U.S oil and gas supermajor, ExxonMobil has hinted of cutting about 1,600 jobs in Europe as part of efforts to rein in costs.
“It is anticipated that up to 1,600 positions would be impacted by the end of 2021 across the company’s affiliates in Europe. Country-specific impacts will depend on the company’s local business footprint and market conditions,” the company said in a statement posted on its website.
South Africa: Sasol Books US$5.2 Million Loss In First Half Of 2020
According to ExxonMobil, the proposed changes are subject to local information and consultation processes as applicable in each country and result from insight gained through reorganizations and work-process changes made over the past several years to improve efficiency and reduce costs.
“The impact of COVID-19 on the demand for ExxonMobil’s products has increased the urgency of the ongoing efficiency work,” the statement added.
Europe remains an important market for ExxonMobil, as evidenced by recent major investments.
“However, significant actions are needed at this time to improve cost competitiveness and ensure the company manages through these unprecedented market conditions,” the statement concluded.
Source: www.energynewsafrica.com
