Malaysian oil company Petronas, a key player in Africa’s hydrocarbons sector, will cut around 5,000 jobs—roughly 10% of its global workforce—as part of a broad restructuring plan to maintain competitiveness in the medium and long term. The announcement comes amid pressure from shifting energy prices, industry changes, and the ongoing global transition to cleaner energy.
"This difficult decision is necessary to ensure that Petronas remains able to grow and serve the nation," the company said, noting that departing employees will receive severance packages, career transition assistance, and job placement support.
The job cuts mainly affect support roles such as human resources and finance, where staffing levels reportedly exceed sector norms. The company did not specify how the changes will affect operations in Africa, where Petronas has active interests in countries like Sudan and Egypt.
In 2022, Petronas had considered divesting up to $3 billion in upstream assets in Africa. Although no final decision was made, the internal review highlights how future strategic changes may affect ongoing or planned projects on the continent.
Petronas is also repositioning itself to become a supplier of low-carbon intensity solutions, especially in the liquefied natural gas (LNG) sector. This focus could alter the status of African ventures not aligned with the company’s new direction.
No specific decisions regarding African assets have been announced, but the restructuring could impact timelines, investment flows, or technical resource allocation. Continental partners are expected to monitor the situation closely.
The fintech leaders primarily emerge from Nigeria, Egypt, Kenya, and South Africa, nations recognize...
By linking ECOWAS countries, the project enhances regional digital infrastructure, which is crucial ...
As digital technologies reshape Africa's job market, digital skills are becoming crucial for youth i...
Non-bank institutional investors, though still a minority, are increasing their presence in the West...
Highlights: • $20 billion in investment pledged by Chinese firms for agriculture, mining, auto...
• Glo launched a network upgrade plan after a 50% telecom tariff hike.• It aims to add 1,000+ 4G sites and adopt hybrid energy solutions.• With 20.6M...
• Mali seeks $176M via WAEMU bond offering launched July 28, with 7- and 5-year tranches at 6.55% and 6.35%.• Funds aim to ease fiscal pressure amid...
• September 2008 laws already set $185-$340 axle tax on trucks >3.5t, but never applied.• Kongo Central was picked first because Matadi port...
• Kenya plans tea export deal with Algeria, discussed at UN summit.• Part of effort to diversify markets beyond top 10 buyers.• Algeria's tea market is...
Garamba National Park, located in the northeastern Democratic Republic of Congo, is one of Africa’s oldest and most iconic protected areas. Established in...
Perched in the rugged heights of the Djebel Nefoussa in northwestern Libya, Qasr Al Haji (also spelled Ghasr Al-Hajj) is a striking example of traditional...