Petronas may retrench staff, says report

Dateline 2016-01-21, TMI:

Petroliam Nasional Bhd (Petronas) is considering retrenchments for some of its 51,000 staff as one of the options as the Malaysian state-owned oil company confronts the realities of low oil prices, the Malaysian Reserve reports.

A source with knowledge of the matter told the business daily a voluntary separation scheme (VSS) for permanent staff is being considered by the Petronas management.

On Tuesday, The Wall Street Journal reported that Petronas was planning to slash as much as RM50 billion (US$11.41 billion) in capital and operating expenses over the next four years.


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