CNOOC's Nexen closing down crude oil trading division - sources

Mon Mar 23, 2015 11:44am EDT
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By Nia Williams and Catherine Ngai

CALGARY/ NEW YORK March 23 (Reuters) - Nexen Energy, a wholly owned subsidiary of China's CNOOC Ltd, is closing its crude oil trading division following a round of job cuts announced last week, four market sources said on Monday.

The Calgary-based company cut 400 jobs last week in North America and the United Kingdom in reponse to plunging global oil prices.

Three sources said the company was closing down its trading operations worldwide, although the majority of activity takes place in Calgary. Nexen will continue to market its own crude.

Nexen did not immediately respond to requests for comment. (Reporting by Nia Williams; Editing by Chizu Nomiyama)