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Shell to shed 1,000 more jobs as profits fall 75%

Financial Times

By Carola Hoyos, Chief Energy Correspondent

Published: February 4 2010 08:36 | Last updated: February 4 2010 08:36

Royal Dutch Shell, the Anglo-Dutch energy group, on Thursday said it would cut significantly its refining and marketing business this year as it predicted the economy would not make a quick recovery.

The company said it would cut 560,000 barrels a day – 15 per cent of its refining capacity – and shed a further 1,000 jobs in that part of its business in order to create savings of another $1bn.

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