Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
OMV Petrom, the local subsidiary of OMV, the largest oil and gas group in south-eastern Europe, is to lay off 1,200 employees by the end of 2016.
The company decided to close down 250 wells out of the total of 7,600. The shutting down of the wells is attributed to low prices of oil and natural gas and the old state of the industrial equipment.
The company closed down other 350 wells in 2015, but at that time the group did not make any announcement of layoffs.
The trade union have not reacted to the announcement so far.
In the first quarterly of 2016 the company had 15,237 employees.
Romanian Petrom was privatized by the Romanian state and sold to Austrian oil company OMV in 2004.
Eurofound (2016), OMV Petrom, Internal restructuring in Romania, factsheet number 88359, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/88359.