(MENAFN) Driven by the ongoing drama of oil prices' plummet, Petronas, the government owned Malaysian oil and Gas Company, intends to eliminate nearly 1,000 jobs, based on reports.
The most profitable firm in Asia and the single main source of Malaysian state income and national export earnings expects to go through with the layoffs throughout the next 6 months.
Upon registering USD1.1 billion in gross losses over the Oct-Dec period, the Kuala Lumpur-based giant initiated cuts in capital and operating spending of USD12 billion over the next 4 years.
Moreover, full-year growth for Malaysia in 2015 was at 5pct, falling from 6pct in 2014, and it now anticipates economic growth of 4-4.5pct this year, down from an earlier estimation of 5pct.
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