Maritime Jobs
Wednesday, June 20, 2018

Petronas to Cut about 1,000 Positions

Posted by March 1, 2016

Photo: Petronas

Photo: Petronas

Malaysia's Petronas announced it is making about 1,000 positions redundant and is reshuffling some senior executives after a strategic review, as the state-owned oil and gas company tries to cope with the hit from a plunge in oil prices.

 
Petronas, or Petroliam Nasional Bhd, is one of the biggest employers of Malaysians and has a staff of about 51,000 people, according to its 2014 annual report.
 
A 70 percent slump in crude prices since mid-2014 has been squeezing the finances of oil companies globally, including those of Petronas, which makes up about a third of the Malaysian government's oil and gas revenue.
 
Earlier this week, the company posted a quarterly net loss and confirmed plans to cut spending by 50 billion ringgit ($12 billion) over the next four years.
 
Petronas said in a statement on its website on Tuesday that it was making efforts to re-deploy employees affected by the redundancies.
 
"Petronas will further embark on a separation exercise for these employees as needed, which is expected to be completed over the next six months," it said.
 
The announcement was made after President and Group Chief Executive Wan Zulkiflee Wan Ariffin addressed employees in a much-anticipated town hall meeting in Kuala Lumpur.
 
Under the review, leadership changes from within the organisation have also been made, which will take effect from April 1. The statement said some executives, whose service contracts have come to an end, are leaving the company.
 
The leadership line up showed Mohd Anuar Taib as the new executive vice president and chief executive officer for the upstream division, replacing the former Wee Yiaw Hin.
 
 
($1 = 4.1650 ringgit)

(Reporting by Emily Chow, Writing by Praveen Menon; Editing by Muralikumar Anantharaman)
oiloil pricesMalaysia

Featured Jobs

Assistant MSC Fleet Manager – Watson Class LMSR

Newport News, Virginia, United States

Power Plant Operator Trainee

Storrs, CT, United States

Power Plant Operator 1

Storrs, CT, United States

Lead Power Plant Operator

Storrs, CT, United States

Ship Repair Estimator

Tampa, FL, US

Master Mariner

Rigel Shipping Canada IncShediac, NB, Canada

FY18-16 Staff Assistant-STCW & Mariner Credentialing Department

Massachusetts Maritime AcademyBuzzard Bay, MA, USA

Scheduler/Dispatcher

Vane BrothersBaltimore, MD, USA

Port Technician

Moran Towing Corporation

Chief Engineer

Moran Towing Corporation

Featured Employers

Gibbs & Cox

Gibbs & Cox is an independent engineering and design firm specializing in naval architecture, marine

Rigel Shipping Canada Inc

Rigel Shipping Canada Inc. has built upon its reputation for marine tanker expertise to become a rec