Exxon Mobil Corp said on Tuesday it will cut about 7% of its workforce in Singapore, home to its largest refining-petrochemical complex, as “unprecedented market conditions” due to the COVID-19 pandemic accelerate ongoing reorganization.
About 300 positions will be impacted by the end of 2021, the oil major said.
Exxon Mobil has more than 4,000 employees in Singapore, which houses the company’s largest refinery with a capacity of about 592,000 barrels per day.
The city state which is also home to the oil giant’s biggest integrated petrochemical complex will remain a strategic location for the company.
“This is a difficult but necessary step to improve our company’s competitiveness and strengthen the foundation of our business for future success,” said Geraldine Chin, chairman and managing director, ExxonMobil Asia Pacific Pte Ltd.
Reporting by Shruti Sonal in Bengaluru and Florence Tan in Singapore; Editing by Himani Sarkar; Reuters