PUTRAJAYA, June 7 – Prime Minister Datuk Seri Anwar Ibrahim confirmed that the majority of the over 5,000 job cuts announced by Petronas are contract-based positions, amid public concern over the state oil firm’s restructuring plan. Speaking briefly to reporters after Friday prayers, Anwar assured that the retrenchments largely affect non-permanent roles.
The job cuts, amounting to roughly 10 per cent of the company’s workforce, are part of a cost-cutting exercise triggered by falling global crude oil prices, with Brent crude currently trading near US$65 per barrel—well below the company’s projected range of US$75–US$80. Petronas President and CEO Tan Sri Tengku Muhammad Taufik Aziz also announced a hiring and promotion freeze until the end of 2026, following a 32% decline in the company’s net income in 2024.
