Petronas to cut 10% of workforce after profits slump

 Petronas’s profits slid 32% in 2024 following a 21% drop in 2023.

Petronas president and group CEO Tengku Muhammad Taufik Aziz said the company would also freeze promotions and hiring until December 2026.

KUALA LUMPUR:

 Petronas will cut about 10% of its workforce in a company-wide restructuring as it looks to reduce costs due to falling crude prices and market volatility that have impacted its profits.

Malaysia’s state-owned oil firm will reduce headcount by upward of 5,000 people, Petronas president and group CEO Tengku Muhammad Taufik Aziz said in a briefing here today.

It will also freeze promotions and hiring until December 2026, he said.

Petronas’s profits slid 32% in 2024 following a 21% drop in 2023.

The challenges are slated to continue this year, in part due to a continued decline in Brent crude prices. - FMT