Malaysia's state energy firm Petronas will reduce its workforce to ensure its long-term survival amid increasing challenges in the global operating environment, local media reported on Friday…
Malaysia's state energy firm Petronas will reduce its workforce to ensure its long-term survival amid increasing challenges in the global operating environment, local media reported on Friday, citing the Petronas chief.
"The rationale to do this is to ensure the survival of Petronas in the coming decades. If we don't do it now, there will be no Petronas in 10 years," president and chief executive officer Tengku Muhammad Taufik Tengku Aziz told media, according to outlet The Edge, without saying how many jobs might be affected.
State news agency Bernama carried a similar story from what it said was an editors briefing, quoting the CEO as saying the move was to ensure Petronas can "continuously contribute to nation-building".
Petronas has nearly 50,000 employees, according to its website. Petronas confirmed the media reports in an email response to Reuters, and said the number of affected employees was not mentioned during the briefing.
Muhammad Taufik said the "right-sizing" exercise was not a result of a deal between Petronas and the Sarawak state government on local gas distribution.
Negotiations between Petronas and Sarawak's Petros last year raised concerns over the impact on Petronas, which is a major contributor to federal coffers, and its operations
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