US energy company ExxonMobil announced plans to reduce staffing levels at the company’s Singapore affiliates, the company announced in a statement on Wednesday
The move, “as part of its ongoing effort to improve and sustain long-term competitiveness,” came after the company decided to cut up to 1,600 jobs at its European affiliates and 1,900 at US affiliates in October to mitigate the negative impact of the novel coronavirus (COVID-19) on weak global oil demand and low oil prices.
The company said the plan would impact 300 positions by the end of 2021, representing approximately 7% of the company’s more than 4,000 employees in Singapore.
“Unprecedented market conditions resulting from the Covid-19 pandemic accelerated ongoing reorganization and work-process changes that will improve the company’s long-term cost competitiveness and ability to manage through near-term challenges,” it said.
Geraldine Chin, chair and managing director of ExxonMobil Asia Pacific, said the move was difficult but necessary to improve the company’s competitiveness and strengthen its business foundation for future success.
By Sibel Morrow