SHAH ALAM, SEP 21: The Wall Street Journal (WSJ) reported that hundreds of Petroliam Nasional Berhad (Petronas) employees are facing the possibility of having to find new jobs as the company plans to reduce its staff.
The international news agency reported that Petronas was looking into cutting over 700 jobs in the wake of weak oil prices.
It also quoted a Petronas statement made last Tuesday that said the company was reviewing its business strategy and employment levels to adapt to the changes.
The transformation process involves the entire Petronas group, including subsidiaries.
“More information will be revealed at a suitable time,” Petronas was reported saying.
The company had announced in March that there were over 1,000 overlapping jobs under the transformation process and efforts were being made to reposition the affected employees.
According to WSJ, Petronas has 53,000 employees as of the end of last year, according to its annual report.
Last August, as much as 86% of Petronas’ profits were reduced in the final quarter due to weak oil prices.
