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28/04/2004
Shell announce 2,800 technology job cuts
Royal Dutch Shell have announced that it is to cut 2,800 jobs in its technology division over the next three years.
The world’s third largest oil firm said that the job losses were unrelated to the firm’s recent problems over how it accounted for its proven oil reserves.
The division affected has sites in Britain, the Netherlands and the US. Some of the jobs will be outsourced to India and Malaysia.
Shell expects to save £475.3 million from by cutting the jobs.
The oil company has been under huge pressure, after cutting its reserves estimates by a fifth.
Recently, Shell’s chairman, head of explorations and finance chief, all resigned after the company admitted proven reserves of crude oil had been substantially overstated.
The company is currently being investigated by the UK’s financial watchdog, the FSA, and also by the Securities and Exchange Commission and the Justice Department in the US.
(KmcA)
The world’s third largest oil firm said that the job losses were unrelated to the firm’s recent problems over how it accounted for its proven oil reserves.
The division affected has sites in Britain, the Netherlands and the US. Some of the jobs will be outsourced to India and Malaysia.
Shell expects to save £475.3 million from by cutting the jobs.
The oil company has been under huge pressure, after cutting its reserves estimates by a fifth.
Recently, Shell’s chairman, head of explorations and finance chief, all resigned after the company admitted proven reserves of crude oil had been substantially overstated.
The company is currently being investigated by the UK’s financial watchdog, the FSA, and also by the Securities and Exchange Commission and the Justice Department in the US.
(KmcA)
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