Sun, Nov 22 2009

Lukoil's Bulgarian refinery could slash 20% of workforce

Thu, Oct 15 2009 10:35 CET byDnevnik.bg 1046 Views
Lukoil's Bulgarian refinery could slash 20% of workforce

Photo: Assen Tonev

Bulgaria’s sole oil refinery, Russian-owned Lukoil Neftochim Bourgas, might slash all jobs at its oil chemicals and polymers capacities that have been idled after the economic downturn dampened demand, Reuters reported quoting a source of the plant.A spokesperson for the company told the agency the firm will keep its entire workforce intact in the face of recession.

The jobs now hanging in the balance make up 20 per cent of the company’s headcount, Reuters said.

Approached by Dnevnik for comment, Lukoil Neftochim Bourgas public relations officer Svetla Nikolova declined to discuss statements by sources speaking under terms of confidentiality.

The refinery is using the temporary capacity shutdown to upgrade and repair the installations, Reuters said.

The source revealed that job cuts would not be undertaken before 2010, adding that many of the staff employed in the company’s oil chemical and polymers operations have already been informed of the forthcoming redundancies next year.

Lukoil Neftochim Bourgas said the company’s management was looking for ways to safeguard jobs including relocation in other roles or divisions.

The refinery booked a 473 million leva loss for 2008, the worst performance since it went private, after last year’s oil price spike gave way to a steep decline. On the upside, the firm’s sales surged by 23 per cent year-on-year to 7.13 billion leva.

Source: Dnevnik

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