Shell sees heavy writedowns in Q2 due to shelved biofuel project

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Shell sees heavy writedowns in Q2 due to shelved biofuel project

Shell sees heavy writedowns in Q2 due to shelved biofuel project
by AFP Staff Writers
London (AFP) July 5, 2024

British oil giant Shell said Friday that it plans writedowns of up to $2 billion for its second quarter due to a shelved biofuels project in the Netherlands.

"Post-tax impairments of $1.5-$2 billion are expected", Shell said in a statement, linking them to the Dutch factory as well as its chemical operations in Singapore.

Shell is to report its second quarter results on August 1.

Shell said Tuesday that it was suspending construction of a huge renewables biofuel factory in Rotterdam that was intended to produce aviation fuel and diesel from waste.

Shell and fellow UK energy giant BP have walked back various climate objectives in recent months and said they will focus more on oil and gas to raise their profits, drawing criticism from environmental activists.

Shell also warned that results from its gas operations should be "in line" with those of the second quarter of 2023, but lower than those of the first quarter of 2024.

ode/nth/gv/ach

Shell

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