The company also announced that it plans to eliminate 6% of its workforce by 2020, meaning about 1,500 job cuts (25,000 employees) under a three-year strategic plan for 2016-2020 The move comes as low global oil prices have forced many energy companies around the world to significantly reduce costs. Repsol has sold part of its piped gas business to Gas Natural Distribucion and Redexis Gas for €651.5m with an after-tax capital gain of €367m. The transaction should be closed in H1 16.
02 Oct 2015
Cutting costs and selling assets
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Cutting costs and selling assets
The company also announced that it plans to eliminate 6% of its workforce by 2020, meaning about 1,500 job cuts (25,000 employees) under a three-year strategic plan for 2016-2020 The move comes as low global oil prices have forced many energy companies around the world to significantly reduce costs. Repsol has sold part of its piped gas business to Gas Natural Distribucion and Redexis Gas for €651.5m with an after-tax capital gain of €367m. The transaction should be closed in H1 16.