I suspect SBG will get hit hard but which groups if anyone has an ideas ?
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Aramco wastes money like crazy ... yet squeezes employees and contractors
There is a long list of Aramco's failed investments over the years. Let's start with Chemicals: Sadara, Petro Rabigh, Rapid and there are more coming. Wall Street research suggests that Aramco will be lucky to get their money back from these over 20 - 30 years, and Rapid isn't even in Saudi Arabia and thus creates no jobs inside the Kingdom. And all of these pale in comparison to Jafurah unconventional gas. The government has given Aramco over $100 billion to build infrastructure for gas that has yet to arrive in meaningful quantities. Management's solution to all these bad decisions seems to be to squeeze employees and contractors. Oh, and borrow more money ... or as Aramco's CFO likes to say "optimize the capital structure". I think I can safely say that everyone outside of Senior management is disgusted. Its not just Expats, good Saudis with options don't seem to want anything to do with Aramco either.