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Petronas' newly appointed CEO Wan Zulkiflee Wan Ariffin. Image courtesy of Petronas.

Malaysia’s Petronas said Monday that COO Wan Zulkiflee Wan Ariffin will take the helm as the company’s new CEO.

Ariffin, 54, is currently the company’s chief operating officer and the head of Petronas’ downstream division.

He also serves as the chairman of Petronas Chemicals Group and Petronas Dagangan.

Ariffin will lead the company for a three year term.

Further details about the terms of Ariffin’s contract have not been disclosed.

Ariffin will take over when current CEO Tan Sri Shamsul Azhar Abbas steps down on March 31.

In November Petronas cut its 2015 capital expenditure by 20 percent amid weak oil prices.

Abbas has projected that the company’s payments to Malaysia’s government could slide by as much as 37 percent if oil prices hover around $75 per barrel, the Edge said.