Shell Plc has shelved its biofuels plant in the Netherlands as it continues to shed low-carbon businesses to boost profitability.
The project in Rotterdam, which was put on hold last year pending a cost review, was to have been one of Europe’s biggest plants for renewable diesel and sustainable aviation fuel.
Shell has decided to “prioritize our capital towards those projects that deliver both the needs of our customers and value for our shareholders,” Machteld de Haan, the firm’s head of downstream, renewables and energy solutions, said in a statement, reiterating previous pledges to back projects that will boost investor returns.
The business of making cleaner transport and aviation fuels from vegetables oil and waste has lost its shine since a wave of investments announced earlier in the decade. Industry pioneer Neste Oyj’s stock has plunged since 2021, partly due to disappointing demand for sustainable aviation fuel.
Since Wael Sawan took over as chief executive officer in 2023, the company has been exiting low-carbon projects and under-performing units. It withdrew from a US wind project earlier this year, resulting in a write-off of almost $1 billion.
Shell’s industry peers like BP Plc and TotalEnergies SE have also pulled back on biofuel investments.
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