Caltex plans to shed 350 jobs over the next 12 months

SOME 350 Caltex employees around Australia will lose their jobs over the next 12 months as part of a company-wide cost and efficiency review.

These redundancies follow the 300-plus positions that will be lost when Caltex's Kurnell refinery in Sydney completes its conversion into an import terminal in October.

The fuel supplier was unwilling to part with the specific regions arund the country that would feel the losses suffice to say that the 150 marketing positions, 120 corporate office jobs and 70-80 operational and supply workers will find themselves out of work.

Caltex chief executive Julian Segal said it was committed to supporting its people and was discussing redeployment opportunities and redundancy entitlements with them.

The company reported a first-half net profit of $173 million on replacement cost basis yesterday, up 1% on the previous six months.

On historical cost basis which takes factors like changing world oil prices into consideration, profit fell 17% to $163m.

- APN Newsdesk