Petronas cuts 1,000 jobs in upstream reorganisation, as part of ‘deliberate and sequential measures’ to a become a ‘leaner more efficient business model’.
The Malaysian state energy company announced the news Tuesday as part of an unveiling of a completely overhauled company board.
Petronas said that both its new board and job cuts come as it strives for “better business efficiency, resilience and sustainability amidst a challenging time for the oil and gas industry.”
Petronas Cuts 1000 Jobs In Reorganisation
The cuts are set to affect around 1,000 employees, although Petronas gave no indication of where the losses would be made, either global or business area.
A company spokesman added: “Exhaustive efforts are on-going to re-deploy affected employees. PETRONAS will further embark on a separation exercise for these employees as needed, which is expected to be completed over the next six months.”
The company stressed that the move comes after a full review of the company and it operations, and that changes are part of ‘deliberate, sequential measures’ that will make it ‘a flatter, leaner and more efficient business operating model’.
Petronas’ spokesman concluded: “PETRONAS would like to thank its leaders and employees whom will no longer continue in the organisation’s journey for their invaluable contribution and wishes them every success for the future.”