Shell Refining Company (Federation of Malaya) Bhd (SRC) today assured that there will not be any lay-off of staff from the company after Malaysia Hengyuan International Ltd (MHIL) buys 51 percent into the company.

Chairperson Iain Lo said MHIL, a unit of China’s petrochemical company, made a commitment to keep the terms of employment the same for the next 24 months.

“Nobody needs to worry about losing their jobs or erosion in employment benefits,” he told a press conference in Kuala Lumpur today.

Shell Overseas Holdings Ltd is selling the stake in the Port Dickson refinery for US$66.3 million (RM27.6 million).

The sale, expected to be completed before September, will trigger a mandatory general offer by MHIL for the remaining shares in SRC.

- Bernama