12:46 PM EDT, 08/30/2024 (MT Newswires) -- Equinor ( EQNR ) plans to downsize its renewables division and is starting talks with unions about the impact on employees, Bloomberg reported Friday.

The oil major will prioritize profitability over growth by reducing renewables projects and markets, while it has also started a "dialogue with union representatives," about job impacts and is engaging UK employees through Works Councils and town hall meetings, the report said citing an internal memo.

Equinor ( EQNR ) has paused business development in France, Spain, Portugal, and Vietnam, and is reviewing its Americas portfolio for cost reductions, while adjustments may also be made in Australia based on license awards, the report said.

Equinor ( EQNR ) didn't immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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