Shell said Tuesday that it expects to take a $600 million hit from the abandonment of its Rotterdam biofuels project. However, it also noted higher production of liquefied gas and improved gas trading results.
Shell approved the development of an 820,000 metric ton per year biofuels facility in 2021. However, construction was halted last year. It was then scrapped completely last month due to its lack of competitiveness.
In a trading update on Tuesday, the company said it had raised its outlook for third-quarter LNG production from a range between 7 million and 7.4 million tons. It also expected trading results in its integrated division to be much higher.
Shell had previously estimated LNG production at 6.7 to 7.3 millions tons, according to the oil major in July. This compares to 6.7million tons for the second quarter.
Full story Shell To Suffer A $600M Loss Due To Rotterdam Biofuels
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