Exxon Mobil to Cut 7% of Workforce in Singapore by End-2021
March 03 2021 - 12:05AM
Dow Jones News
By Yifan Wang
Exxon Mobil Corp. said it will cut about 300 positions at its
Singapore affiliate by the end of this year, citing unprecedented
market conditions due to the pandemic.
The jobs to be cut represent about 7% of the company's current
Singapore workforce of over 4,000 employees, the oil major said on
Wednesday.
"This is a difficult but necessary step to improve our company's
competitiveness," said Geraldine Chin, Chairman and Managing
Director of the firm's Singapore affiliate, ExxonMobil Asia Pacific
Pte. Ltd. "We are providing transitional support to our colleagues
who are impacted."
The Singapore arm of Exxon Mobile is one of the city-state's
largest foreign manufacturing investors with over 25 billion
Singapore dollars (US$18.8 billion) in fixed asset investments. It
operates a large refining and petrochemical complex in the city, as
well as a network of service stations under the Esso brand.
"Singapore continues to be a strategic location for ExxonMobil,"
it said.
Write to Yifan Wang at yifan.wang@wsj.com
(END) Dow Jones Newswires
March 02, 2021 23:50 ET (04:50 GMT)
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