Petronas to cut spending by RM50b over 4 years and defer projects

Kuala Lumpur

PETROLIAM Nasional Bhd (Petronas) is planning to slash spending by as much as RM50 billion (S$16.3 billion) over the next four years, as a slump in oil prices to multi-year lows pinches profits of the Malaysian state firm.

Petronas - which brings in nearly half of Malaysia's oil revenue - made the announcement on the cuts in an internal memo to its staff, a source in the company told Reuters on Tuesday.