ExxonMobil Corp plans to cut its workforce in Singapore, home to its largest oil refining and petrochemical complex, by about 7% amid the “unprecedented market conditions” resulting from the COVID-19 pandemic, it said.
About 300 positions out of 4,000 current jobs will be impacted by the end of 2021, the company said in a statement.
The Singapore layoffs come weeks after Exxon announced its plan to close its 72-year-old Altona refinery in Australia and convert it to an import terminal. The top U.S. oil producer, once America’s most valuable company, posted a historic annual loss for 2020 after the coronavirus pandemic slashed energy demand.
Exxon Mobil’s Singapore complex has the capacity to refine about 592,000 barrels per day of oil and includes its biggest integrated petrochemical production site.
The city-state will remain a strategic location for the company, it said.
Last year, Exxon said it remained committed to a multi-billion dollar expansion at the Singapore complex amid an ongoing review of its projects globally.