Double, double oil and trouble as layoff axe falls on Jurong Island
Singapore
US oil giant Chevron could slash at least 10 per cent of jobs in its Singapore operations - just days after Shell announced it would cut 500 jobs here.
The second largest integrated energy company in the US said it planned to trim 10-15 per cent of its global workforce as part of a plan to cut operating costs as well as capital investments to "match projected activity levels".
Its cost-cutting plan to streamline the organisation and Shell's re-pivot come amid a prolonged oil slump and the Covid-19 pandemic which have sparked mass job losses in the sector.
Chevron's cut of about 6,000 out of nearly …
A NEWSLETTER FOR YOU
SGSME
Get updates on Singapore's SME community, along with profiles, news and tips.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Oil jumps, equities fall as Iran blasts fan Middle East tensions
Gold set for fifth weekly gain as geopolitical risks buoy demand
Oil holds near 3-week low as US sanctions interrupt easing tensions
Seatrium unit ordered to pay US$108 million in arbitration over equipment supply contracts
BP reshapes its leadership team as some executives leave
BHP to decide on future of nickel business by August, trims met coal estimates