Saudi petrochemical company SABIC has confirmed that an acquisition deal with Saudi Aramco will not lead to cuts in jobs or benefits for its employees.
On the contrary, the deal is expected to yield new job opportunities with a growth in work.
Aramco has completed its purchase of a 70 percent stake in SABIC for $69.1 billion and extended the payment period by three years to 2028.
SABIC Vice Chairman Yousef Al-Benyan confirmed that the deal will not result in a reduction of posts or a change in the operating hours. The acquisition will also not affect employee benefits or policies.
“We expect that this acquisition will entail additional professional opportunities, due to the experience and new growth opportunities required by the projects and new growth opportunities to meet the challenges,” Al-Bunyan told Asharq Al-Awsat.
Al-Bunyan pointed out that the two companies, SABIC and Saudi Aramco, aspire to find added value for their shareholders by enhancing the compatibility between their strategies and finding common areas of integration in the sectors of procurement and supply chain, manufacturing, marketing and sales.
He stressed that the SABIC board of directors will continue to strive to achieve the interests of the company's shareholders as a firm listed in the financial market.
“The company’s global presence continues to be enhanced through ambitious expansion plans, and we are working to evaluate new investment opportunities and projects according to specific foundations and standards,” he added.
