Malaysia’s Petronas to cut about 1,000 positions after strategic review


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.

 

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

%d bloggers like this: