Shell to take another $600M hit in Q3 for dropping Rotterdam biofuels plant

In the Netherlands, Reuters reports Shell expects to take another $600 million hit during its upcoming Q3 reporting related to pulling out of the planned biofuel project at its refinery in Rotterdam, bringing the total losses associated with the project to $1.4 billion. The project was approved in 2021, but it paused construction last year due to market conditions and then finally cancelled it all together in September as the 820,000-metric tpy would not have been competitive.