Engie to Cut 1,150 Jobs

Engie to Cut 1,150 JobsEngie to Cut 1,150 Jobs

French gas and power group Engie plans to cut about 1,150 jobs in various support functions and the firm's liquefied natural gas (LNG) business is set to book a full-year loss after making losses in the first half, L'Expansion said. The newsletter reported that Engie planned to cut 20% of its support functions in France, including 600 jobs at its call centers, 250 sales positions, 200 IT positions and possibly about 100 jobs in its trading division, Reuters reported. The LNG industry in Europe is suffering due to low gas prices and overcapacity in LNG terminals. In June, the French CGT labor union said that almost 10,000 jobs were at risk at Engie over the next three years due to the utility's cost-cutting plans, which Engie has denied. At the end of last year, Engie employed 155,000 staff globally, of which 74,000 are in France. The company said at the start of the year that it wanted to cut costs by $1.12 billion by 2018.