The national oil company has posted stronger cash position, low gearing and good credit ratings while reducing expenditure by five per cent. That was the period when oil prices slumped from US$114 (RM476) a barrel to US$28 a barrel. Wan Zulkiflee also set the record straight on rumours about Petronas’ layoff plans and divestments of certain assets. Wan Zulkiflee said the organisation is preparing itself to have a succession of leaders who can work in any uncertainty, deemed a highly important attribute. Last year, Petronas slashed up to 1,000 jobs to cope with slumping oil prices.

Source: New Strait Times September 25, 2017 06:00 UTC