Borealis News

OMV Might Cut Jobs Due to COVID-19, Low Oil Prices

... further cost savings programs this year," OMV chief executive Rainer Seele told German daily Handelsblatt in an interview published on Wednesday.OMV has already said it would cut spending by about 20% this year and has reached a deal to pay for its $4.7 billion stake increase in plastics maker Borealis in stages."We have not yet made a decision about short-time work or staff reductions. It is a possibility we cannot rule out," the company's CEO told Handelsblatt.OMV, which has a global workforce of around 20,000, said its output fell to 472,000 barrels of oil equivalent per day in