hr.economictimes.indiatimes.com | www.ETHRWorld.com
By Vera Eckert
FRANKFURT: Wintershall Dea will cut some 500 jobs, or roughly a quarter of its staff, in a separation of its Russian activities, the oil and gas group said on Tuesday, drawing a line under the business on which it has relied for decades.
Some 300 of the affected 500 jobs are in Germany, the group said.
The company, a joint venture of BASF and Russian billionaire Mikhail Fridman’s investment firm LetterOne, spoke of “new realities” since Moscow invaded Ukraine, causing it to de-consolidate its Russian activities. The group has been one of the most exposed German firms there with Russia accounting for half of its production.
“We have adjusted our corporate strategy in line with the changing energy sector and our exit from Russia and we are now refocusing our organisational structure accordingly,” Chief Executive Mario Mehren said in a statement.
The move comes as Germany is phasing out its energy relations with Russia, once the backbone of bilateral ties, which has also affected gas trader Uniper.
Wintershall Dea, which majority shareholder BASF is seeking to exit, aims for 200 million euros ($214 million) of annual cost savings, it said.
The shedding of jobs will be carried out in a socially…
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