US EditionPetronas to Reduce Headcount by over 5,000
- PETRONAS announced it will cut about 10% of its workforce, reducing headcount by over 5,000 employees by the end of 2024.
- The workforce reduction is part of a firm-wide restructuring prompted by falling crude oil prices and shrinking profit margins.
- PETRONAS will also freeze hiring and promotions, while continuing asset rationalisation and reaffirming no exit from Canada amid ongoing challenges.
- The company based its budget on Brent crude oil trading between US$75 and US$80 a barrel, while its net profit declined by 32% in 2024 to RM55.1 billion.
- The restructuring reflects challenges from declining older asset output and oil price slumps, which pose difficulties for both PETRONAS and Malaysia’s government revenue.
22 Articles
22 Articles
The historical supply of lubricant goes to Total: the Petronas sites are in balance. Marelli to the Indians? It is alarm about the 6,000 employees.That the real problem was the induced more than the crisis of Stellantis itself, is known. Of course, if the natural difficulties, due to the conversion remained in me...
Petronas to Lay Off 5,000 Employees to Cut Costs Following Fall in Crude Oil Prices - WORLD OF BUZZ
Petronas is expected to undergo MASSIVE layoffs in its workforce, the CEO and President announced. Tengku Muhammad Taufik Aziz said 10% of the workforce will be retrenched through a comprehensive restructuring following the fall in crude oil prices. As for those who are expecting promotions or job candidates who have eyes on Petronas, Tengku said the company will be freezing promotions and hiring of new employees until December 2026. Challenges …
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