Business

Dwindling Profit: Shell to sack 10,000

The reality of the global economic meltdown may soon become very glaring, as oil giant, Royal Dutch Shell, has concluded plans to cut about10,000 jobs owing to continued fall in its annual profits for the past13 years.

Shell, one of the major oil companies in the world, made $1.8bn (£1.23bn) for the fourth quarter of the year, a far cry from the $4.2bn profit for the same period in the preceeding year.

Its 2015 full-year earning was $3.8bn, a drastic reduction when compared with the $19bn it made in 2014.

The comoany, according to reports had indicated that it would report a massive drop in profits two weeks ago hinting on the 10,000 jobs cut.

Shell’s chief executive, Ben van Beurden, said: “The completion of the BG transaction, which we are expecting in a matter of weeks, marks the start of a new chapter in Shell, rejuvenating the company and improving shareholder returns.

“We are making substantial changes in the company, as we refocus Shell, and respond to lower oil prices. As we have previously indicated, this will include a reduction of some 10,000 staff and direct contractor positions in 2015-16 across both companies.”

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