Malaysia's 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.
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