As reported in the Telegraph, Shell, a global group of energy and petrochemicals companies, are now planning to cut another 1,000 oil jobs on top of the 5,000 job losses already announced.
Tuesday saw the announcement that the oil company’s full year results indicating their performance was worse than their rival BP’s, sparking plans to embark on $1bn programme of further costs cuts on top of the $2bn identified last year. The company is also planning to sell around 15pc of its refineries which convert crude oil into petroleum products.
Refineries set to be closed include:
- Shell’s last UK refinery and producer of 15pc of the country’s pertrol – Stanlow, Cheshire.
- Montreal refineries.
- German refineries.
Operations under review include:
- New Zealand
- Costa Rica
Speaking of the full-year results, Peter Voser, Chief Executive of the oil company, stated, “Our downstream business [refining and retail] is in the toughest refining environment we’ve seen in decades. Margins were squeezed by increasing oil prices on the one hand and weak demand from our customers on the other.”
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