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    Friday, July 5, 2024

    Shell to Incur Up to $2 billion Writedown on Singapore, Rotterdam Plants

    Shell may incur a potential write-off of up to $2 billion for its facilities in Singapore and Rotterdam.

    Shell announced on Friday that it will record an impairment charge of up to $2 billion due to the sale of its Singapore refinery and the suspension of construction of one of Europe’s largest biofuel plants.

    The British energy corporation announced on Tuesday that it would suspend construction of its Rotterdam plant in the Netherlands due to unfavorable market conditions. The biofuels facility was projected to have an annual capacity of 820,000 metric tons and commence operations in the upcoming year.

    The decision will result in a non-cash, post-tax impairment between $600 million and $1 billion, as announced by Shell. The impairment will be reflected in the company’s second-quarter results, which will be published on August 1.

    Concurrently, Shell anticipates an impairment charge of $600 to $800 million related to the Singapore refining and chemicals hub divestment agreed upon in May.

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