KUALA LUMPUR: Petroliam Nasional Bhd (PETRONAS) is conducting a comprehensive review of its productivity to streamline its working methods, eliminate inefficiencies, and focus on undertakings that can deliver measurable value.
The national oil company said the initiative was part of its commitment to executing its energy-transition strategy while delivering continuous improvements by becoming more operationally focused, commercially agile, and cost efficient.
“In discharging its mandate as enshrined under the Petroleum Development Act 1974, PETRONAS remains fully committed to continue creating value for its shareholders. To do so, it must ensure it can continue to compete and thrive in an evolving energy sector landscape at home and on the global stage,” it told Bernama.
PETRONAS said this in response to Bernama’s query on a news report that the group is expected to suffer approximately 30% revenue loss once the agreed formula for natural gas distribution in Sarawak is implemented.
The news report cited that the national oil and gas firm, which stands as the only Malaysian company to have made it into the Global Fortune 500 list, might be forced to make hard decisions about its workforce due to the gas distribution agreement, details of which are not public yet.
