Petronas CEO denies reports of staff pay cuts

[KUALA LUMPUR] Malaysian state oil firm Petroliam Nasional Bhd (Petronas) on Wednesday denied a media report that said staff at one of its units were asked to take a pay cut due to the plunge in global oil prices. "It is misreporting. There is no salary cut and retrenchment for Petronas staff," Chief Executive Wan Zulkiflee Wan Ariffin told reporters following a shareholders meeting for a Petronas unit.

Local newspaper SunBiz earlier reported that Petronas Carigali issued an internal memo asking its staff to take a 20 per cent pay cut due to low oil prices.

Petronas, which supplies most of Malaysia's oil and gas revenue, has had to cut its capital expenditure and domestic spending this year. The company established bond and sukuk programmes in March to raise up to US$17 billion in working capital.

REUTERS