Latest news with #TengkuMuhammadTaufikTengkuAziz
The Sun
2 hours ago
- Business
- The Sun
Petronas job cuts tied to oil prices, not Petros dispute
KUCHING: Petroliam Nasional Bhd's (Petronas) move to trim its workforce stems from global challenges and is not connected to the national oil firm's issues with Petroleum Sarawak Bhd (Petros). Deputy Prime Minister Datuk Seri Fadillah Yusof said the restructuring process is necessary amid the decline in crude oil prices. He also plans to meet with Petronas to get more details on the restructuring process. 'That is why Petronas has to relook its entire operation. I'm planning a meeting with them to get a briefing on the matter and to ensure that the number of layoffs can be reduced, if not avoided,' he told reporters attending the Aidiladha sacrificial event at Taman Hussein Mosque here today. On June 5, Petronas president and chief executive officer Tan Sri Tengku Muhammad Taufik Tengku Aziz reportedly said the national oil firm is cutting 10 per cent of its workforce to cope with challenging operating conditions, particularly due to falling crude prices. Tengku Muhammad Taufik said the number of staff involved in the downsizing process currently stands at around 5,000, and those affected will be notified in stages next year. On May 21, the federal and state governments reached an understanding on matters involving Petronas and Petros. According to the joint declaration, Petronas will continue its functions, activities, responsibilities and obligations entrusted to the company in Malaysia, under the Petroleum Development Act 1974 (PDA 1974) and its regulations. Any agreements and arrangements between Petronas and its subsidiaries with third parties for the purpose of liquefied natural gas (LNG) sales from upstream operations through to LNG exports to foreign parties remain unaffected. A media statement by the Prime Minister's Office following the joint declaration said all relevant federal and state laws relating to gas distribution in Sarawak are to co-exist and be respected by all parties.
The Sun
2 hours ago
- Business
- The Sun
Petronas layoffs driven by global challenges, not Petros issue
KUCHING: Petroliam Nasional Bhd's (Petronas) move to trim its workforce stems from global challenges and is not connected to the national oil firm's issues with Petroleum Sarawak Bhd (Petros). Deputy Prime Minister Datuk Seri Fadillah Yusof said the restructuring process is necessary amid the decline in crude oil prices. He also plans to meet with Petronas to get more details on the restructuring process. 'That is why Petronas has to relook its entire operation. I'm planning a meeting with them to get a briefing on the matter and to ensure that the number of layoffs can be reduced, if not avoided,' he told reporters attending the Aidiladha sacrificial event at Taman Hussein Mosque here today. On June 5, Petronas president and chief executive officer Tan Sri Tengku Muhammad Taufik Tengku Aziz reportedly said the national oil firm is cutting 10 per cent of its workforce to cope with challenging operating conditions, particularly due to falling crude prices. Tengku Muhammad Taufik said the number of staff involved in the downsizing process currently stands at around 5,000, and those affected will be notified in stages next year. On May 21, the federal and state governments reached an understanding on matters involving Petronas and Petros. According to the joint declaration, Petronas will continue its functions, activities, responsibilities and obligations entrusted to the company in Malaysia, under the Petroleum Development Act 1974 (PDA 1974) and its regulations. Any agreements and arrangements between Petronas and its subsidiaries with third parties for the purpose of liquefied natural gas (LNG) sales from upstream operations through to LNG exports to foreign parties remain unaffected. A media statement by the Prime Minister's Office following the joint declaration said all relevant federal and state laws relating to gas distribution in Sarawak are to co-exist and be respected by all parties.
The Star
a day ago
- Business
- The Star
PETRONAS subsidiaries mostly lower in early session amid workforce cut announcement
KUALA LUMPUR: Petroliam Nasional Bhd's (Petronas) four listed subsidiaries among Bursa Malaysia's top 30 showed mixed performance in early trading amid its plan to cut 10 per cent of its workforce. The national oil company announced yesterday that the move will help to cope with challenging operating conditions, particularly due to falling crude prices. As at 10.24 am, MISC was flat at RM7.60, Petronas Dagangan was 10 sen lower at RM21.04, Petronas Chemicals Group decreased 6.0 sen to RM3.30, and Petronas Gas was flat at RM18.18. According to reports on Thursday, Petronas 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. Those affected will be notified in stages next year. 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. - Bernama
The Sun
a day ago
- Business
- The Sun
Petronas subsidiaries mixed in early session amid workforce cut announcement
KUALA LUMPUR: Petroliam Nasional Bhd's (Petronas) four listed subsidiaries among Bursa Malaysia's top 30 showed mixed performance in early trading amid its plan to cut 10 per cent of its workforce. The national oil company announced yesterday that the move will help to cope with challenging operating conditions, particularly due to falling crude prices. As at 10.24 am, MISC was flat at RM7.60, Petronas Dagangan was 10 sen lower at RM21.04, Petronas Chemicals Group decreased 6.0 sen to RM3.30, and Petronas Gas was flat at RM18.18. According to reports on Thursday, Petronas 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. Those affected will be notified in stages next year. 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.
The Sun
a day ago
- Business
- The Sun
Petronas subsidiaries showed mixed performance in early trading
KUALA LUMPUR: Petroliam Nasional Bhd's (Petronas) four listed subsidiaries among Bursa Malaysia's top 30 showed mixed performance in early trading amid its plan to cut 10 per cent of its workforce. The national oil company announced yesterday that the move will help to cope with challenging operating conditions, particularly due to falling crude prices. As at 10.24 am, MISC was flat at RM7.60, Petronas Dagangan was 10 sen lower at RM21.04, Petronas Chemicals Group decreased 6.0 sen to RM3.30, and Petronas Gas was flat at RM18.18. According to reports on Thursday, Petronas 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. Those affected will be notified in stages next year. 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.
