Malaysian Energy Firm Petronas Plans Several Hundred More Job Cuts


Dateline 2016-09-20, WSJ:

Malaysia’s national oil company is looking to cut several hundred more jobs as it continues to grapple with weak oil prices, according to two people familiar with the matter.

Petroliam Nasional Bhd., known as Petronas, is planning the job cuts at its publicly listed operations, according to the people.

The company, which provides most of the government’s oil and gas revenue, said in March that it was cutting 1,000 jobs. This came after Petronas said it would slash spending by some $11.4 billion over the next four years, following similar moves by major global oil companies including Royal Dutch Shell PLC facing the crude-price downturn.

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