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Shell;to Sack 6,500 Workers - Business - Nairaland

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Shell;to Sack 6,500 Workers by Onyije1(m): 4:42pm On Jul 30, 2015
What happened to all the billions of Dollars they've made from oil fields in Nigeria for several years? Shell petroleum development company, SPDC, says it will axe 6,500 workers this year and begin a process of cutting spendings, to deal with an extended period of lower oil prices in the global market. Shell wants to sack 6,500 staff and direct contract workers from a total of nearly 100,000 employees. “We have to be resilient in a world where oil prices remain low for some time, whilst keeping an eye on recovery,” said Ben van Beurden, Shell's Chief Executive Officer. Besides, the company announced on Thursday in London the sale of a 33 percent stake in the Showa Shell refinery in Japan to Idemitsu, for about $1.4 billion. The Anglo-Dutch company also said it was planning more asset disposals, bringing total asset sales between 2014 and 2018 to $50 billion. Lower oil prices have contributed to a 37 percent drop in the oil and gas group’s second-quarter profits. And the group said it would reduce 2015 capital investment for the second time this year to $30 billion by 20 percent from a year ago. Big oil companies have cut 2015 spending by 10 to 15 percent from 2014, to cope with fall in oil prices over the past year to below $55 a barrel from over a $100. Shell said its operating costs were expected to fall by $4 billion, or around 10 percent, in 2015 as part of a broad efficiency drive to boost its balance sheet.
Re: Shell;to Sack 6,500 Workers by Onyije1(m): 4:46pm On Jul 30, 2015
Onyije1:
What happened to all the billions of Dollars
they've made from oil fields in Nigeria for several
years?
Shell petroleum development company, SPDC,
says it will axe 6,500 workers this year and begin
a process of cutting spendings, to deal with an
extended period of lower oil prices in the global
market.
Shell wants to sack 6,500 staff and direct
contract workers from a total of nearly 100,000
employees.
“We have to be resilient in a world where oil
prices remain low for some time, whilst keeping
an eye on recovery,” said Ben van Beurden,
Shell's Chief Executive Officer.
Besides, the company announced on Thursday in
London the sale of a 33 percent stake in the
Showa Shell refinery in Japan to Idemitsu, for
about $1.4 billion.
The Anglo-Dutch company also said it was
planning more asset disposals, bringing total
asset sales between 2014 and 2018 to $50
billion.
Lower oil prices have contributed to a 37 percent
drop in the oil and gas group’s second-quarter
profits. And the group said it would reduce 2015
capital investment for the second time this year
to $30 billion by 20 percent from a year ago.
Big oil companies have cut 2015 spending by 10
to 15 percent from 2014, to cope with fall in oil
prices over the past year to below $55 a barrel
from over a $100.
Shell said its operating costs were expected to
fall by $4 billion, or around 10 percent, in 2015
as part of a broad efficiency drive to boost its
balance sheet.
source:www.hotnaijagossip.com

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