Shell plc announced on Tuesday that it will temporarily halt on-site construction work at its biofuels facility in the Netherlands "to address project delivery" and "ensure future competitiveness given current market conditions."
"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 decarbonize," Shell's DownStream, Renewables, and Energy Solutions Director Huibert Vigeveno said, adding that the decision will help the oil giant to cut costs and optimize project sequencing.
The company will provide future guidance for the project in its second-quarter results which will be shared on July 5. Its stock was up 0.49% following the announcement, trading at 2,869 pence per share.