Shell axes 380 jobs

Shell axes 380 jobs This is due to low oil price
November 23, 2016 11:58
Shell axes 380 jobs

Baku. 23 November. REPORT.AZ/ Shell (Great Britain - the Netherlands) is to axe its Glasgow operation.

Report informs citing foreign media, it will result in the loss of 380 jobs.

The cuts are in response to the low oil price - which is already hurting the Scottish economy amid thousands of job cuts in North Sea production.

Shell said the decision to close its finance operation in Glasgow, which will take place by 2018, came about as it was taking "difficult choices" in order to remain competitive.

Notably, the price of a barrel of oil from more than 100 USD in mid-2014 to less than 30 USD at the beginning of this year. As a result, companies have dramatically cut investment in new projects.

Investment peaked at 780 bln USD (£624bn) in 2014, dropping by 200 bln USD (£160.5bn) last year, and is predicted to fall another 140 bln USD (£112bn) this year, theInternational Energy Agency (IEA) says. 

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