Oil And Gas Revenue News

Petronas to Cut about 1,000 Positions

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