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Shell plc (NYSE:SHEL) temporarily suspended on-site construction at its 820,000 tonnes per year biofuels facility in Shell Energy and Chemicals Park Rotterdam, Netherlands.
This decision aims to optimize project delivery and enhance future competitiveness in response to prevailing market conditions.
Consequently, the number of contractors on-site will decrease, and activities will slow down, contributing to cost control and optimizing project sequencing, stated the company.
Also Read: Shell’s Move Toward Net Zero Emissions – To Build Carbon Capture And Storage Project In Canada
Huibert Vigeveno, Shell’s Downstream, Renewables and Energy Solutions Director, said, “Temporarily pausing on-site construction now will allow us to assess the most commercial way forward for the project.”
“We are committed to our target of achieving net-zero emissions by 2050, with low-carbon fuels as a key part of Shell’s strategy to help us and our customers profitably decarbonise.”
After the decision to temporarily halt on-site construction, Shell will conduct an impairment review for this project.
In September 2021, Shell made a final investment decision for the planned biofuels facility. The facility aims to produce sustainable aviation fuel (SAF) and renewable diesel from waste materials.
In 2023, Shell stated that it targets to become a net-zero emissions energy business by 2050 and has planned investment of $10 billion-$15 billion in 2023-2025 to aid the development of low-carbon energy solutions.
Shell stock has gained around 20% in the last 12 months. Investors can gain exposure to the stock via the Direxion Hydrogen ETF (NYSE:HJEN) and the VanEck Natural Resources ETF (NYSE:HAP).
Price Action: SHEL shares are up 0.34% at $73.12 premarket at the last check on Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
