SINGAPORE: Royal Dutch Shell will halve crude processing capacity and cut jobs at its Pulau Bukom oil refinery in Singapore as part of an overhaul to reduce its carbon emissions.
The refinery on Pulau Bukom, a small island in the Southeast Asian city-state, can process 500,000 barrels per day (bpd) of oil and is Shell’s largest wholly-owned refinery worldwide.
The move brings the total refining capacity cuts by Shell in recent months to 571,000 bpd, or just over a fifth of its capacity globally.
Shell aims to reduce the number of its refineries as part of a drive to slash carbon dioxide (CO2) emissions to net zero by 2050 and restructure its operations by reducing its oil and gas business and expanding its renewable energy and power division.
The coronavirus pandemic has destroyed fuel demand, estimated at 4.7 million bpd less during the next five years.