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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