MEED: Abu Dhabi's ADNOC Cutting 5,000 Jobs
ABU DHABI, May 15 (Reuters) - Abu Dhabi's state-owned National Oil Co (ADNOC) plans to cut 5,000 jobs by the end of the year, and 2,000 of the lay-offs have already been carried out, Middle East news service MEED reported on Sunday.
ADNOC has roughly 55,000 staff. Many companies in Abu Dhabi and elsewhere in the Gulf are trying to cut costs as low oil prices slow economic growth and pressure state finances.
An ADNOC spokesman, contacted by Reuters, did not confirm or deny the cuts but said: "In keeping with the entire oil and gas industry, ADNOC is constantly looking at ways to be more efficient and more profitable, particularly in the current market environment.
"This is in line with our strategic goals of efficiency, profitability and performance."
On Thursday, ADNOC announced it had reshuffled its leadership in the first major shake-up since the appointment of Sultan Al Jaber as its chief executive in February.
(Reporting by Maha El Dahan; Editing by Andrew Torchia)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- ADNOC Seeks to Make Downstream City More Livable (Sep 10)
- Govt Source: ADNOC To Sign Deal On Monday For Stake In Indian Refinery (Jun 22)
- UAE's ADNOC Signs Deal With Spain's Cepsa For New LAB Facility (May 14)