RIYADH, (Reuters) – Saudi Basic Industries Corp (SABIC) will freeze promotions and bonuses for some 17,000 staff this year to maximize its cash flow amid as the global crisis bites, its chief executive said on Wednesday.

Staff working for SABIC Innovative Plastics and at SABIC Europe will not be affected because they have already been subject to a similar move, Mohamed al-Mady told Reuters.

“The firm looks at all costs and aims to keep a maximum amount of cash flow. But the internal conditions are excellent, our rating is good,” Mady said.