ENERGY

Many Saudi Aramco staff tender resignations

Last month a senior Aramco official said that the company plans to invest a total of about $334 billion by 2025. (Reuters)

Many Saudi Aramco employees have submitted their resignations because of reported changes in allowances and incentives, Al-Hayat Arabic daily reported on Saturday.

The newspaper also reported about rumors that the company’s HR executive director and personnel manager have sought early retirement.

However, Saudi Aramco denied that the company’s officials have requested early retirement.

Al-Hayat said that the employees are concerned about budget cuts in the company which might affect their salary and allowances.

Last month a senior Aramco official said that the company plans to invest a total of about $334 billion by 2025, including spending on infrastructure and projects to maintain oil capacity.

Abdulaziz Al-Abdulkarim, vice president for procurement and supply chain management, told a conference in Bahrain that the figure included spending on exploring for and developing unconventional resources, such as shale gas.

“Saudi Aramco is forecast to spend around $334 billion. This will be spent on material and services to support service facilities, infrastructure projects, drilling and maintain (oil) potential projects, unconventional resources both in the exploration phase and development and several other projects,” he told the conference.

“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,” he later told reporters.

Saudi Aramco outlined a plan known as In-Kingdom Total Value Add (IKTVA) last year, when CEO Amin Nasser said the company would spend more than $300 billion over the next 10 years, of which 70 percent would be local content.

One of IKTVA’s goals is to double the percentage of locally produced energy-related goods and services to 70 percent of the total spent by 2021.

This article was first published by the Saudi Gazette on October 23, 2016.

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Last Update: Sunday, 23 October 2016 KSA 10:34 - GMT 07:34
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Many Saudi Aramco staff tender resignations
Last month a senior Aramco official said that the company plans to invest a total of about $334 billion by 2025
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