Shell Sees Up to $2 Billion Writedown After Biofuels Delay
- Impairment related to pause at Dutch plant, Singapore sale
- Gas trading lower after exceptional results in prior quarters
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Shell Plc expects as much as $2 billion of impairments in its second-quarter earnings related to a delayed biofuels plant under construction in the Netherlands and its chemicals facility in Singapore.
Since taking the job in January last year, Shell Chief Executive Officer Wael Sawan has pledged to be “ruthless” in improving the company’s performance and boosting investor returns. That process has included eliminating jobs, selling assets and changing the pace at which it seeks to cut its carbon emissions.