Malaysia’s Petronas to cut more than 5,000 jobs after profits slump

Malaysia’s state-owned oil firm will reduce headcount by upward of 5,000 people, Petronas chief executive officer Muhammad Taufik said in a briefing in Kuala Lumpur on Thursday (Jun 5). It will also freeze promotions and hiring until December 2026, he said.

Petronas’ profits slid 32 per cent in 2024, following a 21 per cent drop in 2023. The challenges are slated to continue this year, in part due to a continued decline in Brent crude prices. BLOOMBERG