In 1974, the Petroleum Development Act was tabled in Parliament and then approved. PETRONAS (Petroliam Nasional Berhad) was incorporated on 17 August 1974. On 6 September 1974, Prime Minister Abdul Razak announced the appointment of Razaleigh as Chairman and Chief Executive of PETRONAS. Razak said:" "From among the new blood, I intended to bring Tengku Razaleigh into the Cabinet. However, I have an important job for him, a job as important as that of a Cabinet Minister. I have decided to appoint him as chairman and Chief Executive of PETRONAS, which is equivalent to being a Cabinet Minister."" Subsequently, Razaleigh had to relinquish his job as Chairman of PERNAS which he held from 1970, but retained the chairmanship of Bank Bumiputra.