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SINGAPORE: ExxonMobil said on Tuesday (March 2) that it will cut about 7 percent of its workforce in Singapore as “unprecedented market conditions” due to the COVID-19 pandemic accelerate the ongoing reorganization.
About 300 positions will be affected by the end of 2021, the oil company said.
ExxonMobil has more than 4,000 employees in Singapore, which is home to the company’s largest refinery with a capacity of approximately 592,000 barrels per day.
“This is a difficult but necessary step to improve the competitiveness of our company and strengthen the foundations of our business for future success,” said Ms. Geraldine Chin, President and CEO of ExxonMobil Asia Pacific.
“We are providing transition support to our colleagues who are affected and focused on getting through this challenging time.”
In response to CNA inquiries about the details of the affected positions and the compensation package, an ExxonMobil spokesperson said the company will provide support, including advisory and relocation services, to all affected employees.
“This is a difficult step to take,” the spokesperson said, adding that the company also involved the labor ministry and union leaders before the announcement.
“We remain focused on safe operations and reliably supplying customers who trust our products,” the spokesperson added.
Singapore remains a strategic location for ExxonMobil with “a global manufacturing complex and a talented workforce,” the company said in a statement.
“The company remains committed to providing energy and products that are essential to society, while managing operations in a safe and responsible manner, including reducing the risks of climate change,” he said.
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ExxonMobil suffered a loss of $ 22.4 billion from a sharp drop in oil prices amid the COVID-19 pandemic last year.
The oil giant was also taken off the prestigious Dow Jones index last year and faced criticism from environmentalists who long criticized it for not doing more to promote renewable energy and address climate change.
In parallel with the February 2 results release, ExxonMobil introduced a new low-carbon business unit and announced the nomination to the board of former CEO of Malaysia’s national oil company Petronas, Wan Zulkiflee Wan Ariffin.
