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Shell plans to cut up to 9 000 jobs. Its around 10% of its workforce

Shell plans to cut up to 9 000 jobs. Its around 10% of its workforce

The Hague, September 30 - Neftegaz.RU. The Anglo-Dutch oil company expects to cut up to 9000 jobs, the energy giant is still grappling with the effects of the oil price downturn and Covid-19.

The figure will include 1,500 who have agreed to take voluntary redundancy by the end of this year. The company has not specified where the job cuts will fall.

The oil giant, which has 86 000 employees, said that the reorganisation will lead to annual savings of $2 billion to $2.5 billion by 2022.

Shell explained that the job cuts are not only the company's response to the coronavirus pandemic, but also part of a plan to accelerate investment in low - carbon energy.

“It is very painful to know that you will end up saying goodbye to a lot of good people,” Ben van Beurden, CEO of Shell said. “But we’re doing it because we have to, because it’s the right thing to do for the future of the business... We have looked closely at how we are organised and we feel that, in many places, we have too many layers in the company," he noted.

The company says that by 2050 it will sell predominantly low-carbon electricity, biofuels, hydrogen and other solutions. However, it says it needs its oil-and-gas business to perform well to fund that change.

Shell will aim to deliver net-zero emissions from the manufacture of all of its products by 2050. However, the company has said that this ambition could be reached sooner.

In April Shell has cut its dividend for the 1st time since World War following the collapse in global oil demand due to the coronavirus pandemic, which halved quarterly earnings.

To read the news in Russian.

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