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2016-03-03 18:50:00

PETRONAS CUTS $12 BLN, 1,000 JOBS

PETRONAS CUTS $12 BLN, 1,000 JOBS

Malaysia's state-run Petronas plans to reduce capital and operating expenditures by $12 billion over the next 3 years, starting with $3.6-4.8 billion in 2016. The move comes with a companywide reorganization that will result in about 1,000 redundancies.

Effective Apr. 1, executive leadership will in part comprise Datuk Wan Zulkiflee Wan Ariffin, president and group chief executive officer; Datuk Mohd Anuar Taib, executive vice-president and chief executive officer, upstream; and Md Arif Mahmood, executive vice-president and chief executive officer, downstream.

"Exhaustive efforts are ongoing to redeploy affected employees," the firm said, adding that it "will further embark on a separation exercise for these employees as needed, which is expected to be completed over the next 6 months."

Datuk Wan Zulkiflee noted the budget cuts will impact some of Petronas's capital projects. "At this point, we have taken the decision to rephase the Petronas Floating LNG 2 [(PFLNG2)] project (OGJ Online, Feb. 14, 2014), to be commissioned at a later date than originally planned," he said.

The 1.5-million tonnes/year PFLNG2, originally slated to begin production in 2018, is to be moored at Rotan gas field on deepwater Block H offshore Sabah.

ogj.com

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More: 

PETRONAS PLANS TO USE $5 BLN 

MALAYSIA: THE SECOND-LARGEST OF LNG 

PETRONAS CLOSES CANADA: $10 BLN 

YPF & PETRONAS AGREE 

EXXON SELLS MALAYSIA

 

 

Tags: PETRONAS, OIL, PRICE

Chronicle:

PETRONAS CUTS $12 BLN, 1,000 JOBS
November, 24, 09:15:00

SAUDI'S OIL FOR CHINA

BLOOMBERG - As Saudi Arabia led OPEC’s output cuts this year to shrink a global glut, it’s lost out on market share in the world’s biggest energy consumer. Russia in September retained the top Chinese supplier spot for the seventh straight month, while the kingdom was third.

PETRONAS CUTS $12 BLN, 1,000 JOBS
November, 24, 09:10:00

URALS QUALITY WILL DOWN

PLATTS - The quality of Russia's key Urals crude exports towards Europe will continue to fall next year as more of the country's low-sulfur oil flows are diverted eastward to China, Russian national oil pipeline operator Transneft warned.

PETRONAS CUTS $12 BLN, 1,000 JOBS
November, 24, 09:05:00

S.KOREA'S SOLAR UP

FT - OCI — the world’s third-largest polysilicon maker by capacity and South Korea’s biggest — this month reported a 3,373 per cent increase in operating profit to Won78.7bn ($72m) for the July-September quarter, its best performance in five years. Rival Hanwha Chemical saw third-quarter net profit jump 25 per cent to a record Won252bn. 

PETRONAS CUTS $12 BLN, 1,000 JOBS
November, 24, 09:00:00

U.S. RIGS UP 8 TO 923

U.S. Rig Count is up 330 rigs from last year's count of 593, with oil rigs up 273, gas rigs up 58, and miscellaneous rigs down 1 to 0. Canada Rig Count is up 41 rigs from last year's count of 174, with oil rigs up 13, gas rigs up 30, and miscellaneous rigs down 2 to 2.

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