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TIRANA, Jan. 21 – With oil prices having more than halved since their peak level in mid-June 2014, Canada-based Simmons Edeco has announced a drastic cut of its staff in Albania.
Simmons Edeco, which specializes in onshore drilling and work over rigs and a range of oilfield services together with specialist manufacturing, announced it has cut 256 jobs for 2015.
In a letter to the Social Welfare Ministry and the State Labour Inspectorate, the company says because of the unpredictable sharp cut in global fuel prices, it cannot afford to keep a workforce of 612 employees and will cut 256 jobs starting January 2015.
