Spain’s Cepsa to cut petchem jobs

22 January 2008 18:20  [Source: ICIS news]

LONDON (ICIS news)--Spain-based Cepsa plans to cut 90 jobs from its Ertisa, Petresa and Petrocepsa petrochemical operations to streamline its business, a company union official said n Tuesday.

Under the plan, all workers will receive early retirement or voluntary departure benefits, he said, adding that the three units are “overstaffed”.

Ertisa, Petresa and Petrocepsa employ a total of 1,300 people.

Cepsa’s move comes shortly after Spanish rival La Seda de Barcelona (LSB) cancelled the €595m ($857m) acquisition of Cepsa’s of purified terephthalic acid (PTA) unit, Interquisa, amid market turmoil.

The move envisaged Cepsa taking a 12% stake in LSB.

($1.00 = €0.69)

By: Ivan Castano Freeman
+44 20 8652 3214

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