CNPC plans to cut HQ staff by 20 percent in efficiency drive - microblog
Reuters
Published Dec 14, 2016 08:25
CNPC plans to cut HQ staff by 20 percent in efficiency drive - microblog
BEIJING (Reuters) - China National Petroleum Company [CNPET.UL] plans to cut staff at its Beijing headquarters by 20 percent, the company said in a post on its social media blog on Wednesday, the latest move in an efficiency drive by the country's top state energy group.
The staff reduction will be completed by March next year, with some staff relocated to specialized business units.
The move will also reduce the number of departments at the headquarters. Some divisions will be merged, such as the quality and standards supervision departments, which will be combined into one, the report said.
Company press officials were not immediately available for comment.
Other global oil companies have also carried out sweeping cost-cutting programs in recent years as the years-long rout in crude oil prices undercut profits.
Earlier in 2016, CNPC carried out a major restructuring, including selling $11 billion worth of financial assets to a listed unit, and announcing plans to transfer its oilfield services business into another listed unit.
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Written By: Reuters
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