Kuala Lumpur: Petroliam Nasional Bhd (Petronas) is currently evaluating a comprehensive workforce rightsizing exercise, which involves a top-to-bottom approach. Petronas president and group chief executive officer, Tan Sri Tengku Muhammad Taufik Tengku Aziz, announced that the company aims to finalize this strategy by mid-2025.

According to BERNAMA News Agency, the restructuring plan will be implemented in phases during the second half of the year. Tengku Muhammad Taufik emphasized that the exercise is not aimed at cutting 15,000 to 16,000 jobs. Addressing media after revealing Petronas' financial performance for the financial year ending December 31, 2024 (FY2024), he refuted claims that the restructuring would disproportionately protect senior management while impacting other employees.

Tengku Muhammad Taufik clarified that the restructuring would impact all levels within the organization, starting with management. He also addressed concerns about potential job cuts, stating that mass layoffs are not part of the plan. The reports suggesting the elimination of 15,000 to 16,000 positions were dismissed as impractical, emphasizing a judicious approach to meet business needs while treating affected employees respectfully and equitably.

Regarding future yield and dividend payments to the government, Tengku Muhammad Taufik assured that these would be determined by Petronas' affordability and board approval. The company aims to maintain a cash buffer sufficient to cover three to six months of capital requirements while continuing operations.

Petronas has paid a RM32 billion dividend to the government, reflecting its performance in FY2024.