BP and Mobil will shed 365 jobs in South Wales when they close their jointly operated lubricants refinery at Llandarcy, near Swansea, by the end of 1998.
The move is part of a cost-saving programme that the BP/Mobil fuels and lubricants joint venture expects to save $50m a year by 1999, on top of economies identified when the venture was announced in February 1996.
The programme will involve a further 225 job losses in Germany and France after 235 staff and 165 contractors go at Llandarcy.
Mobil and BP said the restructuring – to cost $150m – was to produce a business that could meet customer requirements and make good long term returns.
The two companies promised `severance payments comparable to the best in the industry’.