Business News of Sunday, 29 October 2006
Forty-two workers of former Mobil Ghana and total Ghana are to be laid off as a result of the merger of the two companies.
The contract was determined between Total Ultrimea based in France and Mobil Oil UK holdings.
The two companies will now be called Total Petroleum Ghana. The management and representatives of both companies have negotiated redundancy packages for the affected workers.
Speaking at a press conference in Accra, the managing director of the new total petroleum Ghana, Felix Majekodunmi said the workers will receive redundancy packages that can even enable them establish their own businesses.
The merger process started last year when Total Ghana acquired majority shares in the then Mobil Ghana.
An extraordinary general meeting on Thursday finalised the merger. Total Petroleum Ghana currently has 28 percent of the market share. The synergy is expected to increase efficiency, improve profitability and enable the company competitively satisfy the increasing needs of its customers.