Repsol Seeks $1.9B Savings

摘要

Spain's Repsol YPF is seeking cost savings of ?1.5 billion ($1.93 billion) this year in response to the global economic crisis. The plan, disclosed in a letter sent by Chief Executive Antonio Brufau to Repsol's 37,600 employees on Friday, will freeze salaries for the company's 300 senior managers, including Brufau, and will aim to cut other "manageable costs" from the 2009 budget by 10%, Spanish daily El Pais said Monday.