Shell Divests While PetroChina Invests in West Africa
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Wednesday, 04 June 2008 |
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While Shell divests in Nigeria CNPC is investing us$5bn over the next three years in the neigbouring country of Niger.
The management of Shell Petroleum Development
Company (SPDC) is set to lay off about 2,500 of its workforce.
Local media report that more than 1,000 members of staff
were either
laid off or had voluntarily retired at the close of work on May 30.
It remains to be seen what will happen
to the outstanding workforce of 5,000 who prefer trying
their luck on either being laid off or retained. The Managing Director
of Shell,
Mutiu Summonu, had earlier explained that the downsizing would save the
company over 200 million U.S. dollars annually.
Meanwhile CNPC has
sealed a deal with Niger's government on oil development in the African
country's eastern region, China's Ministry of Commerce said.
CNPC plans to invest US$5 billion in oil development as well as build a
refinery with daily capacity of 20,000 barrels near the southern city
of Zinder, and a 2,000-kilometre pipeline to export the oil, sources
said.
PetrolWorld 040608
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