PETRONAS to Keep Staff Size Despite Lower Profits

PETRONAS has no intention to lay off its 50,000 local and foreign staff despite lower profits arising from the decline in oil prices.
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.

"In fact, PETRONAS needs personnel to better operate here and its international operations," he said, as quoted by The Star.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  GLA is 'Single Accumulation', Largest ... (Mar 27)
 -  Software Developer Mltech Completes Fi... (Mar 27)
 -  Aberdeen City Council Lifts Finance Ba... (Mar 27)
 -  Shell to Sell Gabon Onshore Assets for... (Mar 24)
 -  Industry Pros Gather for Offshore Achi... (Mar 24)


Most Popular Articles

From the Career Center
Jobs that may interest you
Change Management Lead
Expertise: HR - General
Location: San Ramon
 
Sr Recruiter Mozambique Project Lead
Expertise: HR - General
Location: The Woodlands, TX
 
Records Manager
Expertise: Document Control
Location: Hanover, MD
 
search for more jobs

Brent Crude Oil : $50.8/BBL 0.47%
Light Crude Oil : $47.97/BBL 0.56%
Natural Gas : $3.08/MMBtu 0.98%
Updated in last 24 hours