MISC’s petroleum arm AET gets new leadership
MISC Berhad, the Malaysian shipping company, has announced the appointment of Zahid Osman as the new President and CEO of its Singapore-based petroleum logistics unit AET, effective from June 1, 2023.
This change in leadership aims to prioritize continuity and drive the organization’s long-term success, MISC said.
Osman succeeds Capt. Rajalingam Subramaniam who will now take over as Chairman of AET from the current Chairman Datuk Yee Yang Chien, who will step down as of May 31, 2023.
Zahid Osman, who currently serves as the Vice President of Corporate Planning at MISC, brings with him a wealth of experience in the energy industry, spanning over 20 years. He joined MISC in 2017 as the Vice President of Gas Assets and Solutions before assuming his current role. Osman is also Non-Independent Non-Executive Director on the Board of AET and sits on the boards of several subsidiaries and joint venture companies within the MISC Group.
“MISC wishes Zahid Osman the very best in his new role and also extends its appreciation to Datuk Yee Yang Chien for his contribution as the Chairman of AET,” the company said.
AET is working to accelerate the decarbonization of its operations through digitalization and exploration of new fuels such as ammonia.
Earlier this year AET signed a memorandum of understanding (MoU) with PETCO Trading Labuan Company Ltd (PTLCL), an indirect wholly-owned unit of Petronas, to explore a potential collaboration for deploying a future zero-emission ammonia-powered Aframax.
As part of the partnership, AET’s responsibilities would include the selection of a suitable shipyard to build the zero-emission dual-fuel tanker which both parties anticipate would be delivered to PTLCL for long-term charters by 2026.
Both parties also intend to collaborate on design, safety, and operational aspects as well as to study opportunities for a green ammonia corridor in Southeast Asia, in support of the International Maritime Organisation’s (IMO) greenhouse gas (GHG) intensity reduction agenda.
This partnership marks a further positive step to advance AET and MISC Group’s 2030 and 2050 strategic decarbonisation aspirations for shipping.
It also adds to the pair of zero-emission ammonia-fueled deep-sea tanker vessels under the Castor Initiative and AET’s collaboration with PTT for two zero-emission Aframaxes which were both announced in 2021.
Last year, AET said it had invested a total of around $2 billion since 2016 in new, more eco-efficient assets, including around $1 billion in dual-fuel vessels which are all on long-term charters with energy majors.