Malaysia’s Petronas to cut 10 per cent of workforce after profits slump
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Malaysia’s state-owned oil firm will reduce headcount by upward of 5,000 people.
PHOTO: REUTERS
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Petroliam Nasional (Petronas) will cut about 10 per cent of its workforce in a firm-wide restructuring as the company looks to reduce costs due to falling crude prices and market volatility that has impacted its profits.
Malaysia’s state-owned oil firm will reduce headcount by upward of 5,000 people, Petronas chief executive Muhammad Taufik said in a briefing in Kuala Lumpur on June 5.
It will also freeze promotions and hiring until December 2026, he added.
Petronas’ profits slid 32 per cent in 2024, following a 21 per cent drop in 2023. The challenges are slated to continue in 2025, in part due to a continued decline in Brent crude prices. BLOOMBERG
