Ex-partner of Gazprom in 'Turkish Stream' announces mass layoffs

Baku. 29 July. REPORT.AZ/ Former partner of "Gazprom" - the Italian pipe-layer Saipem announced plans to cut costs by 1.3 billion euros to restore the competitiveness of the market, Report informs citing the BBC.

The company also forced to dismiss 8.8 thousand employees as a result of breach of contract on "South Stream" and then - on the "Turkish Stream", as well as anti-corruption investigation in Algeria and the fall in energy prices.According to the company forecasts, the net loss of Saipem in 2015 will be 800 million euros.

The company intends to carry out a massive layoffs from 2015 to 2017.