Shell Presses IMO for Regulatory Certainty While Backing Bio-LNG and Offloading a Australian Stake

Shell used the back end of the week to push the International Maritime Organization toward firmer ground on shipping emissions, warning that drawn-out rulemaking could push low-carbon fuel spending onto the back burner and leave the industry governed by a patchwork of national regimes. The company wants clearer signals from the IMO, according to media reports, and pairs that demand with support for mass-balanced Bio-LNG as a workable route to scaling renewable marine fuels.

The dual message is deliberate: Shell is tying its call for dependable rules to a concrete fuel strategy, arguing that investment decisions in cleaner bunker fuels hinge on knowing which standards will actually apply. A delay, in its view, risks both postponed capital outlays and a splintering of regulation across jurisdictions.

Sell-down down under

On the portfolio side, Shell Australia agreed on 3 November to sell its 16.67% interest in the North-West Shelf project to subsidiaries wholly owned by XRG. Shell does not operate the asset. The base consideration is US$1.45 billion, subject to customary adjustments, with an additional payment contingent on hitting agreed milestones.

Completion is targeted for 2027 and depends on regulatory approvals, among other conditions — meaning the transaction is not yet closed and the milestone-linked sum remains conditional.

Analysts split, crude in the driver's seat

Research notes this week pointed in different directions. Banco Santander cut Shell to Hold on Tuesday with a 4,100 pence price target, while Jefferies' Mark Wilson reaffirmed his Buy rating and 4,500 pence target on Wednesday — a confirmation of the existing stance rather than a change, following a softer session for the stock.

The shares had fallen on Tuesday as Brent crude weakened on hopes of progress in US-Iran talks, a link media coverage drew explicitly for that day's move. By Friday the stock had recovered, gaining 1.3%.

Moerdijk back to normal

Separately, Shell Netherlands reported on Tuesday that operations at the Shell Chemicals Park Moerdijk had returned to normal, with flaring also ended following the plant outage flagged on 5 November.