Petronas to slash capex, opex by a massive RM50b: memo

Petronas aims to cut a whopping RM50 billion in operating and capital expenditure over the next four years in the face of sliding global oil prices.

"This means that we are going to have to defer some of our projects.

"We have also made a strategic decision to begin a review of Petronas' business operating model for better efficiency in response to the external environment.

"This review will result in a change to our existing organisation structure, the details of which I hope to be able to share with you in March," said Petronas president Wan Zulkiflee Wan Ariffin in an internal memo to staff sighted by Malaysiakini today.

Petronas is in the midst of releasing a press statement on the matter.

[More to follow]

-Mkini