Shell halts construction of giant biofuel factory [Yahoo! Finance]
BP p.l.c. (BP)
Last bp p.l.c. earnings: 4/29 04:01 pm
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Source: Yahoo! Finance
The decision to pause activity at the site in Rotterdam, which was designed to convert waste into jet fuel, was announced by the oil and gas giant on Tuesday. The facility was designed to produce 820,000 tonnes of biofuels a year, half of which was to be used for sustainable aviation fuel (SAF) made from waste cooking oil and animal fat. Sustainable jet fuel has been at the forefront of airlines' plans to sell flights as “low carbon”, as they strive to reduce the industry's impact on the environment. Shell had been touted as a key SAF supplier after its Dutch subsidiary announced the biofuel project in 2021. Operations had been expected to start in 2025. However, Shell Nederland Raffinaderij confirmed on Tuesday that it was carrying out an “impairment review” of the project, casting doubts on its long-term viability. The announcement is one of a series of setbacks for low-carbon projects by big energy companies. It follows BP's announcement last week that it was putting a
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BP
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BP
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- 6/24/24 - Form 11-K
- BP's page on the SEC website