Saudi petrochemicals giant makes payout in line with benefits announced by King Abdullah
State oil giant Saudi Aramco and Saudi Basic Industries Corp (SABIC) said on Saturday they would grant employees a two-month salary bonus in line with benefits announced by King Abdullah.
Khalid al-Falih, Aramco's CEO, was quoted as saying in a statement that the bonus would include employees and trainees.
King Abdullah offered $93 billion in handouts on Friday and boosted his security and religious police forces, opting for a mixture of carrot and stick to stave off unrest rocking the Arab world.
"In response to this generous approach and based on its social responsibilities, SABIC decided to grant its employees inside the kingdom a basic salary bonus of two months," SABIC said in an emailed statement.
SABIC, the world's largest petrochemicals company by market value, is 70-percent by the Saudi government and Aramco is the major contributor to the Saudi wealth.
In 2010, oil accounted for about 85 percent of the budgetary revenue of world's largest oil exporter and around 31 percent of its gross domestic product.