A statement from the Prime Minister’s Office said the appointment would take effect immediately.

Ahmad Nizam, who has 37 years’ experience in the oil and gas field, has served in various position in Petronas.

The statement said Wan Zulkiflee Wan Ariffin remains the firm’s president and group CEO.

A few years ago, Ahmad Nizam was tipped for the top post in Petronas, alongside Wan Zulkiflee.

He was also the managing director and CEO of Petronas’ 80%-owned unit, Engen Ltd, based in South Africa.

Ahmad Nizam, who held various positions in Petronas, was the senior general manager of the Group Treasury Division.

The 62-year-old is also an independent non-executive director of WZ Sabu Berhad, an investment holding company that manufactures and trades in steel products.