KUALA LUMPUR, Feb 7 — Petronas’ rightsizing efforts are to ensure the national oil firm can continuously contribute to nation-building, its president and chief executive officer Tengku Tan Sri Muhammad Taufik said today.
Currently, Petronas has a workforce of 52,000, of which 16,000 are core enablers.
The changes and dynamics of the global oil and gas sector demand that Petronas reinvents itself to be future ready, he said, adding that it is a long overdue process.
“Petronas is a national oil company but it has always operated as an international oil company (IOC), and our competitors have made such tough decisions as well,” he said at an editors’ briefing here today.
He noted that globally, the oil and gas industry’s margin has been squeezed from what used to be 40 to 45 per cent to 20 per cent.
”It will go down further to 16 to 18 per cent. The other IOCs are getting 12 to 13 per cent,” he said.
Tengku Taufik said to be able to continuously contribute to nation-building, which means investing and expanding, for instance, in green energy, Petronas needs to have the right talent to be able to serve according to its clients’ demand.
Since its establishment, Petronas has contributed RM1.5 trillion in the form of dividend, state sales tax, cash payments, export duty, and national trust fund.
Tengku Taufik stressed that without “the bitter pill action, there will be a defined shelf life for Petronas”.
— Bernama
