Petrol Stop - Chevron restructuring plan puts 1,400 jobs at risk: Report

Chevron restructuring plan puts 1,400 jobs at risk: Report

Thursday, 21 January 2010

21 Jan 2010;economictimes.indiatimes.com:LONDON: American oil major Chevron's announcement of a restructuring plan for its global refining operations has put as many as 1,400 jobs at its Britain refinery under threat, says a media report. According to 'The Times', as many as 1,400 jobs at one of Britain's largest oil refineries are under threat after Chevron said it was planning a restructuring that would involve sweeping cuts across its global refining operation. The announcement has raised fears relating to Chevron's refinery at Pembroke in South Wales, which employs 600 permanent workers and 800 contractors, the daily said. A UK spokesman for Chevron, confirmed that the future of Pembroke was being considered but that no final decisions had been taken, The Times said. Moreover, any job cuts at Pembroke would represent a crushing blow for the economy of Wales, which has been among the hardest hit regions in the UK during the recession. Chevron has said that more information would be available in March and that the reorganisation would be complete by the third quarter. The oil major will release its financial results for the fourth quarter of last year. The oil refining business has been hit by a combination of low margins and recession, while threat of tougher carbon regulation is also a concern, particularly for operators of plants in Europe.