Malaysia-based Petronas will cut nearly 1000 jobs, appoint new leadership, and end contracts as part of its organizational restructure that will be effective 1 April, due to the low oil price environment.
Image from Petronas.
The new leadership line-up, together with the new high-level group organizational structure, was unveiled by Petronas president and group chief executive officer, Datuk Wan Zulkiflee Wan Ariffin today (1 March).
“Consequently, this group-wide transformation is expected to result in redundancies of under 1000 positions. Exhaustive efforts are on-going to re-deploy affected employees. Petronas will further embark on a separation exercise for these employees as needed, which is expected to be completed over the next six months,” Ariffin said.
The company conducted a strategic review of its business operating model to allow for better business efficiency, resilience and sustainability amidst a challenging time for the oil and gas industry. The structure has resulted in new appointments from within the organization, will take effect next month, and the departure of some leaders whose service contracts have come to an end, Petronas said.
The new leadership team comprises the following:
Yesterday (29 February), Petronas announced its plan for the reorganization, along with the delay of its Petronas floating LNG 2 (PFLNG 2) project, after the company suffered lower revenue and profits last year.
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