Romanian Rompetrol Lays Off Several Hundreds Employees – Sources

Kazakhstan’s KazMunaiGaz, majority shareholder of Romanian oil company Rompetrol, and a team led by president Dinu Patriciu and Titov Buzescu, operational efficiency vice-president, started a restructuring process, including the layoff of several hundreds employees, Rompetrol sources said Tuesday.

According to the sources, over 500 employees have been dismissed so far, while another few hundreds will be fired by yearend.

Patriciu said restructuring means annulling and creating jobs, adding that they will not operate personnel layoffs, but target a functional change in the structure of the group.

Patriciu said in June that although Rompetrol registered progresses after being bought by KazMunaiGaz, it needs a correct calibration of all resources, which would be “absolutely necessary”.

The company’s president referred to turning activities more efficient by cutting costs, optimizing processes and restructuring non-performing business, adding that the team led by him and Buzescu would coordinate the restructuring process.

Kazakhstan’s KazMunaiGaz bought last year a 75% stake in Rompetrol and can opt by August to buy the remaining 25% stake in the company.

The Rompetrol Group operates in 13 countries and employs over 8,000 people. Its main assets are located in Romania, France and southeastern Europe.