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June 19, 2020

Coronavirus company news summary – Saudi Aramco axes hundreds of jobs – Ovintiv slashes workforce by 25%

By Jessica Paige

19 June

Saudi Arabia’s state-owned petroleum and natural gas firm Saudi Aramco has started cutting hundreds of jobs as it seeks to reduce costs in response to the oil price crash, reported Bloomberg citing credible sources. The company, which employs almost 80,000 people, has started laying off foreign staff across several divisions.

Integrated energy firm Sasol has announced its plans to end West African oil operations as it seeks to revamp its business structure. The company cited weaker oil prices and lower demand due to Covid-19 as the primary reasons for the organisational overhaul. Sasol noted that the redesign of the organisation would have an impact on its workforce, but did not disclose how many jobs might be lost.

Petroleum Association of Japan (PAJ) said that weaker oil demand in the country, which has been triggered as a result of the Covid-19 pandemic, is currently balanced by reduced production from the OPEC+ producers. Demand for gasoline and gas oil in the country has  picked up since last month as coronavirus-related restrictions have been eased across the nation.

Ovintiv has laid off 25% of its overall workforce this month as the oil and gas firm batters with plunging fuel demand and lower prices as a result of the Covid-19 crisis. Earlier this year, Encana rebranded itself as Ovintiv and shifted its headquarters from Canada to US.

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