Shell to slash refining, retail operations
Feb. 4 (Globe & Mail/Reuters) Royal Dutch Shell PLC RDS.A-N said it plans even deeper cuts to its oil refining and retail operations after downstream weakness caused a 75 per cent fall in fourth-quarter profits to $1.18-billion (U.S.).
Chief executive officer Peter Voser pledged $1-billion in cost cuts and 1,000 job reductions in 2010 – mainly to come from the downstream unit – and raised his target for refinery divestments.
Europe's second-largest oil company by market value added it would continue to shift the focus of its downstream business to Asia, where rising fuel demand could ensure better profits.
Feb. 4 (Globe & Mail/Reuters) Royal Dutch Shell PLC RDS.A-N said it plans even deeper cuts to its oil refining and retail operations after downstream weakness caused a 75 per cent fall in fourth-quarter profits to $1.18-billion (U.S.).Chief executive officer Peter Voser pledged $1-billion in cost cuts and 1,000 job reductions in 2010 – mainly to come from the downstream unit – and raised his target for refinery divestments.
Europe's second-largest oil company by market value added it would continue to shift the focus of its downstream business to Asia, where rising fuel demand could ensure better profits.