When the country’s biggest taxpayer starts to tighten its belt, you know the struggle is real.
Petronas Carigali, the exploration and production (E&P) arm of national oil giant Petronas, has asked its staff to take a 20% pay cut, in light of gloomy global trends and the plummeting price of oil.
Carigali said in a memo obtained by The Sun Daily Eva Yeong that the pay cuts would become effective on May 1.
Petronas however denied that Carigali was undergoing any salary revisions or retrenchment exercises.
“In reference to reports that Petronas is to carry out salary cuts and retrenchments to the employees of Petronas Carigali, Petronas would like to clarify that the reports are not true,” the company said in an email on the matter.
Nonetheless, the immediate future looks rather grim for Petronas and other oil conglomerates around the world. Last month, Petronas warned of a “bad” outlook for 2015, following the company’s first quarterly loss in Q4 2014.
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