Malaysian oil firm Petronas to cut several hundred more jobs

Malaysian oil firm Petronas to cut several hundred more jobs

KUALA LUMPUR - Petroliam Nasional Bhd (Petronas) is looking to cut several hundred more jobs as it continues to grapple with weak oil prices, according to the Wall Street Journal (WSJ).

The newspaper reported on Wednesday that the national oil company is planning to axe the jobs at its publicly listed operations,

Petronas, which provides most of the government's oil and gas revenue, said in March that it was cutting 1,000 jobs.

WSJ said this came after Petronas said it would slash spending by some US$11.4 billion (S$15.52 billion) over the next four years.

As at end-2015, Petronas had 53,000 employees.

Quoting a statement from Petronas, WSJ reported the national oil company as saying it continually reviews 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," the company said in a statement. "More information will be disclosed as and when appropriate."

The three companies which are listed on Bursa Malaysia Securities are Petronas Chemicals Group Bhd, Petronas Gas Bhd and Petronas Dagangan Bhd.

WSJ said Petronas Chemicals employed 4,659 people, Petronas Gas 2,187 people and Petronas Dagangan 1,900 people based on their 2015 annual reports.

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