ExxonMobil to cut 300 jobs in Singapore
ExxonMobil is planning to cut 300 jobs in Singapore as part of a restructuring driven by the fallout from the Covid-19 pandemic.
The job cuts, which will be made by the end of 2021, are equivalent to around 7pc of the company's more than 4,000 employees in Singapore.
The cuts are part of continuing efforts to improve and sustain long-term competitiveness that were accelerated by "unprecedented market conditions resulting from the Covid-19 pandemic", the company said today.
"This is a difficult but necessary step to improve our company's competitiveness and strengthen the foundation of our business for future success," ExxonMobil's Asia-Pacific chairman and managing director Geraldine Chin said.
ExxonMobil's Singapore operations include a 592,000 b/d refining complex and integrated petrochemical operations, which form the company's largest integrated manufacturing site. It also owns service stations and an LPG supply network and markets LNG from Singapore.
ExxonMobil said in October that it may eliminate as many as 14,000 contractors and employees worldwide as part of cost-cutting efforts, or around 15pc of its global workforce. It reported a $20.1bn fourth-quarter loss after taking a long-anticipated writedown of its North American natural gas shale assets.
Elsewhere in Asia-Pacific, ExxonMobil said last month it is shutting its 90,000 b/d Altona refinery in Australia and converting it into an oil product terminal because refining operations are no longer viable.
Singapore remains a strategic location for the company despite the job cuts, ExxonMobil said
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