Malaysian petroleum company Petronas is poised to reduce its workforce headcounts.
Approximately 1,000 roles will be made redundant as the company struggles with plunging oil prices in the industry.
In a press release, Petronas stated that the move is the start of a “total group-wide transformation” which is geared towards making the firm more resilient and focused in the current and future landscapes.
At present, Petronas is looking to re-deploy the affected employees as the the layoffs are expected to be completed over the next six months.
The dismissals also come in line with the announcement of a new leadership line-up.
With effect from April 1, 2016, Datuk Wan Zulkiflee Wan Ariffin will take over the helm as President and Group CEO.