More job cuts loom as Shell, IOCs’ debts hit $138bn Adeola Yusuf
M
ore oil workers, specifically big shots, are expected to join over 20,000 workers sacked in the oil
industry, as the debt woes of International Oil Companies (IOCs) hit $138 billion within one year. The London-based
Fitch Ratings, which disclosed this at the weekend, declared that the hope of recovery at the year-end has dimmed for Shell,
ExxonMobil, Chevron and other big oil and gas firms. These companies' debts, the rating agency said, had grown tenfold since 2008.
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New Telegraph had recently reported plans by two IOCs – Shell and Chevron – to slash over 18,500 from their workforce in their countries of operations including Nigeria,
due to the price rout. An associate director at Fitch Ratings, Dmitry Marichenko, however, said that the results of these companies showed CONTINUED ON PAGE 6
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