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...still comes from oil and gas....
...Shell on Thursday introduced a new ambition to cut the absolute emissions from the oil products it sells by 15-20 per cent from 2021 levels by 2030, but it intentionally excluded gas as a “critical fuel...
...More broadly, Shell argues that forcing it to sell less oil and gas before first addressing the global demand for its products would not reduce global emissions....
...Rather than a commitment to cut the absolute emissions, carbon intensity is an accounting treatment that allows Shell to offset the carbon produced by its oil and gas business against its growing sales of...
...In 2017, van Beurden was the first oil major chief executive to set targets to cut the carbon intensity of the company’s products and subsequently led a push into areas such as renewable power generation...
...“A bit tougher on [refined] oil products because most of the flows typically go from east to west, so that gets impacted.”...
...Taken altogether, the outlook for Shell’s downstream units hints that demand for refined products overall is weaker than expected....
...Oil and refined products is one area where the available data on supply levels, demand patterns and logistical variables has ballooned in recent years, Barrack told the Financial Times....
...Using this accounting treatment allows Shell to offset the carbon produced by its oil and gas business against its lower carbon products....
...Among companies taking advantage is London-based oil supply company Prax Group, which in December agreed to buy a 37.5 per cent stake in the PCK refinery in Schwedt, north-east Germany, from Shell....
...At the COP28 climate conference in December, companies representing about a third of global oil and gas production including ExxonMobil, TotalEnergies, BP and Shell pledged to stop routine flaring of excess...
...“This is another important milestone,” said Machteld de Haan, executive vice-president for chemicals and products at Shell....
...Shell and Trinidad’s national gas company signed an agreement to export Venezuelan offshore gas via the Caribbean island, while Spain’s Repsol and France’s Maurel & Prom also inked deals, according to news...
...The crude will enable the refinery to process an initial 350,000 barrels of crude oil a day into petroleum products, including petrol, diesel and low-sulphur fuels....
...The oil major has made progress on its 2030 targets and introduced a new pledge to cut emissions from oil products. And, of course, many SBTi laggards say they remain committed to the cause....
...“Quite boring, but in a good way,” said Biraj Borkhataria, an analyst at RBC Capital Markets, noting that earnings in upstream and oil products trading were both stronger than expected....
...Shell alone has contributed almost a third of the FTSE 100’s gains in 2024....
...Shell’s gaming initiatives focus on fossil fuel products such as petrol and motor oil, not renewable power....
...Under the scheme, Trafigura and its co-conspirators agreed to make illicit payments of up to 20 cents per barrel of oil products bought from or sold to Petrobras, and to conceal the bribes via shell companies...
...All eligible assets from Glencore, as well as those from oil and gas companies Repsol, BP and Shell, were issued by their financial subsidiaries, effectively exempting them from the ECB’s proposed limit....
...Water is used in most forms of fuel and power generation, for example, to pump for oil and gas or to produce steam in thermal power stations....
...Even as global temperatures smash through record highs, the oil industry is claiming the world can’t afford the rapid transition from fossil fuels to cleaner energy....
...The refinery has the potential to transform Africa’s biggest oil producer from importing refined petroleum products to becoming a net exporter....
...While we were busy at the latest Climate Capital Live event, Shell softened some of its climate targets, retreating from an earlier commitment to cut the carbon intensity of its products 20 per cent from...
...Shell has also led efforts on platforms popular among young people such as TikTok and Twitch to promote their traditional products. But they face a formidable challenge....
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