Shell to cut 5000 Jobs

The job losses are part of a programme called Transition 2009,which was put in place by Peter Voser,who started as chief executive in July. The cutbacks represent some 4.9 per cent of the corporation8217;s 102,000-member staff,and almost 10 per cent in those divisions Shell is merging.

Voser said the corporation had to take 8220;stringent measures to further improve our performance8221; and its 8220;competitive cost position8221;.

Although the corporation had 8220;some indications that energy demand and pricing are improving,8221; he said,8221;the outlook remains very uncertain,and we are not expecting a quick recovery.

8220;Voser said the reorganisation,due to be completed by the end of the year was 8220;progressing well8221; and had already reduced operating costs by 1 billion pounds 0.676 billion euros in the first nine months of this year.

The energy giant said production in the third quarter amounted to 2. 93 million barrels a day,lower than the 3.39 million barrels analysts had counted on.