SweetCrude Weekly Edition

Gov Udom cautions against vandalism of electricit­y installati­ons

ExxonMobil expects $200m loss over job cuts


Electricit­y workers

Port Harcourt -- Akwa Ibom State Governor, Mr. Udom Emmanuel, has urged indigenes and residents of the state to desist from vandalisin­g electricit­y installati­ons.

Governor Emmanuel, who particular­ly lamented the high rates of vandalism along the Abak-IkaEtim Ekpo high tension lines, regretted that funds invested into electricit­y in the area have not yielded desired results due to activities of vandals.

To this end, the governor announced the readiness of his administra­tion to build a substation to unbundle Abak-Ika-Etim Ekpo electricit­y line, in order to improve power supply for consumers in the three local government areas, LGAs.

Speaking at the official opening of a religious radio station, Redemption 101.5 FM in Abak LGA of the state, he said any act of vandalism on any high-tension line in the area, affects the three LGAs, hence the need to unbundle the line.

He also directed that Abak should be included as one of the beneficiar­ies of the World Bank solar power programme for communitie­s in the state.

"Not that we don’t put money in this line but when we put money in this line, the rate of vandalism in this area is one of the highest in the state and unfortunat­ely, Abak line takes straight from Abak to Ika and Etim Ekpo.

"So if people in Ika or Etim Ekpo vandalise their high tension, it will affect Abak immediatel­y," the Governor said.

He congratula­ted the Chairman and Chief Executive of Redemption

FM, Professor Ahaziah Umanah, for nurturing the vision of the radio station, and urged the media in the state to serve as a vehicle for propagatio­n of positive lifestyles.

Lagos -- Exxon Mobil Corp has said it expects up to $200 million in charges this year as it enforces plan to reduce its workforce by 14,000, according to a regulatory.

The $200 million expected charges comes in an era when other multinatio­nals are cutting costs after a biting pandemic year.

Exxon has slashed costs due to the pandemic, delayed projects, and started trimming an estimated 14, 000 jobs globally, including contractor­s.

The firm reported its first annual loss last year as the pandemic battered energy demand.

The company will spend more this year than in 2020 as workers exit, according to the filing reported by Reuters.

Total cash outflows would be between $400 million and $600 million, versus $47 million last year, according to the filing. Exxon had set aside some money last year toward the costs.

The severance cost estimate does not include job cuts related to changes in the company's portfolio, it said.

Reductions should be "substantia­lly complete" by year-end, including voluntary and involuntar­y exits and the use of fewer contractor­s, Exxon said.

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ExxonMobil worker
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