RusHydro to Remove Each Sixth
Russia’s biggest energy company, government-controlled RusHydro was the first in the industry to announce large-scale reduction. With free vacancies taken into account, the size is estimated at 17 percent. The analysts expect other energy companies to follow the example.
RusHydro intends to reduce personnel by 17 percent in the first quarter of 2009, acting Board Chairman Vasily Zubakin announced on Friday. “First of all, we plan to reduce vacancies,” the official pointed out without specifying the size of actual redundancy. Nowadays, RusHydro employs 16,000.
The reduction will be carried out under the cost-lowering program, Zubakin explained, adding that they will probably curtail the investment program as well. The current investment program of the company has been elaborated till 2012 and spells out the investments of 600 billion ruble. The government will sanction the exact size of 2009 investments in late November or early December.
What’s more, RusHydro is willing to change the approach towards clinching deals with contractors. Previously, the company used to fight for long-term contracts at firm prices, but that type of contract isn’t efficient in time of ailing prices, Zubakin specified. The 10-percent decline in the metal and cement prices will lower the work cost by 2 percent to 2.5 percent. But given that the supplies are inertial, the effect will be noticed no sooner than in the next year, the official said.
www.kommersant.com
All the Article in Russian as of Nov. 17, 2008
|
