Shell (RDS.A) initiates closure of its Convent Refinery by suspending 12,000 barrels per day (bpd) isomerization unit earlier this week followed by deactivating its 36,000-bpd diesel hydrotreater.
For Big Oil, coffee and chocolate could be the new black gold. Under pressure from investors and governments alike to cut emissions, major European oil companies are ploughing billions into renewable energy but are struggling to craft business plans that promise the returns shareholders have come to expect. Europe's big oil firms, however, have another card to play: their vast global networks of filling stations.
Oil majors are having to pick and choose their projects now, with even ExxonMobil writing down billions of dollars in assets