Shell warns of write-downs in the fourth quarter in the range of 2.5 to 4.5 billion dollars. The oil giant reports this in a update Monday.
In Norwegian kroner, this corresponds to up to 46.6 billion.
“The write-downs are primarily driven by macro and external developments, as well as portfolio selection, including assets within chemistry and products in Singapore”, it is stated.
Shell will sell the refining and chemical plant in Singapore, according to Reuters, and announced a strategic review of the facilities last year. The refinery has a capacity of 237,000 barrels per day, while the ethylene factory has a capacity of 1 million tonnes per year.
For the chemicals and products division as a whole, an adjusted loss is expected in the quarter.
At the same time, Shell states that gas trading was “significantly higher” in the quarter, while upstream production will be between 1.8 and 1.9 million barrels of oil equivalent per day. The results for the quarter will be published on 1 February.
Earlier in January, Chevron also announced that they will have to write down the values by up to 4 billion dollars.
2024-01-08 09:30:18
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