07:33 AM EDT, 07/02/2024 (MT Newswires) -- Shell (SHEL) said Tuesday that its subsidiary Shell Nederland Raffinaderij B.V. will temporarily pause construction work at its biofuels facility at the Shell Energy and Chemicals Park Rotterdam to assess the "most commercial way forward" for the project amid weak market conditions.

The number of contractors on site will be reduced and activity will slow down to help control costs and optimize project sequencing, Shell said.

The company said it will conduct an impairment review for the project and provide further guidance in its Q2 update on Friday.

Shares of Shell were 0.8% higher in recent US premarket trading.

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