PETRONAS has no intention to lay off its 50,000 local and foreign staff despite lower profits arising from the decline in oil prices.
Malaysia's national oil company Petroliam Nasional Berhad (PETRONAS) has no intention to retrench any of its 50,000 local and overseas staff given the firm's planned projects over the next five years, a deputy minister told the country's parliament, local daily The Star reported Wednesday.
"I can give the assurance that the estimated 50,000 staff employed here and in operations abroad would be maintained ... If we cut jobs, it would affect PETRONAS' operations," Deputy Minister in the Prime Minister's Department Razali Ibrahim said in the Dewan Rakyat.
The planned cutbacks in PETRONAS' expenditures -- 15 percent for capital spending and between 15 and 30 percent for operational expenditure over the next five years -- would have no impact on the size of its workforce even as lower oil prices hurt the company's profitability.
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