ExxonMobil plans to permanently shut down one of two steam crackers at its Singaporean complex by June 2026, in line with global reshuffling due to overcapacity. The petrochemical industry faces thin margins amid a global glut, with South Korea also cutting capacity. Exxon plans to reduce staff by 10-15% by 2027.

Read more at Yahoo Finance: ExxonMobil Prepares to Permanently Close Singapore Petrochemical Unit