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SINGAPORE – ExxonMobil will cut around 300 positions from its workforce in Singapore, where its largest refinery is located, by the end of 2021.
This represents about 7 percent of its workforce in the Republic, as unprecedented market conditions resulting from the Covid-19 pandemic accelerated the ongoing reorganization, it said on Tuesday (March 2).
The oil company has more than 4,000 employees in Singapore, where its largest integrated petrochemical complex is also located. Its refinery has a capacity of about 592,000 barrels per day.
In its statement, ExxonMobil said that Singapore remains a strategic location for the company, with a global manufacturing complex and a talented workforce.
It 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, the firm added.
“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, who took over as President and CEO of ExxonMobil Asia Pacific in January. .
“We are providing transition support to our colleagues who are affected and focused on getting through this challenging time.”
The cuts in Singapore follow ExxonMobil’s announcement last October, when it said it would cut its global workforce by 14,000 or 15 percent by the end of 2022. Then its spokesman said the cuts would come through attrition, layoff programs Targeted and Escalated – Subsequent Hiring.
The oil giant is one of Singapore’s largest foreign investors, with more than $ 25 billion in fixed asset investments.
Last March, it held a virtual foundation-laying ceremony for the multi-million dollar expansion of its Jurong Island petrochemical and refining complex to increase its production capacity for higher-value products and cleaner fuels. That investment was expected to create 135 new jobs.
The Straits Times has contacted the ExxonMobil Singapore Employees Union for more information.
Other big oil companies have announced job cuts in recent months, amid predictions that oil consumption will never recover to pre-pandemic levels.
Last November, Shell Singapore said it would have 500 employees of its 1,300 workforce at its Pulau Bukom site by the end of 2023 as it downsizes its operations and shifts away from crude oil to a list of low-carbon fuels.
This came two months after its parent company said it would cut up to 9,000 jobs worldwide by the end of 2022, as Covid-19 precipitated a company-wide restructuring towards low-carbon energy.
Oil majors BP and Chevron also announced layoffs last year. London-based BP said 10,000 employees worldwide would be laid off, while its US counterpart Chevron said it would cut 6,000 jobs worldwide.
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