BUSINESS
Oil major Shell to write down up to $22 billion of assets in second quarter
BUSINESS

Oil major Shell to write down up to $22 billion of assets in second quarter

Published: June 30, 2020  |  2 min read, 378 words
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Keep Me Logged InKey PointsOil giant  said on Tuesday it will write down the value of its assets by up to $22 billion in the second quarter, after revising down its long-term outlook for oil and gas prices.It comes after the energy company announced in mid-April an ambition to reduce greenhouse gas emissions to net zero by 2050.Shell said in a statement to investors that it had reviewed a significant portion of its business given the impact of the coronavirus pandemic and the "ongoing challenging commodity price environment."It said it would take aggregate post-tax impairment charges in the... READ MORE
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