PETRONAS LEADS MALAYSIA’S ECONOMIC SLIDE: SEVERAL HUNDRED MORE JOBS TO BE CUT AS OIL PRICES STAY SOFT – WSJ

epa05115729 Malaysia's Petronas Twin Towers rise behind a Petronas logo at a gas station in Kuala Lumpur, Malaysia, 21 January 2016. EPA/FAZRY ISMAIL

KUALA LUMPUR – Petronas is expected to cut several hundred more jobs as the national oil company continues to struggle with the prolonged drop in oil prices, the Wall Street Journal reported.

Quoting officials familiar with the matter, the US business paper said the job cuts would take place at its publicly listed companies.

The news comes just after Petronas’ March announcement that it would be cutting 1,000 jobs amid efforts to cut costs. The company had also said it would try and cut expenditure by as much as US$11.4 billion (RM47.15 billion) for four years.

Yesterday, Petronas said it would continue to review its business strategies and staffing levels as it adjusts to changes in demand.

“This transformation exercise cuts across the entire Petronas group, including at subsidiary levels. More information will be disclosed as and when appropriate,” the company said in a statement.

Petronas Chemicals, Petronas Gas and Petronas Dagangan employed 4,659, 2,187 and 1,900 people, respectively, according to their 2015 annual reports.

Petronas had 53,000 employees as of the end of 2015, according to its latest annual report.

The state oil firm’s gross profit dropped by a staggering 68 per cent for the second quarter this year, totalling RM10 billion compared to RM31.6 billion the same period in 2015.

– Malay Mail

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