![]() ![]() Immediately stop buying Russian crude oil on the spot market and we will not renew term contracts.Īt the same time, in close consultation with governments, we are changing our crude oil supply chain to remove Russian volumes. Following government statements this week, I want to set out our position clearly. Threats today to stop pipeline flows to Europe further illustrate the difficult choices and potential consequences we face as we try to do this. “Our actions to date have been guided by continuous discussions with governments about the need to disentangle society from Russian energy flows, while maintaining energy supplies. We will work with aid partners and humanitarian agencies over the coming days and weeks to determine where the monies from this fund are best placed to alleviate the terrible consequences that this war is having on the people of Ukraine,” said Shell Chief Executive Officer, Ben van Beurden. As we have already said, we will commit profits from the limited, remaining amounts of Russian oil we will process to a dedicated fund. “We are acutely aware that our decision last week to purchase a cargo of Russian crude oil to be refined into products like petrol and diesel – despite being made with security of supplies at the forefront of our thinking – was not the right one and we are sorry. It will also shut its service stations, aviation fuels and lubricants operations in Russia. ![]() As an immediate first step, the company will stop all spot purchases of Russian crude oil. According to information released by the company, a federal loan guarantee application for that facility is in process with financial close targeted for the fourth quarter of this year.LONDON, Ma- Shell plc (Shell) today announced its intent to withdraw from its involvement in all Russian hydrocarbons, including crude oil, petroleum products, gas and liquefied natural gas (LNG) in a phased manner, aligned with new government guidance. Velocys is also pursuing the development of a 25 MMgy biorefinery in Mississippi. Velocys currently aims to reach financial close on the project in 2022. The North East Lincolnshire Council’s planning committee granted planning permission for the project in mid-2020. Once operational, the proposed Altalto facility will take in municipal solid waste as feedstock and produce 20 million gallons per year of SAF and naphtha. “Altalto Immingham is the most advanced commercial SAF project in the UK and is ready to take advantage of the strong push from both Government and industry for the decarbonization of aviation, especially using waste feedstocks.” “We are looking forward to moving Altalto Immingham to the next stage of development in 2021,” said Henrik Wareborn, CEO of Velocys. We wish Altalto every success in the future.” government, as part of the Jet Zero Council, to help decarbonize U.K. We will continue to work with the aviation industry and the U.K. “On this occasion, we have decided to focus our resources on other lower-carbon fuels opportunities which leverage our own technology. ![]() “Shell are pursuing multiple opportunities across our global portfolio,” said Matthew Tipper, vice president of new fuels at Shell. Velocys also noted that preparations are underway to apply for significant government funding to support the Immingham project. The company said it will continue to work with British Airways plc to secure finance for the project and will continue the discussions with potential sources of finance for the project. ![]() government on policy development to support SAF production.Īccording to Velocys, the Altalto project has no immediate funding calls and will continue according to its existing development plan. Velocys, British Airlines and Shell, however, will continue to work with the U.K. will no longer participate in the development of the Altalto Immingham project, a proposed 20 MMgy sustainable aviation fuel (SAF) production facility under development in the U.K.Ī statement released by the company explains that Shell was withdrawn at the Altalto Joint Development Agreement by mutual consent of the parties. 18 that Shell International Petroleum Co. ![]()
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