Repsol to lay off 1,500

Canada

CALGARY, October 2, 2015 – Spain’s Repsol is laying off 1,500 people over the next three years, company spokesman Kristian Rix wrote in an email to press.

It was not made clear which sectors would lose workers, but Rix did say the company would be letting people go at offices worldwide. The cuts represent 6 percent of the company’s total workforce.

“We are undertaking a worldwide transformation. This is part of a long-term process,” Rix said in an emailed statement to the Canadian daily Financial Post

The company has been acquiring rivals and shedding its less productive assets in response to the global oil price downturn. Repsol finalised a takeover of Canadian exploration and production multinational Talisman for $8.3 billion this month. Over the past week, it sold a 10-percent stake in Spanish pipeline operator Compañia Logistica de Hidrocarburos for €325 million, and unspecified shares of its gas distribution business to local competitors for €651.5 million.

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