Some 60 percent of the over 9,000 employees of the Rompetrol Group, part of the state-owned Kazakh KazMunaiGaz oil company, have agreed to a temporary 20 percent cut in salary, the Business Standard informs quoting the Group’s Chief Operations Officer Dan Ionescu as saying.
The strategy for the voluntary suspension of 20 percent of the salary went into effect as of January 2009 for six months, due to the financial crisis, and the first to agree to it were all of Rompetroľs top managers, starting with CeO Dinu Patriciu.
The cut is temporary, and the income will be recoverable in 6-12 months, provided no extension of the strategy is necessary and the salaries for the remaining employees were frozen, Ionescu added.
Rompetrol Group is active in 13 countries, with operations in the North Sea and the Mediterranean Sea and became part of KazMunaiGaz in 2007, following a transaction worth 1.6 billion USD.
However, the recovery of outstanding salaries as of 1 July will take place only if Rompetrol management is certain that its operational profit for the first six months in 2009 will reach some 200 million USD, the Business Standard concluded.