Petronas to cut 10% of workforce after profits slump
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.
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