DPM Fadillah: Petronas job cuts unrelated to Petros appointment as sole gas aggregator
KUCHING (June 7): Petroliam Nasional Berhad's (Petronas) decision to cut over 5,000 jobs, along with a freeze on all promotions and recruitment until December 2026, is unrelated to the recent recognition of Petroleum Sarawak Berhad (Petros) as Sarawak's sole gas aggregator.
Deputy Prime Minister Datuk Seri Fadillah Yusof clarified this when met by reporters at the Majlis Ibadah Korban held at Masjid Darul Husni Warrahmah here today.
'No, it has nothing to do with that. It is actually due to the global situation, particularly the decline and fluctuation in oil prices,' he said.
Petronas had earlier stated that its internal budgeting was based on Brent crude prices averaging between US$75 and US$80 per barrel.
However, the global benchmark has since fallen and is currently hovering around US$65 per barrel.
'Even for Petronas to remain sustainable, oil prices must be above US$60 per barrel. That is why they have to re-evaluate their position,' Fadillah added.
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