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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:

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