Shell to write down up to $22bln after coronavirus hit – ZAWYA

Shell to write down up to $22bln after coronavirus hit – ZAWYA

Shell to write down up to $22bln after coronavirus hit | ZAWYA MENA Edition HomeBusinessEnergyArticleShell to write down up to $22bln after coronavirus hit Shell, the world's largest fuel retailer, said it expected a 40% drop in sales in the second quarter from a year earlier    LONDON- Royal Dutch Shell said on Tuesday it would write off assets worth up to $22 billion after the coronavirus crisis knocked oil and gas demand and weakened the energy price outlook.The impairments follow the Anglo-Dutch company's decision to shift from fossil fuel and reduce its greenhouse gas emissions to net zero by 2050, as laid out by CEO Ben van Beurden in April.Global travel restrictions to prevent the virus spreading affected more than 4 billion people at one point, taking cars off the roads and grounding planes, driving down fuel demand.The impairments follow the Anglo-Dutch company's decision to shift from fossil fuel and reduce its greenhouse gas emissions to net zero by 2050, as laid out by CEO Ben van Beurden in April.LONDON- Royal Dutch Shell said on Tuesday it would write off assets worth up to $22 billion after the coronavirus crisis knocked oil and gas demand and weakened the energy