ExxonMobil operates oil refining and petrochemical complex in Singapore. Credit: Carlos Rivadeneira from Pixabay.

ExxonMobil is set to lay off around 300 of its Singapore workforce by the end of this year as part of its efforts to boost and sustain its long-term competitiveness.

The job cuts represent around 7% of the company’s Singapore workforce of over 4,000 people, which is home to the oil and gas company’s largest oil refining and petrochemical complex.

ExxonMobil said that the retrenchment exercise comes amid the unprecedented market conditions, triggered by the Covid-19 pandemic.

In addition to accelerating ongoing reorganisation, the company made work-process changes to improve the long-term cost competitiveness due to the pandemic.

ExxonMobil expects the move to enhance its ability to steer through near-term challenges.

ExxonMobil Asia Pacific chairman and managing director Geraldine Chin said: “This is a difficult but necessary step to improve our company’s competitiveness and strengthen the foundation of our business for future success.

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“We are providing transitional support to our colleagues who are impacted and are focused on getting through this challenging time.”

ExxonMobil Asia Pacific (EMAPPL), the company’s Singapore affiliate, has manufacturing facilities including the Singapore Refinery, and integrated refining and petrochemical complex in Jurong and Jurong Island.

The refinery, with a nameplate capacity of around 592,000 barrels a day, is fully integrated with the Singapore Chemical Plant (SCP). It produces a variety of fuels, lubricant basestocks and specialty products, including low-sulfur diesel.

The refinery and chemical plant together form ExxonMobil’s largest integrated manufacturing site in the world.

Last month, ExxonMobil announced the launch of ExxonMobil Low Carbon Solutions, a new business unit to commercialise low-carbon and emission-reduction technologies.

The company intends to invest $3bn in lower emissions energy solutions until 2025.