Investing.com -- Exxon Mobil Corp (NYSE: XOM ). has announced plans to reduce its workforce in the UK by approximately 250 positions. The Texas-based oil company is consolidating its UK operations, which will result in the closure of its Leatherhead office, located south of London, by 2026.

Employees who are slated to continue with the company will be relocated to Exxon’s refinery and petrochemical complex in Fawley, as stated by the company on Wednesday.

Despite this consolidation, Exxon will persist in expanding its London trading hub, with plans to hire new personnel. The company has been making efforts to grow this particular sector.

Exxon has reiterated the significance of the UK to its operations. In a statement, the company said, "The UK is an important country for Exxon Mobil. We are investing in strong businesses, including growing our London Trading hub and revitalizing our Fawley Petrochemical Complex. We will continue to have a meaningful presence in the country.”

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