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BY
Seneca ESG
- November 3, 2022
Shell Eastern Petroleum, a unit of oil giant Shell , acquired Asia-based waste oil recycling company EcoOils to boost its biofuel output, as reported by Reuters on November 2. EcoOils uses recycling technology to reduce waste going into landfill and annually produce 65,000 tons of spent bleaching earth (SBE) oil, an internationally recognized biofuel feedstock that can be used to produce sustainable low-carbon fuels. The deal will include 100% of EcoOil’s Malaysian subsidiaries and 90% of its Indonesia subsidiary. According to Sinead Lynch, senior vice president for low-carbon fuels at Shell, the acquisition provides a secure supply of recognized, advanced feedstock to Shell’s biofuels facilities.
The deal is part of Shell’s transformation plan from a fossil fuel producer to a provider of low-carbon energy solutions, as the company looks to decrease the carbon intensity of its energy products by 45% by 2035 and 100% by 2050. Shell seeks to expand its production capacity in low-carbon fuels, which have seen growing demand from hard-to-decarbonize sectors such as the aviation industry. In February, Shell became the first company to supply sustainable aviation fuel (SAF) in Singapore. Made from waste products and sustainable feedstocks, SAF could reduce lifecycle emissions by up to 80% compared to traditional jet fuel. The company has set a target to produce 2m tons of SAF per year globally by 2025 and projected that SAF would account for at least 10% of its global aviation fuel sales by 2030.
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