North American energy pipeline operator Enbridge announced Tuesday it would cut 650 jobs in a bid to cut costs.
The company said the discounts would begin in February and end by March 1. It would reduce vacancies, contract positions and redeploy staff where possible, Enbridge said.
“Cost reduction measures are necessary to maintain our financial strength, be more cost competitive and allow us to grow,” Calgary-based Enbridge said in a statement.
According to the report, persistent headwinds, including rising interest rates, economic uncertainty and the knock-on effects of geopolitical developments, are all contributing to increasingly difficult business conditions across many sectors.
The company said it did not have details on how business units and regions would be affected.
Enbridge, which owns and operates pipelines across Canada and the United States, has several core businesses: liquids pipelines, natural gas pipelines, gas utilities and storage, and renewable energy.
It employs more than 12,000 people, primarily in the United States and Canada, according to the company.
The Calgary Herald was first to report the job cuts.