After recording a drop in its last quarter profits due to plunging world oil prices, state oil-and-gas giant Petronas announced today a massive restructuring exercise that will result in redundancies of under 1,000 jobs.<\/p>\n
A separation scheme will be undertaken for the affected employees over the next six months.<\/p>\n
\u201cExhaustive efforts are on-going to re-deploy affected employees. Petronas will further embark on a separation exercise for these employees as needed, which is expected to be completed over the next six months,\u201d it said in a media statement on its website announcing a new leadership line-up.<\/p>\n
Among the changes to the top executives were Datuk Mohd Anuar Taib, replacing Datuk Wee Yiaw Hin as the new executive vice-president and chief executive officer of upstream operations.<\/p>\n
Datuk Wan Zulkiflee Wan Ariffin maintained his position as Petronas president and CEO.<\/p>\n
The changes in leadership positions will take effect from April 1.<\/p>\n
The statement said the group-wide overhaul was made after a strategic review of its business model.<\/p>\n
Petronas said it hopes to be more resilient in dealing with current and future challenges due to \u201ctough external environments\u201d.<\/p>\n
Malaysia\u2019s only Fortune 500-company yesterday announced cuts in capital and operating spending of RM50 billion ringgit over the next four year.<\/p>\n
The slide in global crude oil prices over the past few months have been hurting Petronas\u2019 profits.<\/p>\n
Yesterday, Petronas announced its revenue for 2015 dropped nearly 25 per cent to RM248 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"
After recording a drop in its last quarter profits due to plunging world oil prices, state oil-and-gas giant Petronas announced today a massive restructuring exercise that will result in redundancies of under 1,000 jobs. A separation scheme will be undertaken for the affected employees over the next six months. \u201cExhaustive efforts are on-going to re-deploy […]<\/p>\n","protected":false},"author":1,"featured_media":43577,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"better_featured_image":{"id":43577,"alt_text":"","caption":"","description":"","media_type":"image","media_details":{"width":630,"height":325,"file":"2016\/03\/petronas.jpg","filesize":19332,"sizes":{},"image_meta":{"aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0","keywords":[]}},"post":43576,"source_url":"https:\/\/buletinonlines.net\/v7\/wp-content\/uploads\/2016\/03\/petronas.jpg"},"_links":{"self":[{"href":"https:\/\/buletinonlines.net\/v7\/index.php\/wp-json\/wp\/v2\/posts\/43576"}],"collection":[{"href":"https:\/\/buletinonlines.net\/v7\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buletinonlines.net\/v7\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buletinonlines.net\/v7\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buletinonlines.net\/v7\/index.php\/wp-json\/wp\/v2\/comments?post=43576"}],"version-history":[{"count":0,"href":"https:\/\/buletinonlines.net\/v7\/index.php\/wp-json\/wp\/v2\/posts\/43576\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buletinonlines.net\/v7\/index.php\/wp-json\/wp\/v2\/media\/43577"}],"wp:attachment":[{"href":"https:\/\/buletinonlines.net\/v7\/index.php\/wp-json\/wp\/v2\/media?parent=43576"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buletinonlines.net\/v7\/index.php\/wp-json\/wp\/v2\/categories?post=43576"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buletinonlines.net\/v7\/index.php\/wp-json\/wp\/v2\/tags?post=43576"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}