Latest news with #Petronas-related
The Sun
2 days ago
- Business
- The Sun
‘Impact of Petronas layoffs could be significant'
PETALING JAYA: Petronas announced last week a phased reduction of over 5,000 jobs over the next twelve months, sparking concerns over regional employment stability, economic resilience and investor confidence in the country's crucial oil and gas sector. Although most of those affected will be contract staff, experts caution that the economic ripple of the layoffs could be significant, impacting not only workers but also communities and industries tied to Petronas operations. Universiti Malaysia Kelantan entrepreneurship and business professor Datuk Dr Nik Maheran Nik Muhammad said the immediate consequence would be a rise in unemployment, particularly in areas where Petronas has a strong operational presence. 'In the long run, continued downsizing and automation may lead to underemployment and skills mismatch in the sector.' Nik Maheran also said with the abrupt displacement of contract workers, the gig and freelance economy is expected to see an uptick. 'Many may turn to ride-hailing services, digital platforms or small-scale entrepreneurship to sustain themselves.' She added that while these roles offer flexibility, they often come with limited income security and little to no social protection. She said although permanent positions remain intact for now, uncertainty is growing within the organisation. 'Morale could drop and highly skilled professionals might begin seeking opportunities abroad or shifting to other industries unless leadership provides clear reassurance.' Nik Maheran said given the extensive links of Petronas to local vendors, logistics providers and support services, the impact of the layoffs would not be confined to the company alone. She said SMEs that rely on Petronas contracts, support staff such as canteen workers and cleaners as well as Bumiputera entrepreneurs who constitute a significant portion of its vendor network, may be disproportionately affected. She pointed out that the hardest-hit regions are expected to be Kerteh (Terengganu), Miri and Bintulu (Sarawak), and Pengerang (Johor), areas where Petronas has a strong economic footprint. 'Households dependent on Petronas-related income may reduce spending, which could trigger declines in retail, real estate and other local business revenues. 'Reskilling initiatives through HRD Corp and TVET programmes may need to be accelerated.' She stressed that the issue goes beyond numbers. 'These job cuts aren't just statistics, they represent families and communities. It's time for government, industry and society to work together to build a more resilient and inclusive economy.' Universiti Sains Islam Malaysia human resource management assoc prof Dr Abdul Rahim Zumrah emphasised the importance of clear and empathetic communication during such periods of uncertainty. 'Companies should hold assemblies or town halls to explain the reasons behind the layoffs, backed by data and long-term plans. When employees understand the rationale, it helps maintain morale and trust. 'Management should create space for employees to voice concerns and receive honest answers. This helps reduce anxiety and prevent speculation. 'Recognition, through formal letters or public appreciation, goes a long way. Companies should also consider former contract workers for future roles.' He said laid-off workers still hold valuable potential. 'Many have solid industry experience. With support from agencies like Mara and the National Entrepreneurial Group Economic Fund, they could transition into roles as consultants, trainers or entrepreneurs.' Abdul Rahim said staff reductions could become unavoidable in times of crisis – whether economic, political or due to currency fluctuations. 'It's natural to seek job security, but we also need resilience and realism, both from employers and employees.' Petronas on Tuesday reaffirmed its commitment to employee welfare amid a restructuring that would cut around 10% of its workforce, offering competitive separation packages. The company said a comprehensive transition programme is in place to support affected staff, ensuring fair, respectful and professional decisions.
The Sun
2 days ago
- Business
- The Sun
Petronas to Cut 10% of Workforce Amid Energy Transition
PETALING JAYA: Petronas announced last week a phased reduction of over 5,000 jobs over the next twelve months, sparking concerns over regional employment stability, economic resilience and investor confidence in the country's crucial oil and gas sector. Although most of those affected will be contract staff, experts caution that the economic ripple of the layoffs could be significant, impacting not only workers but also communities and industries tied to Petronas operations. Universiti Malaysia Kelantan entrepreneurship and business professor Datuk Dr Nik Maheran Nik Muhammad said the immediate consequence would be a rise in unemployment, particularly in areas where Petronas has a strong operational presence. 'In the long run, continued downsizing and automation may lead to underemployment and skills mismatch in the sector.' Nik Maheran also said with the abrupt displacement of contract workers, the gig and freelance economy is expected to see an uptick. 'Many may turn to ride-hailing services, digital platforms or small-scale entrepreneurship to sustain themselves.' She added that while these roles offer flexibility, they often come with limited income security and little to no social protection. She said although permanent positions remain intact for now, uncertainty is growing within the organisation. 'Morale could drop and highly skilled professionals might begin seeking opportunities abroad or shifting to other industries unless leadership provides clear reassurance.' Nik Maheran said given the extensive links of Petronas to local vendors, logistics providers and support services, the impact of the layoffs would not be confined to the company alone. She said SMEs that rely on Petronas contracts, support staff such as canteen workers and cleaners as well as Bumiputera entrepreneurs who constitute a significant portion of its vendor network, may be disproportionately affected. She pointed out that the hardest-hit regions are expected to be Kerteh (Terengganu), Miri and Bintulu (Sarawak), and Pengerang (Johor), areas where Petronas has a strong economic footprint. 'Households dependent on Petronas-related income may reduce spending, which could trigger declines in retail, real estate and other local business revenues. 'Reskilling initiatives through HRD Corp and TVET programmes may need to be accelerated.' She stressed that the issue goes beyond numbers. 'These job cuts aren't just statistics, they represent families and communities. It's time for government, industry and society to work together to build a more resilient and inclusive economy.' Universiti Sains Islam Malaysia human resource management assoc prof Dr Abdul Rahim Zumrah emphasised the importance of clear and empathetic communication during such periods of uncertainty. 'Companies should hold assemblies or town halls to explain the reasons behind the layoffs, backed by data and long-term plans. When employees understand the rationale, it helps maintain morale and trust. 'Management should create space for employees to voice concerns and receive honest answers. This helps reduce anxiety and prevent speculation. 'Recognition, through formal letters or public appreciation, goes a long way. Companies should also consider former contract workers for future roles.' He said laid-off workers still hold valuable potential. 'Many have solid industry experience. With support from agencies like Mara and the National Entrepreneurial Group Economic Fund, they could transition into roles as consultants, trainers or entrepreneurs.' Abdul Rahim said staff reductions could become unavoidable in times of crisis – whether economic, political or due to currency fluctuations. 'It's natural to seek job security, but we also need resilience and realism, both from employers and employees.' Petronas on Tuesday reaffirmed its commitment to employee welfare amid a restructuring that would cut around 10% of its workforce, offering competitive separation packages. The company said a comprehensive transition programme is in place to support affected staff, ensuring fair, respectful and professional decisions.
The Star
08-05-2025
- Entertainment
- The Star
Galeri Petronas in KLCC teases reopening in June, after a four-year 'pause'
For art enthusiasts, the return of Galeri Petronas in KLCC - after an absence of over four years - is a welcome development, adding another notable destination to the capital's cultural landscape. Photo: The Star/Filepic It's been more than four years since Galeri Petronas in KLCC last welcomed art lovers through its doors, but come June, the gallery is set to reopen with a fresh start. The announcement came via a social media teaser, where the gallery expressed gratitude for the public's patience during its extended 'pause.' In May 2021, Galeri Petronas stopped its gallery programmes in response to a realignment of its operating model during the pandemic. While this temporarily halted exhibitions, the gallery space continued to support cultural and corporate showcases. It hosted Petronas-related 50th anniversary events last year and held racing season exhibitions - including Formula 1 and MotoGP shows. A new beginning Galeri Petronas' reopening will be marked by a group exhibition titled Old School x New Rules, featuring 15 Malaysian artists. The line-up, curated by an in-house team, will be announced soon. 'From street art to design, from old-school vibes to bold new ideas, this exhibition bridges styles and redefines creative expression. It's a celebration of culture, creativity, and connection across generations,' the gallery shared on Instagram. In the lead-up to the relaunch, Galeri Petronas has also been posting trivia on its artistic journey. "Founded in 1992 as a corporate gallery in the Dayabumi Complex, Kuala Lumpur, Galeri Petronas soon evolved into a dedicated public space aimed at nurturing and preserving Malaysia's rich and diverse art ecosystem. In 1998, it relocated to Level 3 of Suria KLCC, where it remained a significant cultural hub for more than two decades," read a recent post. Galeri Petronas, home to an extensive Malaysian art collection, is a circular gallery spanning 2,000sq m. More info here.
Borneo Post
02-05-2025
- Business
- Borneo Post
Petronas-linked stocks slide on concerns overs its operations in Sarawak
Media reports claimed the Sarawak government had sent a letter of demand to PCSB over alleged violations or non-compliance with Section 7(e) of the Distribution of Gas Ordinance (DGO) 2016. — AFP photo KUALA LUMPUR (May 2): Petronas-related stocks slid following concerns over Petronas' subsidiary Petronas Carigali Sdn Bhd's (PCSB) operations in Sarawak. At 12.30pm, Petronas Dagangan Bhd's (PetDag) share price lost eight sen to RM19.66 with 64,300 shares changing hands, Petronas Gas Bhd's (PetGas) share price fell 28 sen to RM17.22 on a volume of 91,500 shares, while Petronas Chemicals Group's (PCG) share price dropped 20 sen to RM3.47 on five million shares. Media reports claimed the Sarawak government had sent a letter of demand to PCSB over alleged violations or non-compliance with Section 7(e) of the Distribution of Gas Ordinance (DGO) 2016. The violation involves the operation of a plant owned by PCSB at the Miri Crude Oil Terminal (MCOT). The state government through its Ministry of Utility and Telecommunication claimed that the plant was operating without a permit under Section 7(e) of the DGO 2016, said the report. It added that the state government had given PCSB 21 days from the date of the letter to obtain a licence or face penalties. — Bernama
The Star
02-05-2025
- Business
- The Star
PETRONAS-linked stocks slide on concerns over its operations in Sarawak
KUALA LUMPUR: Petronas-related stocks slid following concerns over Petronas' subsidiary Petronas Carigali Sdn Bhd's (PCSB) operations in Sarawak. At 12.30 pm, Petronas Dagangan Bhd 's (PetDag) share price lost eight sen to RM19.66 with 64,300 shares changing hands, Petronas Gas Bhd 's (PetGas) share price fell 28 sen to RM17.22 on a volume of 91,500 shares, while Petronas Chemicals Group's (PCG) share price dropped 20 sen to RM3.47 on 5 million shares. Media reports claimed the Sarawak government had sent a letter of demand to PCSB over alleged violations or non-compliance with Section 7(e) of the Distribution of Gas Ordinance (DGO) 2016. The violation involves the operation of a plant owned by PCSB at the Miri Crude Oil Terminal (MCOT). The state government through its Ministry of Utility and Telecommunication claimed that the plant was operating without a permit under Section 7(e) of the DGO 2016, said the report. It added that the state government had given PCSB 21 days from the date of the letter to obtain a licence or face penalties.- Bernama
