Shell sacks 1000

1000 more jobs to go

Shell, Britain’s second-biggest oil company, will cut a further 1,000 jobs this year as it reported a bigger than expected 69 per cent fall in full-year profits and cautioned of an “uncertain” outlook for 2010.

The Anglo-Dutch company reported 2009 earnings of $9.8 billion on a current cost of supplies basis, against $31.4 billion for 2008.

Peter Voser, chief executive of Shell, said: “Oil prices have increased compared to a year ago, but gas prices and refining margins have declined sharply, because of weaker demand and high industry inventory levels. We are not assuming that there will be a quick recovery, and the outlook for 2010 is uncertain”

Under its restructuring programme, Project Transition, Shell has already reduced staff numbers by 5,000 last year. It will add a further 1,000 to the tally, mainly from its downstream and corporate functions.