Shell expects to take a big financial hit due to selling a Singapore refinery and pausing construction on a biofuels plant.
Shell expects to take up to $2 billion in impairments for the second quarter, due to the sale of its Singapore refinery and the decision to temporarily halt construction of a biofuels plant in the Netherlands , the UK-based supermajor said on Friday. Shell , which reports second-quarter earnings on August 1, expects non-cash post tax impairments of between $1.
“This agreement marks a significant step in Shell’s ongoing efforts to high-grade our Chemicals and Products business, and is a testament to our commitment to deliver more value with less emissions, as outlined at our Capital Markets Day last year,” Huibert Vigeveno, Shell’s Downstream, Renewable and Energy Solutions Director, said at the time.
Impairments Singapore Refinery Biofuels Plant Netherlands CAPGC Glencore Rotterdam Second Quarter
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