Petronas will be cutting 10% of its workforce in a restructuring exercise, CEO Tan Sri Tengku Muhammad Taufik said, reported Reuters.
The company will not be exiting its business in Canada, its CEO added. Earlier, Bloomberg reported that Petronas is considering the sale of its Canadian company, Progress Energy Resources. “Canada is crucial to our ambitions to preserve our position in the liquefied natural gas space,” Muhammad Taufik said.
In February, Muhammad Taufik said that Petronas intends to “right-size” its workforce as the global operating environment evolves and becomes increasingly challenging. The restructuring exercise aims to reduce the headcount of its enablers, or those in administrative roles. At the time, Petronas had up to 53,000 personnel in its global workforce, of which there are up to 16,000 enablers.
“This is not a retrenchment; it is a right-sizing workforce exercise. This is to ensure the survival of Petronas in the coming decades. If we don’t do it now, there will be no Petronas in 10 years,” Muhammad Taufik said in a media briefing in February.
The CEO also stressed that the right-sizing is not a result of the Sarawak government’s request to take over the gas aggregator role from Petronas in the gas-producing state.
The last time Petronas carried out a review of its workforce was in 2016, when it announced cuts of 1,000 jobs which were less than 2% of its total workforce at the time.
Petronas’ long-term role could focus on upstream exploration, as well as processing products from hydrocarbons, in line with its petrochemical segment’s expansion into specialty chemicals. The group is also looking at commercialising technology, best practices, and renewable energy.
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Outsourcing the entire company to someone capable of managing it could be an idea.
Folks..the good times r over.
Petronas annually “channel” RM25 to 30 Billion to Madani.
NOw with oil prices at USD 60 a barrel,Anwarkor will only get RM10 to 15 Billion this year.
Thats why,at all cost Ron 95 has to be floated to tax the rich.
With mad dog Trump tariffs 90day grace period expiring,thousands of our exporters r left in limbo..orders r at snail pace,bills keep piling up.
If a mighty GLC can start chopping,what makes you think u r immune?
Stay safe…dont commit to fresh hire purchase car loans,if your current car can still perform.
Are you sure Madani only asked for that much and not more? They’ve really struggled with managing the economy. Chances are, they’ll squeeze the GLCs and the people dry. Funny thing is, property developers for example keep raking in big profits, while regular folks deal with traffic jams due to their cheatings in town planning and outdated infrastructure
At the same time or even earlier, the Madani gomen must right-size the civil work force esp. its best performing non-performers.
Then they will say apalah close down Canada lah pass those money here because they need to hire some
So the current government can bail out Sapura and not this 1 wow the extend of some vendors even more powerful than the government baby coffers.
PM Najib jatuh mungkin disebabkan doa org teraniaya yang makbul ketika kakitangan MAS seramai 6000 org dibuang kerja secara tidak adil pada tahun 2015.
Hopefully PMX will repeat the same mistake.
‘not repeat’