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Shell sacks 9,000 to shore up revenue

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images 2020 10 01T115438.604 Shell sacks 9,000 to shore up revenue

Royal Dutch Shell, yesterday, announced that it has concluded plans to lay-off about 9,000 workers as part of efforts to raise annual savings of up to $2.5billion (£1.9bn) by 2022.

The company, disclosed that around 1,500 of the staff slated for mass sack have agreed to take voluntary redundancy this year – by the end of 2022.

According to a report by SkyNews, the move is part of the company’s efforts to adapt to a low-carbon future and becoming more “streamlined”, with the severe impact of COVID-19 – which caused a slump in demand for oil and a collapse in prices – also a factor.

Shell, according to its data, has 83,000 employees at the end of 2019. The firm said that the new reorganisation would lead to annual savings of up to $2.5bn (£1.9bn) by 2022.

It said the shake-up was expected to result in 7,000 to 9,000 job cuts – including around 1,500 who have agreed to take voluntary redundancy this year – by the end of 2022.

The company would not give a breakdown of how its workforces in different countries would be affected.

Shell employs 6,500 people in the UK.

The company said earlier this year that it was aiming to become a net-zero emissions energy business by 2050.

In May, Shell cut its dividend for the first time since the Second World War in the wake of the coronavirus crisis.

The restructuring comes after rival BP in June revealed a shake-up which will see 10,000 jobs go globally, including 2,000 in the UK.

Shell chief executive Ben van Beurden, said the company was aiming to become a “simpler, more streamlined, more competitive organisation that is more nimble and able to respond to customers”.

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Lower oil demand may persist beyond 2021 – World Bank

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images 2020 10 23T153303.293 Lower oil demand may persist beyond 2021 – World Bank

The World Bank on Thursday said lower demand for crude oil may persist beyond 2021 .
It stated that while metal and agricultural commodities had recouped their losses from the COVID -19 pandemic and were expected to make modest gains in 2021 , energy prices , despite some recovery , were expected to stabilise below pre – pandemic levels next year .
Oil prices fell dramatically in the early stages of COVID -19 and have only partially regained pre -pandemic price levels .
Metal prices on the other hand , declined relatively modestly and have returned to levels that preceded the shock, according to the semi -annual Commodity Markets Outlook report, as stated by the bank .
The bank stated that agricultural produce prices were relatively unaffected by the pandemic , but the number of people at risk of food insecurity had risen as a result of the broader effects of global recession .
“ The impact of COVID – 19 on commodities has been uneven , and could have lasting effects for energy markets ,” World Bank Group Acting Vice President for Equitable Growth , Finance and Institutions and Director for the Prospects Group, Ayhan Kose , said.
He added, “ When declines in commodity prices are short -lived , policy stimulus can buffer their impact.
“ However, when prices remain depressed for an extended period , policymakers need to find solutions so their economies can adjust smoothly to a new normal .”
He stated that because of COVID – 19 , the new normal for oil – exporting emerging and developing economies arrived earlier.
Kose explained that in the post -COVID world , these countries need to be more aggressive in implementing policies to reduce their reliance on oil revenues .
The bank said oil prices were expected to average $ 44 per barrel in 2021 , up from an estimated $41 per barrel in 2020 .
It said demand was expected to rise only slowly as tourism and travel continued to be held back by health concerns and as global economic activity was anticipated to return to pre -pandemic levels only in the year after next.
It said supply restraint was expected to be eased steadily .
“ Energy prices overall , which also include natural gas and coal, are expected to rebound sizably in 2021 , following large declines in 2020 , an upward revision from April ’s forecast,” the bank said.

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Ban Tomato Importation – Dangote Tomato MD Tells FG

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images 2020 10 23T104030.892 Ban Tomato Importation - Dangote Tomato MD Tells FG

Ban tomato importation – Dangote tells FG
The Managing Director of Dangote Tomato Processing plant in Kadawa, Kano State, Abdulkarim Kaita has on Thursday called on the Federal government to ban importation of tomato paste like it ban rice importation into the country.
This was as he decried importation of tomato paste which he said was still thriving as the commodity was being imported from Cameroon and Cotonour in Benin Republic.
Kaita made the call while flagging off the distribution of tomato seedlings to 5,000 farmers under the Anchor Borrower of Central Bank of Nigeria on Thursday at Kadawa village in Kura LGA of the state.
The MD also dropped hint that plans are underway by the company to ensure that Nigeria is self sufficient and positioned to export tomato by establishing the biggest greenhouse in Africa which has the capacity to produce 350 million seedlings annually.
According to him, “We are appealing to the Federal Government to put a total ban on the importation of tomato like what it did to rice.
“The ban is necessary so as to boost local production of the commodity and ensure that Nigeria is self sufficient in tomato production.
“the ban on the importation of tomato paste would lead to the establishment of more tomato processing plants thereby creating job opportunities for many people in the country.
“The company had on several occasions visited the Customs Headquarters and met with the Controller General with a view to lodging complaint over the issue but nothing was done to check the ugly trend.
“It is only by putting a total ban on tomato importation that the government can encourage farmers to grow the commodity for the country to be self sufficient.
“The company was working with the Central bank of Nigeria under the anchor Borrower programme to provide tomato farmers with high yield seeds which will enable them to produce a minimum of 40 tons per hectare.
“Similarly, the company is putting a lot of effort to ensure that Nigeria is self sufficient in tomato production by establishing the biggest greenhouse in Africa which has the capacity to produce 350 million seedlings annually.
“There are 12 major tomato producing states in the country which if fully cultivated, in the next one year, Nigeria will be able to start exporting tomato.
“The greenhouse which is the largest in Africa, is established to provide tomato growers with high yield tomato seedlings in the country,” Kaita said.
In his remarks, the Chairman, Kano State chapter, Tomato Growers Association of Nigeria, Sani Danladi-Yadakwari commended the Federal Government for including tomato value chain in the anchor borrower programme noting that it would go a long way in boosting tomato production in the country.
Some of the items benefitted by the tomato growers include seedlings, fertilizer, water pump and other inputs.

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Fuel Scarcity Looms As Depots Stop Loading

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images 2020 10 22T134311.286 Fuel Scarcity Looms As Depots Stop Loading

The scarcity of petroleum products is imminent in Nigeria as some depots have stopped loading-trucks, The Nation learnt on Wednesday.
The Independent Petroleum Marketers Association of Nigeria (IPMAN ) National Vice President, Alhaji Abubakar Maigandi, disclosed this to our Abuja correspondent on phone.
He added that the #EndSARS protests and the resultant crises have stopped the marketers from transiting their loaded trucks.
According to him, since petroleum products are highly inflammable, the drivers decided to park their trucks in safe places nationwide.
He explained that since consumers buy fuel on daily basis and there is no replacement, there is bound to be a scarcity of petroleum products.
Maigandi further said the marketers do not hoard products so there will be no reservoirs to turn to upon the exhaustion of available stock.
Asked whether there is any fear of scarcity, he said “definitely, because some of the depots are not loading due of insecurity.
“The ones that have already loaded parked their trucks in the yards so that protesters will not set them on fire. There is no way you can have sufficient fuels in the filling stations because we don’t do hoarding.”
The IPMAN National Vice President urged the protesters to dialogue with the Federal Government for the amicable resolution of the crises.
He asked them to embrace the olive branch because of the economic losses that emanate from the crisis.
His words: “The EndSARS issue is a Nigerian issue so the protesters and government should dialogue over it for a lasting solution. Nigerians (both government and the governed need to have attitudinal change. So, it is better to dialogue. “

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