Malaysia's Petronas to cut 10% of workforce, not exiting Canada, CEO says
KUALA LUMPUR: Malaysian state energy firm Petroliam Nasional, or Petronas, will retrench about 10 per cent of its workforce in a restructuring exercise, its chief executive said on Thursday (Jun 5).
Tengku Muhammad Taufik also denied at a media briefing that the state firm was exiting its business in Canada.
Malaysian media had previously reported Petronas as saying it needed to "rightsize" its workforce to ensure the company's survival in the coming decades.
Petronas has nearly 50,000 employees, according to its website.
Bloomberg also reported on Tuesday that Petronas is considering a sale of its Canadian company, formerly known as Progress Energy Resources Corp.
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