PETRONAS to cut 10% of workforce after profits slump
PETROLIAM Nasional Bhd. will cut about 10% 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 Officer Muhammad Taufik said in a briefing in Kuala Lumpur on Thursday. It will also freeze promotions and hiring until December 2026, he said.
Petronas' profits slid 32% in 2024, following a 21% drop in 2023. The challenges are slated to continue this year, in part due to a continued decline in Brent crude prices. - Bloomberg
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