Old news, but hey, I report the olds.
Dateline 2016-03-01, Reuters:
Malaysia’s Petronas announced it is making about 1,000 positions redundant and is reshuffling some senior executives after a strategic review, as the state-owned oil and gas company tries to cope with the hit from a plunge in oil prices.
Petronas, or Petroliam Nasional Bhd, is one of the biggest employers of Malaysians and has a staff of about 51,000 people, according to its 2014 annual report.
A 70 percent slump in crude prices since mid-2014 has been squeezing the finances of oil companies globally, including those of Petronas, which makes up about a third of the Malaysian government’s oil and gas revenue.
Earlier this week, the company posted a quarterly net loss and confirmed plans to cut spending by 50 billion ringgit ($12.0 billion) over the next four years.