Shell scraps Rotterdam biofuels project, re-evaluating green strategy

Shell has cancelled the construction of a planned biofuels facility at its Energy and Chemicals Park in Rotterdam, the company said in its third-quarter results.

The decision resulted in impairment charges of $579 million and provisions of $186 million in the period.

According to the company, it will not proceed with the project, which had been paused since 2024, following an in-depth evaluation to reassess its competitiveness.

The cancellation comes as Shell reported third-quarter adjusted earnings of $5.43 billion, a 27% increase from the previous quarter, driven by stronger trading and higher sales volumes.

The energy major also announced a new share buyback program of $3.5 billion, expected to be completed by its fourth-quarter results announcement.

Total shareholder distributions for the third quarter, combining buybacks and dividends, amounted to $5.7 billion.