Shell, Venezuela
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SHEL plans a $668M lifeline for Raizen as rescue talks collapse, raising stakes in Brazil's sugar-ethanol giant and reshaping the joint venture's future.
Talks to rescue Brazilian sugar and ethanol producer Raizen collapsed after co-owners Shell and Cosan failed to agree to a plan to raise capital.
The results come as lower oil prices force European energy majors to confront some tough choices this earnings season.
Shell plc (NYSE:SHEL) is one of the Best Value Stocks to Buy for the Long Term. On March 2, Citi raised the firm’s price target on the stock to 2,950 GBp from 2,700 GBp and maintained a Neutral rating.
Shell has confirmed its commitment to inject R$3.5 billion (€577 million) into Brazilian sugar and ethanol producer Raízen, as the company works to stabilise its finances following a period of heavy losses and rising debt.
Paramount President Jeff Shell did not join Monday's conference call to discuss the company's merger with Warner Bros. Discovery.
Venture Global shares jumped more than 8% on Tuesday, hitting their highest level since October 10, after a New York court rejected Shell's bid to overturn an arbitration award in the U.S. LNG developer's favor.