The Group has already embarked on a wide-ranging transformation program, aiming to create value by improving performance and competitiveness across its portfolio of business activities. Within this context, our strategy focuses on our core activities and is underpinned by a large investment program, targeted on the upgrade of our refineries at Elefsina and Thessaloniki. At the same time, we are redesigning the organization and functioning of our Group structure, centralizing and standardizing provision of support services. In addition, we are reinforcing all human resources systems, with the purpose of creating an integrated and high performance group culture, which will focus on performance and competitiveness and will be based on merit and responsibility.
In light of the Group's strategic actions outlined above, the Board of Directors, at its meeting of 1137/11.06.2009, decided on the following:
a. The hiring of 297 employees on a regular term contract, who will staff the new job positions emerging due to the refineries upgrade and will cover the vacancies arising from the retirements scheduled scheme. The relevant detailed ads will be posted through press media until the end of June.
b. Implementation of a targeted early retirement scheme, which applies to employees at our E&P Division, to administrative staff and to employees with serious health problems. All employees that will participate in the scheme will not be replaced.