Petronas Cuts 5,000 Jobs in Cost-Cutting Restructuring

Petronas Announces Major Restructuring: Over 5,000 Job Cuts and Hiring Freeze Kuala Lumpur, Malaysia – Petroliam Nasional Bhd (Petronas), Malaysia's state-owned oil and gas giant, has announced a significant restructuring plan that will result in the reduction of its workforce by approximately 10%, or more than 5,000 employees. The news was confirmed by Petronas' Chief Executive Officer, Tengku Muhammad Taufik Tengku Azizi, who stated that the company is implementing these measures to reduce costs in response to the decline in global crude oil prices. "Petronas has set its budget based on a Brent crude oil price of around US$75," Tengku Muhammad Taufik explained in a recent statement. "The current global market price is hovering around US$65, a decrease of roughly 13% this year." This significant drop in revenue, coupled with lower returns from older assets, has forced the company to take drastic measures. In addition to the job cuts, Petronas has also announced a freeze on promotions and the hiring of new employees until December 2026. This comprehensive restructuring reflects the challenging economic climate and the need for Petronas to adapt to market realities. The company's decision will undoubtedly have a significant impact on the Malaysian economy, given Petronas' substantial contribution to the nation's revenue.