Shell Faces $2 Billion Writedown Due to Biofuels Plant Delay and Singapore Sale
The oil giant halts construction on a major biofuels facility in Rotterdam and divests a Singapore refinery, impacting its green energy transition.
- Shell will take up to a $1 billion hit from pausing the Rotterdam biofuels project due to technical delays and market conditions.
- The Rotterdam facility was intended to produce 820,000 tonnes of sustainable aviation fuel and renewable diesel annually.
- A further $600-800 million writedown is linked to the sale of Shell's Singapore refining and chemicals plant.
- Shell's decision reflects broader challenges in the green energy sector, as other companies also scale back low-carbon projects.
- The company's shift in strategy under CEO Wael Sawan emphasizes profitability over aggressive decarbonization efforts.
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