KUALA LUMPUR, July 12 — Tan Sri Mohd Bakke Salleh has been appointed the chairman of national oil company Petroliam Nasional Berhad (Petronas), replacing incumbent Tan Sri Ahmad Nizam Salleh.

His term starts August 1, the Prime Minister’s Office (PMO) said today.

The PMO also thanked outgoing chairman Ahmad Nizam for his 37 years at Petronas.

It noted that he successfully steered the company in weathering the biggest challenge faced by the world and Malaysia, including the Covid-19 pandemic and global oil price volatility.

As a testament to the contributions made by Ahmad Nizam, the PMO said Petronas still retained a good international credit rating and is the country’s leading company listed in the annual Fortune Global 500 list.

"The government is continuing its program to transform government-linked companies so that they remain strong and ready to face the post Covid-19 recovery phase in the new norm. Changes will be made from time to time.

"The Prime Minister would like to extend his gratitude towards the leadership and contributions of Ahmd Nizam for the past three years as chairman of Petronas,” the PMO said.

Ahmad Nizam was appointed as chairman of Petronas on August 1, 2018.

He is now chairman of Pelaburan Hartanah Berhad (PHB) and will continue to remain as non-executive chairman of KLCC Stapled Group, which comprises KLCC Property Holdings Bhd and KLCC Real Estate Investment Trust (KLCC REIT).

"His experience in Petronas and real estate management in KLCC will breathe new life into PHB’s direction and management in their effort to increase Bumiputera ownership of commercial properties in the country,” the PMO said.