Petronas axe 1.000 jobs, Introduces new organisational structure
Malaysian oil and gas company Petronas is set to cut around 1.000 jobs.
Petronas on Tuesday announced a company-wide organisational restructuring, saying the new structure is designed for “a flatter, leaner and more efficient business operating model” and is a part of “deliberate, sequential measures that Petronas is undertaking to better navigate the organisation through tough external environments.”
Consequently, Petronas said, the transformation is expected to result in redundancies of “under 1,000 positions.”
“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 added.
Petronas said on Monday it would reduce its spending in the 2016 which will impact the company’s current projects, including its second floating liquified natural gas unit, FLNG 2.
The Malaysian energy giant on Monday posted a net loss of RM2.96 billion ($703 million) for the fourth quarter 2015, compared to RM7.28 billion ($1.72B) loss in the same period of 2014.