Ron Buso
LONDON (Reuters) – Shell mentioned on Friday it will take an impairment cost of as much as $2 billion after promoting its Singapore refinery and halting building of one in every of Europe’s largest biofuels vegetation.
The British vitality firm introduced on Tuesday that it will halt building of its plant in Rotterdam, the Netherlands, attributable to weak market circumstances. The biofuel plant is predicted to have an annual manufacturing capability of 820,000 tons and begin operations subsequent 12 months.
Shell (LON:) mentioned the choice will lead to a non-cash after-tax impairment of $600 million to $1 billion when it releases second-quarter outcomes on Aug. 1.
In the meantime, Shell expects to take a $600 million to $800 million impairment on the Singapore refining and chemical substances hub it agreed to promote in Could.
