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PNOR - Petronor E&P News Story

NOK1.35 -0.1  -4.9%

Last Trade - 06/05/21

Small Cap
Market Cap £127.1m
Enterprise Value £141.1m
Revenue £48.6m
Position in Universe 839th / 1836

Pandemic prompts Petronor to propose furlough for 30% of oil refinery staff

Tue 30th March, 2021 2:53pm
MADRID, March 30 (Reuters) - Spanish oil refiner Petronor,
majority-owned by Repsol  REP.MC , has proposed a furlough
scheme for one third of its 900 employees in response to a sharp
fall in fuel demand due to the coronavirus pandemic.
    The facility in Bilbao, northern Spain, has been processing
crude at 60% capacity for 271 days, the company said on Monday,
during which time it offered training to keep employees active.
    Unable to keep this up, the company said it would now start
negotiations with labour representatives to decide on temporary
layoffs until the end of 2021.
    "The current uncertainty about a return to mobility,
primarily depending on the vaccination process, makes it
impossible to predict when the refinery can go back to
functioning normally," the statement said. 
    Petronor said it thought the situation was temporary and it
was continuing to work towards a future in the low-carbon energy
    The refinery has capacity to process 220,000 barrels of
crude oil per day.

 (Reporting by Isla Binnie; Editing by Edmund Blair)
 ((; +39 06 8522 4392; Reuters
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