KUALA LUMPUR (March 1): Petroliam Nasional Bhd (Petronas), fresh off announcing a cut of up to RM20 billion in its expenditures for 2016, said it is restructuring its organisation to a leaner one, which will see 1,000 jobs rendered redundant.

“The new structure — designed for a flatter, leaner and more efficient business operating model — is a part of deliberate, sequential measures that Petronas is undertaking to better navigate the organisation through tough external environments,” the national oil major said in a statement today.

“Consequently, this group-wide transformation is expected to result in redundancies of under 1,000 positions. Exhaustive efforts are on-going to re-deploy affected employees.”

Petronas said it will embark on a separation exercise for the affected employees as needed, and expects this exercise to be completed over the next six months.

This is the start of a total group-wide transformation to make it more resilient and “focused to thrive both in the current and future industry landscapes”, the statement added.

Petronas also unveiled a new management team effective April 1. New members were picked internally, and those departing served through their contracts’ tenures.

The new leadership team comprises:

President & Group Chief Executive Officer
Datuk Wan Zulkiflee Wan Ariffin

Executive Vice President & Chief Executive Officer, Upstream
Datuk Mohd Anuar Taib

Executive Vice President & Chief Executive Officer, Downstream
Md Arif Mahmood

Executive Vice President & Group Chief Financial Officer
Datuk Manharlal Ratilal

Senior Vice President, Project Delivery & Technology
Mazuin Ismail

Senior Vice President, Corporate Strategy
Adif Zulkifli

Senior Vice President & Group General Counsel
Mohamad Rauff Nabi Bax

Senior Vice President, Group Human Resource Management
Dato’ Raiha Azni Abdul Rahman

Vice President, Group Health, Safety, Security & Environment
Sharbini Suhaili

Senior General Manager, Group Strategic Communications
Zahariah A. Rahman

Senior General Manager, Group Internal Audit
Syed Sheikh Syed Idrus Alhabshi