The wholly-owned Canadian unit of state-owned China National Offshore Oil Corp. (Cnooc) announced Tuesday that it would cut its workforce of 3,200 by 360 jobs in North America and 60 positions at its British unit to cope with a more than 50% drop in crude prices from mid-2014, The Wall Street Journal reported, citing the unit’s Chief Executive Fang Zhi. The midsize oil and gas producer, Nexen Energy ULC, operates under business terms agreed to with the Canadian government in 2012 but which have never been made fully public. A spokesman for Canadian Industry Minister James Moore said the government was reviewing the cuts to ensure compliance.
You must log in to post a comment.
Yes, I would like to receive emails from China Economic Review. (You can unsubscribe anytime)
Copyright © 2018 SinoMedia Group Limited All rights reserved