London (Reuters) – The Shell title climbs on the stock market on Tuesday after the energy giant announced an increase in the production of liquefied natural gas (LNG) and better trading results, despite a burden of $ 600 million (514.18 million euros) linked to the abandonment of its biofuels in Rotterdam.

Shell noted its LNG production forecast for the third quarter to a range between 7.0 and 7.4 million metric tonnes, against a previous forecast, announced in July, from 6.7 to 7.3 million tonnes. In the second quarter, production had reached 6.7 million tonnes.

Shell provides clearly higher trading results in its integrated gas division.

On the London Stock Exchange, around 8:55 am GMT the title wins 1.33%.

“We consider that this is a solid update on the part of the company, with an improvement in operational indicators in its two main divisions upstream, as well as a better trimester trading result despite lower market conditions overall,” said RBC Capital Markets analysts.

Shell, however, provides for a burden of approximately $ 600 million linked to the abandonment of the biofuels in Rotterdam, bringing the total depreciations relating to this dossier to $ 1.4 billion.

The biofuels’ factory project with a capacity of 820,000 tonnes per year in Rotterdam, approved in 2021, was canceled in early September because deemed non -competitive.

This Shell decision is part of a series of measures taken by producers of fossil fuels which return to their previous commitments of expansion in cleaner energies.

In February, British Major BP announced a significant reduction in its investments in renewable energies, while the Norwegian energy giant Equinor moderated its ambitions in this sector.

(Stephanie Kelly and Shadia Nasralla, Elena Smirnova, edited by Augustin Turpin)

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