From Reuters

Sinopec Oilfield Service Corp plans to cut 4,000 jobs this year due to structural overstaffing, having let go 2,000 employees in the first half, company spokesman Li Honghai said on Wednesday.

The planned lay-offs account for just under 5 percent of the company’s total staffing. The job reductions include early retirements and cut-off to employment contracts extensions, Li told Reuters over the phone.

Li said company staffing was bloated due to over-rapid expansions during days of high oil prices. The company returned to profitability in the first half of this year versus net loss a year earlier, due to a rebound in oil prices and pick-up in overseas activities.



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