Media: Saudi Aramco fires hundreds of staff

According to Bloomberg, the world's largest oil company is so squeezed by the oil price crisis that it has started to cut hundreds of jobs.

by MATHIAS JULIUS FALKENGAARD

It's true that Saudi Aramco on Wednesday presented a new 70-percent stake purchase worth a staggering USD 69.1 billion in compatriot chemical group Saudi Basic Industries Corporation (SABIC), however, that doesn't mean the state-owned oil giant has emerged unscathed from the Covid-19 pandemic and oil price crisis.

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Saudi Aramco spends USD 69bn on new acquisition
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Oil edges higher on recovery signs while Saudis flag deeper cuts
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Saudi Aramco slashes investment budget during oil price war
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