British energy company Shell has sold its wind and solar energy business in India to Indian company Aditya Birla Renewables for $1.8 billion as part of its strategy to refocus on the oil and gas industry.
According to the publication, the oil and gas company continues to “reduce investment in renewable energy and refocus on its most profitable businesses“.
According to the head of the refining, renewable energy and energy solutions department at Shell, Machteld de Haan, the company is optimizing its power generation portfolio and building a more competitive business.
Earlier, Shell CEO Wael Sawan said that a “hole“ had formed in the global oil market of 1 billion barrels, which is deepening every day. This situation, he said, has arisen because the barrels are “locked up, not being produced“. This is already clearly visible in the oil refining complex, added Savan.