Shell sees heavy writedowns in Q2 due to shelved biofuel project

Space Travel News

Shell sees heavy writedowns in Q2 due to shelved biofuel project

Shell sees heavy writedowns in Q2 due to shelved biofuel project
by AFP Staff Writers
London (AFP) July 5, 2024

British oil giant Shell said Friday that it plans writedowns of up to $2 billion for its second quarter due to a shelved biofuels project in the Netherlands.

"Post-tax impairments of $1.5-$2 billion are expected", Shell said in a statement, linking them to the Dutch factory as well as its chemical operations in Singapore.

Shell is to report its second quarter results on August 1.

Shell said Tuesday that it was suspending construction of a huge renewables biofuel factory in Rotterdam that was intended to produce aviation fuel and diesel from waste.

Shell and fellow UK energy giant BP have walked back various climate objectives in recent months and said they will focus more on oil and gas to raise their profits, drawing criticism from environmental activists.

Shell also warned that results from its gas operations should be "in line" with those of the second quarter of 2023, but lower than those of the first quarter of 2024.

ode/nth/gv/ach

Shell

Related Links
Bio Fuel Technology and Application News

Subscribe Free To Our Daily Newsletters

RELATED CONTENT

The following news reports may link to other Space Media Network websites.

Sky's the limit for biofuels
Boston MA (SPX) Jun 10, 2024
The United States has enough biomass potential to produce 35 billion gallons per year of aviation biofuel by 2050, a new report confirms. Oak Ridge National Laboratory's John Field provided biomass feedstock production expertise to the report focused on the role of the bioeconomy in U.S. decarbonization strategies, which was produced by the Department of Energy's DECARB program. The report examined the role of biomass in reducing greenhouse gas emissions across the economy, including opportu ... read more

Volunteer Crew to Exit NASA's Simulated Mars Habitat After 378 Days

This desert moss has the potential to grow on Mars

Crew inside NASA's Mars habitat simulator to exit after more than a year

NASA Parachute Sensor Testing Could Make EPIC Mars Landings

Eye Test for Lunar Impact Surveyor

NASA names Andre Douglas as backup Artemis II crew member

Moon 'swirls' could be magnetized by unseen magmas

iSpace lunar lander RESILIENCE achieves test milestone

NASA's Juno Observes Lava Lakes on Jupiter's Moon Io

Understanding Cyclones on Jupiter Through Oceanography

Unusual Ion May Influence Uranus and Neptune's Magnetic Fields

NASA's Europa Clipper Arrives in Florida for Launch Preparation

MIT engineers find a way to protect microbes from extreme conditions

Scientists reveal the density differences of sub-Neptunes due to resonance

Organic material from Mars reveals the likely origin of life's building blocks

Geoscientists dig into why we may be alone in the Milky Way

SpaceX completes Starlink launch, brings Direct to Cell satellite total to 103

Firefly Aerospace Successfully Launches Eight CubeSat Satellites

Starliner undergoing thruster testing before indefinite return flight

Space Pioneer Issues Apology After Engine Test Explosion

Chinese Scientists Develop Novel Rosa Roxburghii Varieties via Space Breeding

Shenzhou 18 Crew to Conduct Second Extravehicular Activities

Hainan Launch Center Completes Construction for First Mission

Ten make the cut for China's fourth batch of astronauts

NASA, Partners Conduct Fifth Asteroid Impact Exercise, Release Summary

NASA Asteroid Experts Create Hypothetical Impact Scenario For Exercise

Dimorphos, from Up Close and Far Away

Countdown to Hera launch campaign begins at ESOC

Subscribe Free To Our Daily Newsletters

The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.