Anglo-Dutch multinational oil and gas company Royal Dutch Shell, commonly known as Shell, announced that it plans to cut between 7,000 and 9,000 jobs, approximately 10% of its global workforce by the end of 2022. So far, Shell announced a restructuring programme in the United Kingdom (500 jobs cut) and in the Netherlands (900 jobs cut).
Additionally, 1,500 employees have already taken voluntary redundancy.
The programme is a part of broader reorganisation that seeks to transform Shell into a net-zero emissions business by 2050. Shell plans to reduce the number of refineries and focus on lower-carbon energy sources like biofuel, hydrogen, and wind power. The cost-saving and restructuring programme is also related to the COVID-19 pandemic which caused a drop in demand for oil: the company revealed a net loss of USD 18.3 billion for the second quarter of 2020. The restructuring aims to save up to USD 2.5 billion (€2.12 billion) a year.
Shell is one of the largest companies in the world, employing 83,000 people worldwide.