China Financial Daily

Shell layoffs: Oil giant Shell plans to continue to lay off thousands of people
Since the CEO Peter Voser took office in July of this year, Europe’s largest oil company Royal Dutch Shell began a series of cost-cutting plan. As part of it, Shell is about to announce a number of layoffs, while the number of layoffs will reach thousands of people.

The restructuring plan led by Peter Voser was named “Transition 2009″. In the first phase of the restructuring, Shell has already cut 150 people among 750 corporate executives , while the layoffs to be announced, the scale will be extended to thousands of people.

As the large-scale capital expenditure projects, Shell’s cost pressures continue to rise; on the other hand, the international energy prices reduced over the past period of time, which also created a significant impact on profitability of Shell. At present, the scale of Shell’s debt has also increased significantly.

Shell did not disclose the specific number of layoffs, at present, the number of Shell’s global workforce are 102,000 people. According to Voser’s plan, Shell’s original natural gas and energy sector will be split, while the exploration and production sector will also be split into two sectors.

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