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Saudi Aramco staff resign over changes in allowances
October 24, 2016, 8:26 am

Some staff from Saudi Aramco have reportedly tendered resignations over changes in their allowances ahead of the oil giant’s planned listing. It was also said that the company’s HR executive director and personnel manager have sought early retirement, although Saudi Aramco denied this, according to local media.

Staff are reportedly concerned over planned budget cuts that could affect their salary and allowances. The cuts are intended to help enable Saudi Aramco to invest a total of $334 billion by 2025 in infrastructure and other projects to develop “unconventional’ resources, such as shale gas, over the next decade.

Abdulaziz Al Abdulkarim, the company’s vice-president for procurement and supply chain management, told a conference in Bahrain: “That is the 10-year investment. It’s everything.

“You talk about pipelines, you talk about bulk plants, you talk about power plants, there is a lot of investment, of course upstream facilities whether it’s oil or gas.”

Meanwhile, plans for an initial public offering (IPO) of Saudi Aramco – from which the government hopes to raise $100 billion – are gathering momentum. It was reported last month that the company plans to sell shares in its entire business, not just its refining and distribution arms.

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