Shell to Take Up to $2 Billion Impairment Hit, Expects Weaker Gas Trading

Shell SHEL 0.02%increase; green up pointing triangle expects to book up to $2 billion in post-tax impairments after delaying construction of a major biofuels plant as European energy majors grapple with weak market conditions, while trading in its core gas division is set to fall.

The British energy giant said Friday that it expects to book an impairment after tax of between $1.5 billion and $2 billion mainly due to pausing construction of its biofuels facility in Rotterdam, as well as the divestment of its chemicals refinery in Singapore.

Source: REUTER