2nd Jul 2024 08:46
(Alliance News) - Shell PLC on Tuesday said it is temporarily pausing the on-site construction of a biofuels facility in the Netherlands.
The London-based oil major said the pause at the Shell Energy & Chemicals Park Rotterdam by its subsidiary Shell Nederland Raffinaderij BV aims to ensure future competitiveness "given current market conditions".
Shell said contractor numbers at the 820,000 tonnes a year biofuels facility will reduce and activity will slow down, aiming to control costs and optimise project sequencing.
"Temporarily pausing on-site construction now will allow us to assess the most commercial way forward for the project," said Huibert Vigeveno, Shell's Downstream, Renewables & Energy Solutions director.
Shell said it will conduct an impairment review for the paused project.
Shell shares were 0.2% higher at 2,863.50 pence each on Tuesday morning in London.
By Tom Budszus, Alliance News slot editor
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