Russia » Politics

Statoil Cuts Coastal Operations - 30 August, 2002

Statoil put its efforts to cut costs, so it is going to cut all divisions. But this reorganization will take some time.

Any major reorganization any way provokes displeasure of government and local residents as Statoil has been a major provider of jobs along the coast.

In the northern town of Harstad, for example, Statoil now has around 150 employees, while 320 work in Stjoerdal. Kristiansund, Floroe, Aagotnes and Dusavik are other smaller towns where Statoil is a significant local employer.

On the one hand, Statoil is to be cost-efficient, because the state continues to be its major shareholder.

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