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Slovnaft to cut 9 percent of jobs

The Slovnaft oil refinery, part of the MOL gas and oil group from Hungary, is planning to cut nine percent of jobs due to falling demand for oil products in Europe, the TASR newswire wrote on Monday, October 1. The economic crisis, dating back more than four years, has meant the demand for oil products has fallen by 10 percent in Europe, with the outlook remaining negative.

The Slovnaft oil refinery, part of the MOL gas and oil group from Hungary, is planning to cut nine percent of jobs due to falling demand for oil products in Europe, the TASR newswire wrote on Monday, October 1. The economic crisis, dating back more than four years, has meant the demand for oil products has fallen by 10 percent in Europe, with the outlook remaining negative.

"I'm not able to state the exact figures of how many people will be affected by the rationalisation measures. I'm able to say that this may concern some 7 percent of the staff at Slovnaft," said Slovnaft PR director Anton Molnár. Slovnaft will cut 9 percent of jobs, while the actual reduction will affect only 7 percent of the staff, as many of the positions are already vacant.

Meanwhile, Slovnaft is set to increase the volume of investments. Over the past 10-15 years, it has been investing €110-120 million each year. According to Molnar, this figure should rise mainly due to the planned construction of a new line for the production of polyethylene and the modernisation of the unit for ethylene production.

(Source: TASR)
Compiled by Zuzana Vilikovská from press reports
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