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Signs of the British oil and gasoline company BP (British Petroleum) are shown in Warsaw, Poland, on July 29, 2024.
Nurphoto | Nurphoto | Getty Images
British Oil Company BP on Thursday said it plans to cut thousands of jobs as part of a major cost-cutting drive.
“We have informed bp staff today that the proposed changes announced to date are expected to affect around 4,700 bp posts – a significant proportion of the expected cuts this year,” BP said in a statement.
“We are also reducing the number of contractors by 3,000 people,” the company said.
The cost-cutting measures come after BP CEO Murray Auchinclos said Last year, the company set out to save at least $2 billion by the end of 2026.
Recently, BP has been losing ground to its European rivals as a player in the energy market keep asking investment business of the firm.
BP shares were up 1.6% on Thursday morning.
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