Savings plans: at Repsol
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Repsol plans $1.93bn cost savings
Spanish oil major Repsol is targeting €1.5 billion euros (US$1.93 billion) in cost-savings to weather the economic crisis in 2009.
The plan will freeze salaries for the company's managers, a spokesperson told Reuters, citing a letter sent by chairman Antoni Brufau to employees on Friday.
"The plan is to be safe in 2009," the spokesman said, while noting that the cost-cuts will not affect the company's broader 2008-12 strategic plan for investments of €32.8 billion.
Spanish daily El Pais said the €1.5 billion euros in cost-savings represent about 10% of the company's 2009 budget.