Monday, December 14, 2015

Fear Grips Shell Employees as they are about to Sack 2,800 Staff

From London came this report that Royal Dutch Shell on Monday said it planned to cut 2,800 jobs following its mega takeover of smaller rival BG Group.
quoting the company the spokesperson for shell revealed "Shell currently expects an overall potential reduction of approximately 2,800 roles globally across the combined group, or approximately three percent of the total combined group workforce," Shell said in a statement.
The takeover cleared the final regulatory hurdle on Monday after receiving the green light from China, leaving the deal on track for completion by early 2016
The combination will transform Shell into the world's top liquefied natural gas (LNG) trader and a major offshore oil producer focused on Brazil's rapidly-developing sub-salt oil basin that would rival Exxon Mobil's position as the world’s biggest international oil company.
A worker cuts a metal at a sheet metal processing company Yamada Manufacturing in Daito, Osaka prefecture, December 10, 2013. REUTERS/Yoko Kubota The acquisition, worth about £46 billion ($70 billion) when it was announced and the biggest in the sector in a decade, had already received mandatory and unconditional approvals from Australia, Brazil and the European Union.
Last month, sources told Reuters that the Chinese Ministry of Commerce (MOFCOM) had pressed Shell to sweeten long-term LNG supply contracts as the world's top energy consumer faces a large surfeit over the next five years.

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