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Shell says it plans to shrink its refining portfolio to six sites

Shell says it plans to shrink its refining portfolio to six sites

By Reuters Staff: OCTOBER 29, 2020

LONDON (Reuters) – Royal Dutch Shell RDSa.L plans to shrink its refining and chemicals portfolio from 14 to six sites including its Deer Park, Norco, Pernis, Pulau Bukom, Rheinland and Scotford sites, it said on Thursday without giving a precise timeframe.

“The refining portfolio is expected to be transformed during the energy transition … into six high-value energy and chemical parks integrated with Chemicals,” Shell said.

“This is expected to be followed by further evaluation and decisions on assets that could result in the recognition of significant provisions and charges to earnings, some as early as in the fourth quarter 2020.”

Reporting by Shadia Nasralla; Editing by David Goodman

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