KUALA LUMPUR (June 13): The departure of president and chief executive officer (CEO) of national oil company Petroliam Nasional Bhd (Petronas) Tan Sri Wan Zulkiflee Wan Ariffin before the end of his tenure has raised eyebrows and come at a time of volatility in the crude oil market.

Wan Zulkiflee, or Wan Zul as he is popularly known, will be heading to Malaysia Airlines Bhd as chairman after 37 years at Petronas.

His position at Petronas will be filled by the current chief financial officer Tengku Muhammad Taufik Tengku Aziz.

The changes will take effect on July 1.

Wan Zulkiflee's departure follows another movement at the national oil company nine months ago.

In September last year, Datuk Mohd Anuar Taib, executive vice-president and upstream business CEO, abruptly left Petronas.

Given the importance of Petronas to the country and its finances, coupled with volatility in crude oil prices, the departures have raised concerns.

First of all, why is Wan Zulkiflee leaving ahead of his time? Does it have something to do with what is seen as an impending amendment to the Petroleum Development Act 1974?

Against this backdrop, The Edge's cover story this week takes a look at the circumstances surrounding the change and the challenges the new chieftain Muhammad Taufik will face.

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