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By Ron Bousso
LONDON (Reuters) -Shell will take an impairment cost of as much as $2 billion after the sale of its Singapore refinery and pausing of development of certainly one of Europe’s largest biofuel vegetation, it mentioned on Friday.
The British vitality firm had introduced on Tuesday that it could halt development at its Rotterdam plant within the Netherlands due to weak market situations. The biofuels plant was slated to have annual capability of 820,000 metric tons a 12 months and start operations subsequent 12 months.
Shell (LON:) mentioned the choice will result in a non-cash, post-tax impairment of between $600 million and $1 billion when it publishes second-quarter outcomes on Aug. 1.
On the identical time, Shell expects to take an impairment of $600 to $800 million on the Singapore refining and chemical substances hub that it agreed to promote in Could.
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