Shell reviewing strategic options for Sprng renewables unit
LONDON, Feb 12 (Reuters) - Shell SHEL.L is reviewing strategic options for its India-based Sprng Energy renewable power unit, the company said on Thursday.
The British oil major said it was too early to comment on the outcome of the review. The review comes as CEO Wael Sawan shrinks the company's low-carbon projects to focus on liquefied natural gas trading and upstream.
Shell agreed to buy Sprng in 2022 for $1.55 billion. The platform has operational capacity of 2,300 megawatt peak (MWp) and contracted total capacity of 5,026 MWp, its website said.
Last week, Shell missed fourth-quarter profit expectations with an 11% drop to the lowest level since early 2021 amid weaker oil prices, but kept its bumper share buyback programme.
Rival BP is also undergoing a strategy reset back to hydrocarbons and took about $4 billion in charges on its renewables and biogas assets last quarter.
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