Saudi Aramco job cuts: Saudi Aramco cuts hundreds of jobs amid oil market downturn: Report – Times of India: DUBAI: State oil big Saudi Aramco began shedding lots of of workers this month, two sources aware of the matter mentioned, as world power corporations cut back their workforces in response to the coronavirus disaster.
Saudi Aramco job cuts: Saudi Aramco cuts hundreds of jobs amid oil market downturn: Report – Times of India
Like different prime oil companies, Aramco has minimize capital spending for 2020 after the pandemic introduced an unprecedented drop in oil demand and hammered crude costs. Oil majors have minimize workforces by 10% to 15% to cuts prices and as a part of restructuring plans.
Most of those that misplaced jobs at Aramco have been foreigners, the sources mentioned. One supply estimated that 500 folks had been laid off, including that the job losses have been principally based mostly on efficiency and related actions befell annually.
Aramco has greater than 70,000 workers.
“Aramco is adapting to the extremely advanced and quickly altering enterprise atmosphere brought on by the COVID-19 pandemic. We always overview and revisit our working expenditures the place essential to proceed driving operational excellence and profitability,” Aramco mentioned in a press release.
“We’re not offering info concerning the small print of any motion at the moment, however all our actions are designed to supply us extra agility, resilience and competitiveness, with a deal with long-term development,” it mentioned.
Qatar Petroleum, one of many world’s largest power corporations, has additionally laid off foreigners and minimize its spending plans to deal with the hunch in oil and gasoline demand which has hit world economies, business sources have advised Reuters.
Kuwait, a key Gulf oil producer, plans to cease hiring foreigners for its oil sector for a yr, the Kuwaiti oil minister mentioned this month.