Hornbill Unleashed

September 21, 2016

Petronas to cut more jobs

Filed under: Politics — Hornbill Unleashed @ 9:02 PM

petronas Petronas is planning to cut several hundred more jobs, according to a report in the Wall Street Journal.

Petronas said Tuesday that it continually reviews its business strategies and staffing levels as it adjusts to changes in demand.

“This transformation exercise cuts across the entire Petronas group, including at subsidiary levels,” the company said in a statement. “More information will be disclosed as and when appropriate.”

The report said Petronas had in March said it was cutting 1,000 jobs.

This came after Petronas said it would slash spending by some USD11.4 billion over the next four years, following similar moves by major global oil companies, said the WSJ report.

Petronas had 53,000 employees as of the end of 2015, according to its latest annual report.

The cuts are expected to happen at Petronas Chemicals Group Bhd, Petronas Gas Bhd and Petronas Dagangan Bhd.

Petronas Chemicals, Petronas Gas and Petronas Dagangan employed 4,659, 2,187 and 1,900 people, respectively, according to their 2015 annual reports.

Petronas, Malaysia’s only Fortune 500 company, has been hit by a prolonged slump in oil prices since 2014.

The company said last month that its net profit for the second quarter ended June dropped 86 per cent from a year earlier because of lower oil prices and higher net impairment on assets, according to the WSJ report.


FMT Reporters Online


3 Comments »

  1. Make sure they retain Sarawakians in sarawak operations and re call those without work permit back to Malaya.

    Comment by Brian — September 23, 2016 @ 4:04 PM | Reply

  2. Petronas should stop F1 sponsorship to cut cost.

    Comment by Aswal — September 22, 2016 @ 9:36 AM | Reply

  3. Eventually will close shop for good, not because of oil-price, but because the cow is old and unable to produce milk any longer.

    Comment by Tigeryk — September 22, 2016 @ 6:32 AM | Reply


RSS feed for comments on this post. TrackBack URI

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Create a free website or blog at WordPress.com.

%d bloggers like this: