Thursday, November 27, 2014

Nexen Continues Termination of Canadian Staff

"Power said 'standardization'is more important now that Nexen is part of a bigger organization and the new structure is 'well aligned with head office.'
CNOOC’s $15.1-billion acquisition of Nexen Inc. two years ago triggered a change in Canadian foreign investment rules to ban state-owned enterprises from gaining control of oilsands assets in the future. The company was said over the summer to be cutting costs and staff, despite assuring Ottawa it would keep all of its executives and employees.
CNOOC fired chief executive Kevin Reinhart last April and replaced him with Fang Zhi, a CNOOC executive of 30 years with an MBA from a British university, who served on the Nexen integration team."

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