Kuala Lumpur (dpa) – Malaysia’s state-owned oil company Petronas will cut as many as 1,000 jobs as it struggles with the prolonged slump in global oil prices, the government said.
The cuts aimed at making the company more resilient “to better navigate the organization through tough external environments,” it said in a statement late Tuesday.
“This group-wide transformation is expected to result in redundancies of under 1,000 positions,” it added.
Petronas announced Monday that its net profit in 2015 dropped to 39.8 billion ringgit (9.59 billion dollars) from 69.2 billion in 2014.
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