Dateline 2016-08-17, FMT:
Malaysia’s oil giant, Petronas, has saved RM3.4 billion since embarking on cost-cutting measures in 2015 and this effort will continue even if oil prices recover.
“Through the Cost Reduction Alliance programme, we have managed to cut RM3.4 billion in terms of our costs since we started till the middle of this year,” its president and group chief executive officer, Wan Zulkifli Wan Ariffin, said.
He said this at the International Conference of Blue Ocean Strategy’s plenary session themed “Delivering High Value at Low Cost” here today.
The Cost Reduction Alliance, or Coral 2.0, is a five-year industry-wide programme from 2015 to 2019, driven by Petronas, with the aim to inculcate a cost-conscious mindset across Malaysia.
Wan Zulkifli said the transformation kicked in when oil and gas companies, including Petronas, were hit by tumbling prices from 2014.