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June 12, 2020

Coronavirus company news summary – Centrica to axe 5,000 jobs – Oil prices slip 8%

By Jessica Paige

12 June

Centrica, the owner of British Gas, is set to axe around 5,000 jobs as the company seeks to cut costs amid the Covid-19 crisis. The redundancies will involve trimming company’s leadership, management and corporate staff, BBC reported. Currently, Centrica has around 27,000 employees, of which 20,000 are based in the UK.

According to the Hindustan Times, ten ONGC workers have tested positive for Covid-19 in the last ten days. The infected workers exhibited symptoms when they were deployed in the offshore rigs. Subsequently, they were flown to Mumbai for testing. Usually, such offshore staff work for 14 day long shifts.

Exxon Mobil has started preparations to revive the divestment of its British North Sea assets, Reuters reported quoting unnamed sources. The sale was delayed several times due to weak oil prices and Covid-19 pandemic. The company has conducted discussions with several potential buyers in the recent weeks, the report added.

Global oil prices fell more than 8% as the fear of a second Covid-19 wave led investors to sell assets. International benchmark Brent crude traded at $38.51 per barrel, falling $3.22 on earlier sessions. In the recent weeks, oil prices have regained some lost foothold, after dropping to historic lows due to plummeting demand and impact of the pandemic.

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