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    Home » Shell flags Q4 writedown of $4.5bn, mainly on Singapore assets

    Shell flags Q4 writedown of $4.5bn, mainly on Singapore assets

    January 8, 2024
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    *Shell

    Bengaluru — Shell (SHEL.L) on Monday flagged impairment charges of about $2.5 billion to $4.5 billion for the fourth quarter, mainly related to the Singapore refining and chemicals hub the oil major is looking to sell.

    The assets include a 237,000 barrels per day (bpd) refinery and a one million metric ton per year (tpy) ethylene plant on Singapore’s Bukom and Jurong islands, for which it had announced a strategic review last year.

    Ahead of fourth-quarter results on Feb. 1, the company also said gas trading would be significantly higher than the previous three-month period, while upstream production would come in at 1,830 – 1,930 thousand barrels of oil equivalent per day.

    Meanwhile, its chemicals & products division is expected to post an adjusted earnings loss for the period, it added.

    *Eva Mathews; editing: Savio D’Souza & Varun H K – Reuters

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