items on our pre-season testing programme. This week has enabled us to increase our understanding of both the car and the tyres and our focus for the final two tests will be to continue to develop the performance of the MGP W01 and ensure the team and our drivers are fully prepared for the first race.”

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Concerns for Malaysia’s Petronas after Marican

Concerns for Malaysia’s Petronas after Marican

By Carola Hoyos in London and Kevin Brown in Singapore
Source : http://www.ft.com/cms/s/0/b5f8625c-15a1-11df-ad7e-00144feab49a.html?nclick_check=1

Malaysia on Tuesday ended the 15-year tenure of the executive who transformed its state-owned energy company from a natural gas exporter into one of the very few sophisticated state-owned oil and gas companies with a broad international presence.


Uncertain circumstances surrounding the replacement of Hassan Marican as chief executive of Petronas have intensified concern that one of the world’s only successful state-owned energy groups – or national oil companies (NOCs) – will suffer at the hands of its own government.

Mr Marican, who was fiercely protective of Petronas’s autonomy, had opposed the board appointment of an important ally of Najib Razak, Malaysia’s prime minister. Mr Marican’s internationalisation of Petronas has resulted in the company sourcing more than a third of its oil and gas from outside Malaysia, whose own production is falling.

Christophe de Margerie, chief executive of Total, which has several partnerships with Petronas, called Mr Marican “an excellent leader,” while Alexander Medvedev, deputy chief executive of Russia’s Gazprom, said he was sad to see such a “high-level executive” leave.

In the dysfunctional world of state-owned oil companies there are very few “excellent” or “high-level” leaders. That lack of leadership has prompted the International Energy Agency, the rich countries’ watchdog, to warn of another possible supply crunch by mid-decade.

Mr Marican contributed to reduce the risk of such a shortage by his relentless search for oil development deals overseas until the final weeks of his tenure.

Late last year Mr Marican struck three deals to tap some of Iraq’s biggest oil fields, adding up to 800,000 barrels of potential production to Petronas’s portfolio.

Petronas has also done well in trickier places – such as Iran and Sudan – where international oil companies fear to tread.

He persuaded Tiaa-Cref, the large US asset manager, to keep its stake in Petronas in spite of misgivings about the company’s impact in Sudan, where the government has been condemned for human rights abuses. Three Chinese companies and an Indian company also involved in Sudan were unwilling or unable to assuage Tiaa-Cref’s concerns and lost its investments.

Petronas’s ability to invest in oil and gas could be curtailed if the Malaysian government were to decide to take a more hands -on approach, analysts and government officials said.

Tony Pua, an MP for the opposition Democratic Action party, said: “The fear is that the wealth of Petronas is now at risk of further plunder by the government.” Petronas amassed a $30bn cash pile in the past decade.

The balance sheet of Malaysia’s finance ministry is not so healthy. The country’s budget deficit reached a 20-year high of 7.4 per cent of gross domestic product in 2009 after the government introduced two fiscal stimulus programmes.

There was no direct government reply to Mr Pua but many Malaysians saw the appointment of Shamsul Azhar Abbas to succeed Mr Marican as chief as a sign that Petronas would remain relatively free of government interference.

Mr Shamsul was previously chief executive of Misc, Petronas’s shipping subsidiary. Robin West, an industry consultant, said changing the policy of allowing Petronas to make decisions with minimal interference would be a disaster. Mr West, chairman of PFC Energy, said Mr Shamsul was capable and experienced. But much of his success will depend on whether he is forced to compete with Malaysia’s prime minister for control of Petronas.

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Petronas must pay royalties: Ku Li

Petronas must pay royalties: Ku Li

KUALA LUMPUR: Former Petronas chairman Tengku Razaleigh Hamzah continues to insist that the national oil corporation must pay oil royalties to the relevant state governments.


He called on the new Petronas CEO to conduct business according to the law, not the directive of politicians.

Petronas recently announced the appointment of Datuk Shamsul Azhar Abbas as its president and chief executive officer.

“In my opinion, I don’t think they (Petronas) should follow the directions of politicians. They must work in accordance with the law.

“If they find the direction is ill-advised, then they should advise the politicians accordingly so that they will not be forced to do things which are contrary to the provisions of the law and the agreement,” he told reporters at his house here Friday.

He suggested an advisory council be established to advise the Prime Minister and monitor Petronas’ performance.

The Gua Musang MP maintained his stand that state governments were entitled to a 5% royalty for petroleum extracted off their waters -– as there was no provision in law for the disbursement of wang ehsan, a goodwill payment that the Federal Government insisted states such as Kelantan was only qualified for.

Waving a copy of the Petroleum Development Act 1974, he quoted Section 4 of the Act: “In return for the ownership and the rights, powers, liberties and privileges vested in it by virtue of this Act, the Corporation shall make to the Government of the Federation and the Government of any relevant State such cash payment as may be agreed between the parties concerned.”

On calls by certain quarters in Umno for him to step down as MP, the Umno veteran leader said the party might not be able to retain the seat if he did so, and there was the possibility others might follow in stepping down.

On allegations that he had recently given a speech at a gathering organised by the Opposition in Kelantan, Tengku Razaleigh clarified that he had spoken at an event initiated only by non-governmental organisations (NGOs).

“I was invited by a group of NGOs from Kelantan and Terengganu – about 52 of them. I went on the condition of speaking alone,” he said.

He added that everyone was invited to the gathering regardless of their political affiliation.

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Shamsul Azhar is new Petronas president and CEO

Shamsul Azhar is new Petronas president and CEO

 
 
 
 
 
 
 
 
 
 
 
 
 
PUTRAJAYA: Datuk Shamsul Azhar Abbas has been appointed president and chief executive officer of Petronas effective February 10 2010, Prime Minister Datuk Seri Najib Razak announced today.

He has also been appointed Acting Chairman of the Petronas Board of Directors.

Shamsul Azhar, 57, who served as MISC President and Chief Executive Officer between 2004 and 2009, will replace Tan Sri Mohd Hassan Merican whose contract ends on February 9.

Najib said Shamsul Azhar, who joined Petronas in 1974, has vast experience in the nation's petroleum industry having served in several senior positions, including that of Vice President of Oil Business, Vice President Petrochemicals, Vice President Exploration (Upstream) and Vice President Maritime and Logistics.

"I am confident he is qualified and experienced to bring continued suceess to Petronas," he said.

Najib also thanked Hassan for his invaluable contribution to the nation and petroleum industry having served as Acting Chairman, President and Chief Executive Officer of Petronas since 1995.

Datuk Shamsul Azhar Abbas, the new president and CEO of Petronas effective Feb 10 2010.

Hassan began his career with the national oil company in 1989 as Senior Vice President, Finance, before being appointed President and Chief Executive Officer in 1995 and later also assumed the position of Acting Chairman in 2004.

Najib said during Hassan's tenure at the national oil company, Petronas enjoyed good repute and excellent standing, internationally, and was the only Fortune 500 company in Malaysia.

"He was also instrumental in bringing Petronas to foreign shores, competing side-by-side with international oil giants," added the Prime Minister.

With vast experience behind him, Najib hoped Hassan would continue to contribute his knowledge and experiene to nation building especially in the energy sector.

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Shamsul seen as frontrunner for Petronas CEO post

Shamsul seen as frontrunner for Petronas CEO post


By YAP LENG KUEN (lengkuen@thestar.com.my)

PETALING JAYA: Datuk Shamsul Azhar Abbas, the former managing director of Malaysian International Shipping Corp Bhd (MISC), is believed to be the frontrunner for the post of CEO of national oil corporation Petroliam Nasional Bhd (Petronas).

“He remains the frontrunner but the Prime Minister (who met all three internal candidates last week) has still to make a formal announcement,’’ a source told StarBiz yesterday.

In a report yesterday, the Singapore Business Times said the current president and CEO Tan Sri Hassan Marican’s replacement (should he not be reappointed) was likely to be Shamsul, 57, who retired in January last year from MISC, a Petronas subsidiary and one of the world’s largest oil and gas shippers.

Hassan’s contract ends next week and speculation is gathering steam on whether he would be reappointed to helm Petronas, Malaysia’s only Fortune 500 company that he has headed since 1995.

“For the sake of continuity and for planning purposes, the reappointment of a chief executive of an important Malaysian government-linked company is generally announced way before his contract expires,’’ BT noted.

It is believed, according to sources, that besides considering the post of CEO, Datuk Seri Najib Razak is also considering whether to fill the chairman’s position immediately or later.

Hassan is the acting chairman to the Petronas board, a position he has held since the sudden demise of former chairman Tan Sri Azizan Zainal Abidin in 2004.

Among the senior positions held in Petronas, Shamsul had been vice-president in the petrochemical, oil exploration and production, as well as logistics and maritime businesses.

Since he joined Petronas in 1975, Shamsul had served as executive assistant to Azizan.

The three potential successors that are currently being talked about are Shamsul, Datuk Anuar Ahmad (Petronas Dagangan Bhd chairman) and Datuk Wan Zulkiflee Wan Ariffin (former managing director/CEO of Petronas Gas Bhd from 2003-2007).

Both Anuar, currently vice-president of human resources management, and Wan Zulkiflee, currently vice-president of the gas business, are members of the Petronas board.

Anuar joined Petronas in 1977 and had been a member of the management committee since 1998, having served as head of its international marketing and corporate planning units. Wan Zulkiflee joined Petronas in 1983 as a process engineer and had served as executive assistant to the president.

The Singapore BT noted that under the late Azizan’s leadership, Petronas had transformed itself into a respected global energy player much “copied” by other national oil corporations.

It contributes 45% of government revenue. Last year, Petronas reported RM52.5bil in profit on revenue of RM264.2bil, making it Malaysia’s most profitable company.

“And it is something of an irony that Petronas’ international debt ratings are slightly higher than the Malaysian sovereign,’’ the report said.

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