Chevron Thailand says to cut 800 staff, cut costs by US$500m

[BANGKOK] The Thai unit of US oil firm Chevron plans to cut 800 staff this year as it looks to cut costs by half a billion dollars to weather the sharp fall in global energy prices and weaker demand, the company said on Monday.

"The cuts will help the company to continue operations in Thailand," company's president Pairoj Kaweeyanun told reporters after meeting with Thai energy ministry officials on Monday.

The cuts would take effect on Aug. 1, the company said in the statement. Chevron aimed to make savings of US$500 million in Thailand this year, Pairoj said.

Chevron Thailand Exploration and Production employs about 2,200 staff and another 1,700 contractors, the statement said.

REUTERS