World News
Shell Halts Construction of Large Biofuel Plant in Rotterdam
Global energy producer Shell has 'temporarily paused' construction of what was due to be one of Europe's largest biofuel plants, citing current market conditions.
Shell Nederland Rarrinaderij has paused construction of the 820,000 mt/year biofuels facility at the Shell Energy and Chemicals Park in Rotterdam, it said in an emailed statement on Tuesday.
The purpose of the pause is 'to address project delivery and ensure future competitiveness given current market conditions', the company said.
"Temporarily pausing on-site construction now will allow us to assess the most commercial way forward for the project," Huibert Vigeveno, downstream, renewables and energy solutions director at Shell, said in the statement.
"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.
"And we will continue to use shareholder capital in a measured and disciplined way, delivering more value with less emissions."
The firm took a financial investment decision for the facility in September 2021, and production had been due to start later this year. The plant was designed to produce waste-derived renewable diesel and sustainable aviation fuel.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 640.50 | 1.50 | 771.00 | 2.00 |
| Rotterdam | 586.50 | 3.00 | 782.00 | 4.50 |
| Houston | 615.00 | 0.00 | 790.50 | 2.50 |
| Fujairah | 639.50 | 0.00 | 863.00 | 0.50 |
| Global 20 Ports Average | 651.00 | 6.50 | 858.00 | 5.00 |
| Global 4 Ports Average | 620.50 | 0.50 | 801.50 | 0.00 |
| Global Average Bunker Price | 697.00 | 10.50 | 913.50 | 3.50 |
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