ExxonMobil to axe about 500 workers in Singapore after allegedly considering sale of Esso petrol stations

SINGAPORE: US oil giant ExxonMobil announced on Wednesday (Oct 1) that it expects to lay off up to 500 employees in Singapore by the end of 2027, as part of a global restructuring exercise that will see 2,000 jobs cut worldwide.

ExxonMobil, which has operated in Singapore for more than 130 years, currently employs about 3,500 people locally. The company said in a statement that it is undertaking structural reforms to improve competitiveness and reposition the business for future success. According to its estimates, 10% to 15% of its local workforce will be impacted over the next two years.

Beyond its corporate offices, ExxonMobil operates a refinery and a lubricant production plant in Singapore, as well as about 59 Esso-branded gas stations across the island. The company confirmed that it will relocate its Harbourfront offices to its Jurong Refinery on Pioneer Road, while continuing to retain both of its manufacturing operations.

The oil major has been reassessing its portfolio in Singapore. Last December, ExxonMobil indicated interest in the possibility of selling its network of gas stations in Singapore, according to sources cited by Bloomberg.

The move was expected to generate approximately $1 billion, which the company could channel into higher-growth ventures as part of its broader business strategy.

When approached for comment on the potential sale, ExxonMobil stated it does not respond to market speculation, leaving questions about its next steps unanswered.