Tunisair to Cut 1,200 Jobs in 3 Years

A Tunisair sign is seen at their headquarters in Tunis, Tunisia, March 2, 2018. (Reuters)
A Tunisair sign is seen at their headquarters in Tunis, Tunisia, March 2, 2018. (Reuters)
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Tunisair to Cut 1,200 Jobs in 3 Years

A Tunisair sign is seen at their headquarters in Tunis, Tunisia, March 2, 2018. (Reuters)
A Tunisair sign is seen at their headquarters in Tunis, Tunisia, March 2, 2018. (Reuters)

The Tunisian government announced that Tunisair will cut 1,200 jobs within three years under a restructuring plan. Those cuts will cost about TND170 million (USD56 million).

The government decided to provide financial support to help the carrier repair defective equipment and charter flights during the peak of the tourist season.

Elias Munchabi, director general of Tunisair, said that the program demands a credit of TND1.3 billion (USD433 million).

Since the government is incapable of providing this credit in one batch, the rehabilitation plan will be implemented through phases, he added.

Tunisian Minister of Transport Hichem Ben Ahmed denied that authorities were seeking to privatize the company, affirming that the national carrier belongs to all Tunisians.

He further denied media reports that the carrier was on the verge of bankruptcy and that it was unable to fulfill its commitments.

Tunisair seeks to provide high-quality services for Tunisians and tourists alike, he stressed.

Tunisair had previously revealed a program to purchase six new airplanes to update its aging fleet.

Until the new jets are delivered, it is expected to rent five additional ones to meet the needs of the tourist season. At least 9 million tourists are expected to visit Tunisia.



China’s Sinopec Signs Joint Venture Agreement with Saudi Aramco Worth $4 Billion

The Shaybah oil field (Aramco website) 
The Shaybah oil field (Aramco website) 
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China’s Sinopec Signs Joint Venture Agreement with Saudi Aramco Worth $4 Billion

The Shaybah oil field (Aramco website) 
The Shaybah oil field (Aramco website) 

China's state-run Sinopec said on Monday it had signed an agreement with a unit of Saudi Aramco to establish a joint venture company aimed at operating ports, transporting crude oil, and providing other services related to the sector.

The capital of this joint venture is worth 28.80 billion yuan ($3.95 billion).

The agreement was signed by Sinopec, its unit Fujian Petroleum Chemical Industry Co, and Saudi Aramco's Singaporean unit Aramco Asia Singapore (AAS).

Sinopec and its unit shall contribute 7.20 billion yuan and 14.40 billion yuan in cash, respectively. The remaining amount, representing 25% of the registered capital of the joint venture, will come from AAS.

The joint venture company, Fujian Sinopec Aramco Refining and Petrochemical Co, will engage in port operation, crude oil transportation, and other activities at the refinery and petrochemical complex in the Gulei Port Economic Development Zone, Zhangzhou, in China's Fujian province.

Sinopec and Saudi Aramco started constructing the complex in November last year, as part of the Middle Eastern company's plans to grow its downstream business outside the kingdom and to supply a million barrels per day of crude oil to China for oil-to-chemicals investments.

Sinopec, in a separate statement, reported a 27.6% drop in first-quarter net profit under the China Accounting Standard on Monday.