Petronas Announces Major Restructuring, Implementing Hiring Freeze

Petronas Announces Comprehensive Operational Review and Hiring Freeze Kuala Lumpur, Malaysia – Petronas, Malaysia's national oil and gas company, has announced a significant restructuring initiative involving a comprehensive review of its operations and workforce. This move, according to President and CEO Tan Sri Tengku Muhammad Taufik Tengku Aziz, is crucial for maintaining the company's competitiveness in an increasingly challenging global market. "The review encompasses all aspects of our operations, from assets and processes to spending and personnel," stated Tengku Aziz in a recent announcement. "This is a necessary step to ensure Petronas remains a strong and sustainable player in the energy sector." As part of this restructuring, Petronas has implemented a hiring freeze for all non-critical positions, effective immediately and lasting until December 2026. While acknowledging the potential for workforce adjustments, the company emphasized its commitment to transparency and support for affected employees. The company is working to ensure a smooth transition for those impacted by the changes. This strategic decision underscores Petronas' proactive approach to navigating the complexities of the global energy market. By streamlining operations and optimizing its workforce, the company aims to enhance efficiency and long-term profitability, ensuring its continued success in the years to come.