Issues over Petros nothing to do with Petronas layoffs, says Fadillah
Deputy prime minister Fadillah Yusof said Petronas is relooking its entire operation because of the decline in crude oil prices.
KUCHING : Petroliam Nasional Bhd's (Petronas) move to trim its workforce stems from global challenges and is not connected to the national oil firm's issues with Petroleum Sarawak Bhd (Petros).
Deputy prime minister Fadillah Yusof said Petronas's restructuring plan is necessary amid the decline in crude oil prices.
He said he plans to meet with the company to get more details of the exercise.
'That (the decline in crude oil prices) is why Petronas has to relook its entire operation. I'm planning a meeting with them to get a briefing on the matter and to ensure that the number of layoffs can be reduced, if not avoided,' he told reporters attending the Aidiladha sacrificial event at Taman Hussein Mosque here today.
On June 5, Petronas president and CEO Tengku Muhammad Taufik Aziz said the national oil firm is cutting 10% of its workforce to cope with challenging operating conditions, particularly because of falling crude prices.
He said the number of staff involved in the downsizing process stands at about 5,000, and those affected will be notified in stages next year.
On May 21, the federal and state governments reached an understanding on matters involving Petronas and Petros.
According to the joint declaration, Petronas will continue its functions, activities, responsibilities and obligations entrusted to the company in Malaysia under the Petroleum Development Act 1974 and its regulations.
Any agreements and arrangements between Petronas and its subsidiaries with third parties for the purpose of liquefied natural gas sales from upstream operations through to LNG exports to foreign parties remain unaffected.
A media statement by the Prime Minister's Office following the joint declaration said all relevant federal and state laws relating to gas distribution in Sarawak are to co-exist and be respected by all parties.
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