Shell to suspend construction work at Dutch biofuels project

04 Jul 2024 CW Team

Shell will stop building at the Dutch biofuels project when the market declines. Companies seldom pause the progress of ongoing initiatives. Last week, rival BP said that it was halting two biofuel projects in Germany and the US. This year, Shell's stock has increased by more than 11%. Originally scheduled to begin production in 2025, Shell approved the building of the 820,000-tonne-per-year facility in the Netherlands in September 2021. It is currently anticipated that the project will launch online before the end of the decade. The project in its Rotterdam chemicals park was intended to generate renewable diesel from waste and sustainable aviation fuel. Joshua Stone, an analyst at UBS, stated that the suspension was in line with Shell's return-focused approach. "The postponements underscore the difficulty of breaking into the advanced biofuels sector. The oil majors have dabbled and discovered that it's difficult, "explained Stone. In addition, Shell stated that it would take the project's impairment into account. It will give further information in its quarterly trade update on Friday.

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