Royal Dutch Shell has announced plans to exit over a third of its retail markets and cut a further thousand jobs as part of a reorganisation programme that helped the company shed $2bn (£1.3bn) in costs last year.
Shell said it would be cutting 2,000 jobs over the next two years, 1,000 of which have already been announced. The first round of cuts will save $1bn (£663m) in overheads.
Peter Voser, chief executive of the Anglo-Dutch oil giant, said Shell had petrol retailing operations in over 100 countries, with petrol stations in about 90. "This portfolio is too scattered and not focused enough on profitability and growth," he said.
Voser has already cut 5,000 jobs out of 100,000 staff worldwide since being appointed in July last year. Shell employs around 8,500 staff in the UK, but gave no details on where the cuts would fall.
Shell will also exit 35 per cent of its petrol stations worldwide and reduce its refining capacity by 15 per cent to save costs up to $1bn (£658m) this year. The company is also planning asset sales of between $1-3bn a year.
Shell shares rose in response to the announcement by 25.5p to £18.56.
