LONDON ― British oil giant Shell said on Friday that it plans writedowns of up to $2 billion for its second quarter due to a shelved biofuels project in the Netherlands.
"Post-tax impairments of $1.5–$2 billion are expected," Shell said in a statement, linking them to the Dutch factory as well as its chemical operations in Singapore. Shell is to report its second-quarter results on August 1.
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