Is it more politically correct for PETRONAS to term its 5k headcount downsizing as 'right-sizing'?
THAT PETRONAS intends to right-size its workforce by laying off by 10% or 5,000 staff and freeze recruitment until end-2026 has earned the wrath of PAS information chief Fadhli Shaari who claimed that the power that be is unperturbed so long as it can continue milking the RM32 bil annual dividend.
Moreover, the Pasir Mas MP preferred to reason it from the perspective of the PETRONAS- Petroleum Sarawak Bhd (PETROS) feud although he state-owned oil & gas (O&G) giant's president and group CEO Tengku Tan Sri Muhammad Taufik has attributed the drastic measure to slumping global crude oil prices.
'I've raised this issue many times – in Parliament and outside Parliament. On Nov 13 last year, I asked in the House (Dewan Rakyat) about the direction of negotiations between PETRONAS and PETROS,' recounted Fadhli on his Facebook page.
'Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said replied that national interests would be prioritised.
'I've no problem with PETROS but our question is what will happen to PETRONAS after this? Who will defend the 'mother' of all assets in our country?
As it is, PETRONAS and PETROS have been locking horns for more than a year now over the role of gas aggregator in the state. A resolution was supposed to have been reached on July 1, 2024 but the deadline was extended to Oct 1, 2024. Yet almost a year later, a resolution still seems elusive.
On this account, Sarawak is challenging PETRONAS' hold over Malaysia's O&G reserves as stated in the Petroleum Development Act (PDA) of 1974 which gives the former control of all of Malaysia's hydrocarbon reserves.
This is given Sarawak holds about 60% of Malaysia's gas reserves and accounts for 90% of Malaysia's liquefied natural gas (LNG) exports – attributes that have led the state-controlled PETROS to clamour for the sole aggregator's role.
Hefty dividend payout
Aside from the PETRONAS-PETROS drag, Fadhli also blamed the government's incessant dependency on PETRONAS dividends despite its falling profits, likening such tendency to 'a stupid and rash act akin to slaughtering the goose that lays the golden eggs'.
'What will happen now? The PETRONAS CEO himself said that if we don't 'rightsize' now, PETRONAS may disappear in 10 years,' wondered the PAS lawmaker who yesterday (June 5) demanded transparency on PETRONAS' operations after the purported sale of its Canadian subsidiary.
'But PMX and the gang are still proud to claim that investors are confident, the economy is strong, everything is supposedly under control. What stability is there if a company as big as PETRONAS has to embark on cost-saving to the extent of laying off its workers?' fumed Fadhli.
'Sadder still, there're thousands of workers to be laid off yet there's no sign of the government's plan to help them – there's no aid package nor re-employment plan. The minister is also silent as if nothing is happening.'
Added the former PAS Youth chief:
'Even if this is not a sign of negligence in the management of the country's economy, do we really want to wait until PETRONAS collapses before we regret it?
'It seems that the PMX administration has lost its direction. Take a break first, focus on the Yusuf Rawther lawsuit. The country will be ruined if it continues like this.' – June 6, 2025
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