Chevron to Lay off Thousands Saudi Workers

More casualties of the Saudi financial crisis...

Chevron company logo

(SALEM, Ore.) - Chevron was forced to lay off large numbers of workers due to a looming financial crisis the company faces, because the Ministry of Petroleum of Saudi Arabia hasn't been paying its debts.

Several months after the cessation of activities of the Saudi Chevron company in the neutral zone between Kuwait and Saudi Arabia, Chevron was forced to lay off about 1000 of its workers, according to the Wall Street Journal.

Insiders say employees went without pay because Saudi Arabia was apparently unable to pay its employees their earned salaries.

Meanwhile, during the past month, it is reported that two other Saudi housing production companies were forced to suspend their activities due to their inability to pay workers' salaries. It is noteworthy that IMF officials had frequently warned Saudi & the Persian Gulf countries about their budget deficits.

http://www.wsj.com/articles/chevron-plans-close-to-1-000-layoffs-of-saudi-staff-in-kuwait-oil-spat-1447091271