Oil giant ExxonMobil said on Tuesday (March 2) that it will cut about 7 per cent of its workforce in Singapore, or around 300 positions, by the end of 2021 due to “unprecedented market conditions”.
Last year, ExxonMobil suffered a US$22.4 billion loss due to a steep downturn in oil prices amid the COVID-19 pandemic.
The company’s largest refinery is housed in Singapore, and ExxonMobil currently has more than 4,000 employees here.
Geraldine Chin, chairman and managing director of ExxonMobil Asia Pacific, calls it a a “difficult, but necessary step” to improve the company’s competitiveness and strengthen the foundation of their business for future success.
She added that the company will provide “transitional support” to all affected employees.
One Of The Largest Foreign Investors In Singapore
According to Exxonmobil, it is one of the largest foreign investors in Singapore with more than S$25 billion in assets here.
The company has operating in Singapore for more than 125 years, expanding from trading kerosene to a multi-billion dollar manufacturing and marketing presence today.
Singapore also serves as the Asia Pacific hub for its downstream and chemical businesses.
In a media statement, the company said that Singapore will continue be a competitive and strategic location for the brand due to the nation’s ” world-scale manufacturing complex and talented workforce”.
Featured Image Credit: Manufacturing.net
