Shell (SHEL) Hits Pause on Major Biofuels Plant in Europe [Yahoo! Finance]
SM Energy Company (SM)
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Source: Yahoo! Finance
Under CEO Wael Sawan, Shell has scrapped several renewable projects to focus on its more profitable ventures, primarily associated with fossil fuels. In recent months, Shell has abandoned many renewable and hydrogen projects, withdrew from European and Chinese power markets, and sold off its refineries. It did so to concentrate on oil and gas operations to boost profits. In September 2021, Shell proceeded with the development of the biofuel plant, with a capacity of 820 thousand tons a year. The biofuel plant at Shell's chemicals park in Rotterdam, the Netherlands, was slated to start operations by 2025. However, due to the pause, it is expected to come online toward the end of the decade. The facility was intended to produce renewable diesel and sustainable aviation fuel. While the energy giant's decision to halt the construction work midway may seem odd, it is an indication that the advanced biofuels market is in a slump. Oil major BP also halted the progress of two biofuel faci
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