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