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SHELL 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. – Reuters
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