OREANDA-NEWS. April 02, 2014. CEPSA has already notified the workers' representatives of the Company's intention to start the consultation and negotiation process to initiate dismissal to downsize the workforce in order to better align it to the Company’s strategic targets, the changing needs of its businesses and its new organizational structure.

This voluntary redundancy measure will be restricted to the CEPSA Group's parent company, Compania Espanola de Petroleos, SAU, and will be offered to employees meeting the requirements and conditions agreed upon with workers' legal representatives.

Within the next few days, a special negotiating body will be formed to represent employees, which will be provided with all the documentation required in this type of procedure. This documentation will also be submitted to the competent labour authority, after which time a consultation and negotiation period will commence, with a work programme during which the Company and workers' representatives will aim to reach an agreement.