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Shell planning to cut 1000 more jobs

Anglo-Dutch oil giant Royal Dutch Shell has said it will shed a further 1,000 jobs by the end of next year as part of its continuing cost cutting programme.

The company gave no details about where the jobs would be cut. Chief executive Peter Voser said Shell had become "too complicated and slower to respond than we'd like".

However, the company said it was making substantial investments in new projects and expected to see production increase significantly in the next two years. Last month, the firm reported a sharp fall in profits in the last three months of 2009 due to falling demand for oil from a weak global economy.

Contributed by: Our Special Correspondent
City: Oxford
Country: England
Date: March 24, 2010