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Share Price: 481.15
Bid: 543.80
Ask: 415.00
Change: -7.00 (-1.43%)
Spread: -128.80 (-23.685%)
Open: 491.60
High: 494.35
Low: 480.45
Prev. Close: 488.15
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Angola LNG trading arm slashes headcount in London

Tue, 12th Aug 2014 17:16

By Oleg Vukmanovic

MILAN, Aug 12 (Reuters) - The trading arm of Angola'sliquefied natural gas (LNG) export project is making deep cutsto the headcount at its London headquarters after shutting itsliquefaction plant until mid-2015, two sources with knowledge ofthe matter said.

Angola LNG Marketing has put up to six trading, technicaland scheduling staff on leave ahead of a formal severing of tiesby the end of the month, the sources said.

Angola LNG Marketing declined to comment.

The LNG export plant was shut down in April following amajor pipe rupture. Exports are expected to resume in the middleof next year following wide-ranging repairs at the facility.

The $10 billion project has struggled to squeeze out cargoessince starting up last summer thanks to a succession of faultsincluding a rig capsize, electrical fires, pipeline leaks andrecurring mechanical problems.

An LNG trader hired from a major Swiss trading house, acargo scheduler from RWE Supply and Trading and others have beenasked to leave by the end of August, the first source said.

More people seconded temporarily from Chevron, BP, Total and Eni have returned to theirformer jobs, the sources said.

"They have kept the shipping team in place to managecontracts and vessels on the water but have stripped back theremainder of the office to a skeletal staff," the first sourcesaid. (Reporting by Oleg Vukmanovic; editing by Jane Baird)

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