Malaysian state energy firm Petronas said yesterday it expects to cut about 1,000 jobs as it struggles with plunging global oil prices that have hammered the energy-dependent country.
The company, the single largest source of Malaysian government revenue and national export earnings, said the layoffs would take place over the next six months. On Monday Petronas reported a fourth-quarter net loss of 4.69 billion ringgit ($1.1 billion). The unlisted Petronas, Malaysia's only Fortune 500 company, also announced cuts in capital and operating spending of 50 billion ringgit over the next four years, starting with 15 to 20 billion in 2016.
Petronas is not the only firm to suffer from sinking prices of oil and other commodities, which have battered Malaysia's growth prospects. Full-year growth for Malaysia in 2015 was at five percent, down from six percent in 2014. The government now expects economic growth of 4 to 4.5 percent this year, down from an earlier projection of five percent.
Keep up to date with what’s happening in Turkey,
it’s region and the world.
You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
