Spanish oil company Repsol is set to slash 1500 jobs or around six percent of its total workforce.
The oil company, which employs around 26.000 workers across forty countries, will not make the cuts at once, but will reduce its workforce gradually between 2016 and 2018.
According to El Periodico, a Spanish newspaper, it is expected that the most of the cuts will come through early retirements.
The newspaper further reports, based on its source in the unions, that the move could affect about 750 workers in Spain.
More details on the matter are expected to be revealed on October 15th when the company will present its 2016-2020 strategic plan.
Repsol this week said it has agreed with Gas Natural Distribución and Redexis Gas the sale of part of its piped gas business fora total of 651.5 million euros.
The transaction is part of Repsol portfolio optimisation initiated by the Spanish company following its $8.3 billion acquisition of Canada’s Talisman Energy company this year.