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Petronas May Cut 1,000 Jobs as Oil Slump Prompts Reorganization

  • Co. reported third loss in five quarters after crude decline
  • Petronas may raise borrowings to meet capital expenditure
A Petroliam Nasional Bhd. (Petronas) gas station stands in front of the Petronas Twin Towers, second right, in Kuala Lumpur.

A Petroliam Nasional Bhd. (Petronas) gas station stands in front of the Petronas Twin Towers, second right, in Kuala Lumpur.

Photographer: Charles Pertwee/Bloomberg

Petroliam Nasional Bhd., Malaysia’s state oil company, announced management changes and plans to cut workers as it seeks to trim operating costs to cope with the worst price slump in a generation.

Petronas, as the company is known, said its new business structure is expected to result in the loss of about 1,000 jobs, according to a statement on its website. It didn’t specify if the positions to be vacated were those of permanent or contract employees. The company had about 51,000 workers as of the end of 2014.