Royal Dutch Shell has said it will write $22bn off the value of its assets after sharply lowering its oil and gas price outlook in the wake of the coronavirus pandemic.

The decision also comes as the Anglo-Dutch company reviews its operations after CEO Ben van Beurden laid out plans in April to reduce greenhouse gas emissions to net zero by 2050.

Shell, which has a market value of $126.5bn , said in an update ahead of its second-quarter results on July 30 that it will take an aggregate post-tax impairment charge in the range of $15 to $22bn in the quarter.

Source: Aljazeera

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