GCC OIL AND GAS DIRECTION
Abu Dhabi's ADNOC cutting 5,000 jobs -
Abu Dhabi's state-owned National Oil Co (ADNOC) plans to cut 5,000 jobs by the end of the year, and 2,000 of the lay-offs have already been carried out.
ADNOC has roughly 55,000 staff. Many companies in Abu Dhabi and elsewhere in the Gulf are trying to cut costs as low oil
prices slow economic growth and pressure state finances.
An ADNOC spokesman, contacted by Reuters, did not confirm or deny the cuts but said: "In keeping with the entire oil and gas industry, ADNOC is constantly looking at ways to be more efficient and more profitable, particularly in the current market environment.