Latest news with #TengkuMuhammadTaufik
Focus Malaysia
a day ago
- Business
- Focus Malaysia
Iswardy slams ‘blackmail' over Petronas role in Sarawak
SARAWAK PKR leader Iswardy Morni claims the federal government's decision to grant gas distribution rights to Sarawak under the Malaysia Agreement 1963 has directly triggered the recent layoff of 5,000 Petroliam Nasional Bhd (Petronas) workers. He argued that the move was made to fulfil political demands rather than serve national interest and warns it could jeopardise Petronas' long-term stability. 'Petronas is not only struggling in terms of operations and revenue, but it has also been forced to let go of thousands of workers. 'We are expected to simply accept a decision that, at its core, stems from political blackmail – If we don't get it, we'll jump (parties),' he said in a statement, without naming any specific political party. Citing Petronas CEO Tengku Muhammad Taufik's recent warning that the company could shut down in a decade without restructuring, Iswardy criticised Sarawak's political leadership for what he views as short-sightedness in their resource demands. 'Although he (Tengku Muhammad Taufik) tried to 'play politics' by denying any link between the granting of gas distribution rights to Sarawak and Petronas' internal crisis, we don't need to be geniuses to see the signals of what's really happening,' he added. He directed strong criticism at Gabungan Parti Sarawak (GPS), which has backed the takeover of gas distribution rights from the federal government. 'Congratulations on killing your own golden goose, GPS,' he said. The dispute stems from the 2017 formation of Petroleum Sarawak Bhd (Petros), a state-owned company set up to manage Sarawak's petroleum and natural gas resources. This move created overlapping authority with Petronas, which has long held exclusive control under the Petroleum Development Act 1974, sparking ongoing federal-state tensions over control of oil and gas resources.
Malay Mail
2 days ago
- Business
- Malay Mail
‘Many are on contract', Anwar says amid concerns over Petronas job cuts
PUTRAJAYA, June 6 — Prime Minister Datuk Seri Anwar Ibrahim today addressed concerns over Petronas' recent decision to cut around 5,000 jobs. When asked to comment on the state oil company's announcement, Anwar said many of the affected positions were contract-based. 'Many are on contract,' he told reporters briefly after attending Friday prayers at Surau Al-Ikhwan, Jalan Pinggiran Putra here. Yesterday, financial news agency Bloomberg reported that Petronas will cut about 10 per cent of its workforce as part of a major restructuring to reduce costs amid falling crude oil prices. The state-owned oil and gas company plans to cut more than 5,000 jobs, CEO Tan Sri Tengku Muhammad Taufik Aziz said in a media briefing. He added that Petronas will implement a hiring and promotion freeze until the end of 2026.
Barnama
2 days ago
- Business
- Barnama
Petronas To Cut 10 Pct Of Its Workforce
REGION - CENTRAL > NEWS KUALA LUMPUR, June 6 (Bernama) -- Petroliam Nasional Bhd (Petronas) is cutting 10 per cent of its workforce to cope with challenging operating conditions, particularly due to falling crude prices. President/group chief executive officer Tan Sri Tengku Muhammad Taufik Tengku Aziz said the number of staff involved in the right-sizing process currently stands at around 5,000, and those affected will be notified in stages next year. 'Petronas 2.0 will be run differently, organised differently, will have different work processes, and to move towards that, we have to correct the work process,' he said at a media briefing here yesterday. bootstrap slideshow He said the group aimed for a lean and nimble operation even if oil prices were to reach US$100 per barrel. (US$1 = RM4.23). 'There is a logic, an assumption set, and a projection that backs it up. Over time, we have seen this — those who have tracked our history will know that when the fields were easier, our profit before tax margin was around 35 to 40 per cent. 'Today, it is (between) 25 and 38 per cent. These margins are going to shrink further, and the fields are going to get smaller. So the value-added (Petronas) 2.0 has to transform into an organisation that monetises molecules commercially and competitively, not just at home, but also abroad,' he said. Petronas has based its budget on Brent crude trading between US$75 and US$80 per barrel. The benchmark is currently near US$65, down roughly 13 per cent this year, amid global trade tensions and rising OPEC+ output. The group reported a net profit of RM55.1 billion for the financial year ended Dec 31, 2024, down 31.7 per cent from RM80.7 billion a year earlier, due to lower average realised prices and favourable tax adjustments in 2023. On Petronas Petroleum Sarawak Bhd (Petros), Tengku Muhammad Taufik said Petronas remains open to ongoing discussions regarding its role in the state.
Borneo Post
2 days ago
- Business
- Borneo Post
Petronas to cut 10 pct of its workforce, says Tengku Muhammad Taufik
The number of staff involved in the right-sizing process for Petronas currently stands at around 5,000. – AFP photo KUALA LUMPUR (June 6): Petroliam Nasional Bhd (Petronas) is cutting 10 per cent of its workforce to cope with challenging operating conditions, particularly due to falling crude prices. President/group chief executive officer Tan Sri Tengku Muhammad Taufik Tengku Aziz said the number of staff involved in the right-sizing process currently stands at around 5,000, and those affected will be notified in stages next year. 'Petronas 2.0 will be run differently, organised differently, will have different work processes, and to move towards that, we have to correct the work process,' he said at a media briefing here yesterday. He said the group aimed for a lean and nimble operation even if oil prices were to reach US$100 per barrel. (US$1 = RM4.23). 'There is a logic, an assumption set, and a projection that backs it up. Over time, we have seen this — those who have tracked our history will know that when the fields were easier, our profit before tax margin was around 35 to 40 per cent. 'Today, it is (between) 25 and 38 per cent. These margins are going to shrink further, and the fields are going to get smaller. So the value-added (Petronas) 2.0 has to transform into an organisation that monetises molecules commercially and competitively, not just at home, but also abroad,' he said. Petronas has based its budget on Brent crude trading between US$75 and US$80 per barrel. The benchmark is currently near US$65, down roughly 13 per cent this year, amid global trade tensions and rising OPEC+ output. The group reported a net profit of RM55.1 billion for the financial year ended Dec 31, 2024, down 31.7 per cent from RM80.7 billion a year earlier, due to lower average realised prices and favourable tax adjustments in 2023. On Petronas Petroleum Sarawak Bhd (Petros), Tengku Muhammad Taufik said Petronas remains open to ongoing discussions regarding its role in the state. On May 21, 2025, Prime Minister Datuk Seri Anwar Ibrahim and Sarawak Premier Tan Sri Abang Johari Tun Openg signed a Joint Declaration stating that Petronas will continue to carry out its functions, activities, responsibilities and obligations under the Petroleum Development Act 1974 (PDA 1974) and related regulations. According to the Prime Minister's Office, key principles have been agreed to support further negotiations between Petronas and Petros. The Joint Declaration acknowledges both federal and state laws, the status of existing agreements, and the need for a cooperative framework between the two parties. Under the declaration, the Sarawak state government has appointed Petros as the gas aggregator effective March 1, 2025. Petronas and Petros will also enter discussions to expand cooperation in meeting Sarawak's gas requirements across several areas. – Bernama downsized Petronas Tengku Muhammad Taufik workforce
Malay Mail
2 days ago
- Business
- Malay Mail
Petronas not exiting Canada, says group CEO
KUALA LUMPUR, June 6 — Petroliam Nasional Bhd (Petronas) has reiterated that the company is not exiting Canada. 'Canada is not on our exit radar. We're not exiting Canada. We are constantly entertaining overtures and proposals. 'That is going to be the natural course of business and it (Canada) is a very resource-endowed geography,' president and group chief executive officer Tan Sri Tengku Muhammad Taufik Tengku Aziz said at an editors' briefing here yesterday. Tengku Muhammad Taufik said, in fact, liquefied natural gas (LNG) is coming on stream from Canada, with the first cargo in a couple of weeks. He said there will be a regular shipping out of LNG from Canada, which is at 25 per cent. 'We have 53 trillion cubic feet (TCF) of reserves. It is strategically positioned between that coast of Canada and Japan, South Korea, Taiwan, and even China. 'Some other LNG routes are compromised by geopolitical hostility... That is another advantage. That was the rationale to do this. We built that node. We wanted to make sure it's strategically positioned, having locational advantage. Petronas hopes to have more engagements and constructive dialogues for the national oil firm to activate additional LNG leverage in Canada. 'We hope that the Canadian (new) government will be more appreciative and supportive of it becoming a new, cleaner energy source for the rest of the developing world,' he added. Tengku Muhammad Taufik stressed that it was crucial for Petronas to preserve its position in market share in the LNG space in Canada while also looking at how to build its upstream portfolio effectively. Responding on a question whether Petronas will look to liquidate some assets or diversify, Tengku Muhammad Taufik said Petronas would continue its asset rationalisation to keep its operations lean. He noted that the divestment exercise was done in Argentina as Petronas could not make its assets worked in the country and found an interested party to acquire them. In April this year, Buenos Aires-based Vista Energy has reportedly acquired Petronas' 50 per cent stake in the La Amarga Chica oil field in Argentina's Vaca Muerta shale basin for about US$1.5 billion (RM7.1 billion). The second-biggest crude oil producer in the area will pay US$900 million upfront for the stake, with one-third of that sum financed through a loan from Banco Santander SA, while the remainder will be paid in two instalments in 2029 and 2030. — Bernama
