Code: 81999897 (5227005) | Date: 12/03/2016 | Time: 13:11|
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Iranians lose jobs in Petronas overhaul

Kuala Lumpur, March 12, IRNA – After recording a drop in its last quarter profits due to plunging world oil prices, state oil-and-gas giant Petronas announced a massive restructuring exercise that will result in redundancies of under 1,000 jobs. Iranian staff and experts will be affected by the decision.

According to informed sources, the number of Iranian experts working with Petronas by 2012 was approximately 100.The figure was gradually decreased and now most of the experts are unable to continue their services with Petronas because their contracts are on the verge of termination.
A separation scheme will be undertaken for the affected employees over the next six months.
“Exhaustive efforts are on-going to re-deploy affected employees. Petronas will further embark on a separation exercise for these employees as needed, which is expected to be completed over the next six months,” it said.
The statement said the group-wide overhaul was made after a strategic review of its business model.
Petronas said it hopes to be more resilient in dealing with current and future challenges due to “tough external environments”.
The slide in global crude oil prices over the past few months have been hurting Petronas’ profits.
Petronas announced its revenue for 2015 dropped nearly 25 per cent to RM248 billion.

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