Petroliam Nasional Berhad (Petronas) announced today that the state-owned oil and gas company will see redundancies of under 1,000 positions and leadership changes after a strategic review of its business model. The company said in a statement on its website that it was working to re-deploy employees affected by the redundancies. "Petronas will further embark on a separation exercise for these employees as needed, which is expected to be completed over the next six months," it said. The announcement was made after president and group chief executive Datuk Wan Zulkiflee Wan Ariffin addressed employees in a town hall meeting in Kuala Lumpur. Under the review, leadership changes from within the organisation have been made, which will take effect from April 1. The statement also said some executives, whose service contracts have come to an end, are leaving the company. The new leadership line-up showed Datuk Mohd Anuar Taib as the new executive vice-president and chief executive officer, upstream, replacing the former Datuk Wee Yiaw Hin. Yesterday, Petronas reported its third loss in five quarters, flagged that it might need to raise debt and tap its cash reserves to cover capital expenditures and dividend payments to the government. The company joins global oil companies, including Royal Dutch Shell Plc. in cutting spending amid the spiralling crude prices. – Reuters, March 1, 2016.]]>
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