Shell announces a write-down of up to $4.5 billion for its Q4 assets, mostly in Singapore

Shell has announced impairment charges for the fourth quarter today, ranging from around $2.5 billion to $4.5 billion. These losses are mostly associated with the oil major's intention to sell its Singaporean chemicals and refining centre.

On Singapore's Bukom and Jurong islands, the assets comprise a refinery producing 237,000 barrels per day (bpd) and an ethylene factory producing one million metric tonnes per year (tpy), for which a strategic assessment was launched the previous year.

The firm also said that upstream production would reach 1,830–1,930 thousand barrels of oil equivalent per day and that petrol trade would be much higher than the previous three-month period, ahead of its fourth-quarter results on February the 1st.

It also stated that its segment of chemicals and products is anticipated to have an adjusted profit loss for the same period.

(Sources: investing.com, reuters.com)