Petronas of Malaysia on Tuesday said it will cut 1000 jobs as part of its group-wide transformation resulting from the effects of the current oil market.
The company has also made several new appointments within the organization, effective April 1, the company said in a statement.
Wan Zulkiflee Wan Ariffin remains president and group CEO in the new structure.
“The transformation is expected to result in redundancies of under 1,000 positions,” Petronas said.
The decision comes only a day after the company posted a RM2.96 billion ($704.3 million) net loss in the fourth quarter 2015, and a 56 percent profit drop for the year 2015.
The company also said that, starting with 2016, it will make additional CAPEX and OPEX reductions of RM50 billion over the next four years.
Additionally, Petronas has decided to delay the startup of its second FLNG facility without revealing a new timeframe for the project. The 1.5 mtpa floating LNG facility was previously expected to start production in 2018.
1 RM = 0.237302 USD
LNG World News Staff