The announcement confirms a Reuters report in April that ExxonMobil was in talks to sell its assets as the US energy firm was seeking to exit Singapore’s retail fuel market.
ExxonMobil said earlier this month that it expected to cut the number of its employees in Singapore by 10 per cent to 15 per cent, citing a need to improve competitiveness in an “ever-evolving landscape” and to “position the business for future success”.
Although the company declined to say how many workers would be laid off, ExxonMobil had about 3,500 employees in Singapore, so the expected cuts could affect up to 500 employees.
The announcement came a day after it unveiled a global restructuring plan, which will see the company laying off 2,000 jobs worldwide, or 3 to 4 per cent of its workforce.
