A Nigerian Oil Company Plans To Sack 700 Workers





Shoreline Group, a Nigerian owned upstream oil producer is reported to be planning to sack about 700 of its employees.

The company led by business mogul Kola Kareem, has also halted plans to issue $500m worth of Eurobonds. According to Bloomberg, the CEO had blamed its decision on the current price of crude oil which is now below its projections of $60 per barrel.


“We went on a roadshow and the world of oil collapsed. We’re going to wait until the end of the first quarter and see how stable the markets are. Mid-last year, our projections were $60 oil for the next five years,” Karim said.

Source: Bloomberg

Shoreline is one of several local businesses that bought fields in the oil-rich Niger Delta region after foreign companies, including Royal Dutch Shell Plc, Total SA and Eni SpA, sold onshore assets.

The company is thought to be indebted to a some local Nigerian banks.


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s