The largest petrochemical company in Eastern Europe, SIBUR decided to transfer all office personnel to a four-day work week due to the COVID-19 epidemic, RBC reports citing a company representative.

So, SIBUR decided to implement a set of measures, including a temporary transition to a four-day working week for all employees of the corporate center in Moscow and the administrative and managerial personnel of enterprises to maintain financial stability. A four-day work week implies a 20% reduction in employee wages.

In SIBUR, the largest shareholders of which are businessmen Leonid Mikhelson (ranks second in the list of richest Russians according to Forbes magazine with an estimate of USD19.7 billion) and Gennady Timchenko (No. 6, USD16.9 billion), more than 23 thousand people work .

About a third of the staff will switch to a four-day work week, a source close to the company said. That is, we are talking about 6-8 thousand people. All office employees, including managers, will be transferred to a four-day working week in the coming days, this measure will be valid for about three months.

“All members of the board, as well as the entire office in Moscow, work remotely. Most members of the board had working hours earlier than the formal one, but now the day has begun earlier and ended later, since the time for the trip has disappeared to and from work, ”commented the representative of SIBUR.

Workers who ensure the functioning of technological plants at the company’s plants and are responsible for the smooth operation of the equipment will work according to a previously established schedule. “SIBUR will continue uninterrupted operation, maintain discipline in the execution of operational tasks and the quality of service for customers,” the company representative said.

Currently, SIBUR’s enterprises continue to produce almost the entire product line, although the company sees a “decline in demand and prices” on world markets.

“The company works with serious challenges that require prompt and effective solutions that will save jobs and guarantee the stable operation of enterprises after the completion of the epidemiological threat and the gradual stabilization of the economy,” the source said.

It was previously reported that SIBUR’s net profit under IFRS in 2019 increased by 27.6% and amounted to 141.4 billion rubles. The increase in net profit is mainly due to the revaluation of debt in foreign currencies. Revenue decreased by 6.6% compared to 2018 and amounted to 531.3 billion rubles.

SIBUR is a vertically integrated gas processing and petrochemical company, operating at 26 production sites located in various regions of the Russian Federation. SIBUR sells products to more than 1.4 thousand consumers in the fuel and energy complex, the automotive industry, construction, production of consumer goods, chemical and other industries in 75 countries of the world.