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MOSCOW (MRC) -- US oil giant ExxonMobil
announced it plans to reduce its European workforce by up to 1,600 across the
company"s affiliates by the end of 2021 as part of its global review, reported
Reuters.
Exxon said
country-specific cuts will depend on the oil major"s local business footprint
and market conditions, after the COVID-19 pandemic hammered demand for its
products and crude prices tanked.
Oil majors are axing jobs, lowering
spending and curbing dividends in order to save cash amid a dismal outlook over
energy prices which are expected to remain lackluster for years.
Last
month, Exxon announced voluntary layoffs in Australia and said that job cuts
will continue globally into 2021.
As MRC wrote previously,
ExxonMobil, one of the world"s petrochemical major, has undertaken a planned
shutdown at its cracker in Singapore. The company halted operations at the
cracker for maintenance on September 14, 2020. The cracker is expected to remain
off-line till end-October, 2020. Located at Jurong Island, Singapore, the
cracker has an ethylene production capacity of 1 million mt/year and a propylene
production capacity of 450,000 mt/year.
Ethylene and propylene are
feedstocks for producing polyethylene (PE) and polypropylene
(PP).
According to MRC"s ScanPlast report,
Russia"s overall PE production totalled 1,712,400 tonnes in the first seven
months of 2020, up by 58% year on year. Linear low density polyethylene (LLDPE)
accounted for the greatest increase in the output. At the same time, overall PP
production in Russia increased in January-July 2020 by 24% year on year to
1,063,700 tonne. ZapSibNeftekhim accounted for the main increase in the
output.
ExxonMobil is the largest non-government owned company in the
energy industry and produces about 3% of the world"s oil and about 2% of the
world"s energy. |
