Low oil prices hit Trinidad; company to lay off workers

Low oil prices hit Trinidad; company to lay off workers

Tuesday, February 16, 2016

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PORT OF SPAIN, Trinidad (CMC) — The energy company, BP Trinidad and Tobago (bpTT) says it will be laying off workers as the company seeks to deal with the low prices on the global market.


"As a result, the company anticipates that at the end of this process approximately 2.5 per cent of its national employees will be impacted and over 50 per cent of its expatriate staff in Trinidad will be repatriated," bpTT said in a statement.


The company, which employs approximately 1,000 employees, said the charges "are part of the programme British Petroleum (BP) has in place throughout its businesses worldwide to simplify organisations and improve efficiencies to help meet the challenge of the current low oil price environment".


In January, BP said that it expected 4,000 jobs across its upstream businesses worldwide would be lost as the company makes changes to remain competitive.


"Decreasing our staff is never our first option. These changes are part of the company’s ongoing plans to improve efficiency and manage cost as it responds to the challenges of global energy markets," said bpTT president Norman Christie.


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