Posts under ‘Russia’

This is MONEY

Shell’s £80m boss Ben van Beurden preparing to join stream of FTSE100 bosses heading for the door

By LUCY WHITE FOR THE DAILY MAIL: PUBLISHED: 21:50, 2 September 2022 | UPDATED: 08:04, 3 September 2022

The £80million boss of Shell is preparing to join the stream of FTSE100 bosses heading for the door. 

Ben van Beurden – who, it emerged in March, bagged £4.6million in bonuses on top of his £1.4million salary last year, taking his total pay and bonuses to almost £80million during his nine years at the helm – could step down as soon as 2023 as the oil giant begins its search for a replacement. 

His departure will mark the end of an era for Shell, as it tries to toe the tricky line of boosting Britain’s energy security with embracing sustainable technologies. While Van Beurden’s legacy includes a commitment to reduce oil production, he has been criticised for failing to take more drastic action. read more

Bloomberg

Shell Walks Away From Major Russian LNG Project With Nothing

By Will Mathis: 1 September 2022 at 17:30 BST

Shell Plc will walk away from Russia’s Sakhalin-2 liquefied natural gas project with nothing after President Vladimir Putin transferred the major facility to a new operating company.

The London-based firm’s decision is the latest indication that Putin won’t allow international energy companies to realize big financial gains as they exit Russia over the invasion of Ukraine.

Shell had already written off the $1.6 billion value of its 27.5% stake in Sakhalin-2 earlier this year. T read more

Sunday Telegraph

Europe gas shortages to last several winters, Shell boss warns

Ben van Beurden says energy rationing will be needed for a number of years

By Rachel Millard: 29 August 2022 • 12:54 pm

Europe’s energy crisis will last for several winters, the boss of Shell has said, as he warned it is “fantasy” to think shortages caused by Russia cutting supplies can be resolved quickly.

Ben van Beurden told a conference in Norway that power rationing will be needed for a number of years as electricity prices hit fresh record highs. read more

Reuters

Russian court rules local Shell JV to move under Moscow control -Ifx

MOSCOW – A Russian court ruled on Monday that Salym Petroleum Development (SPD), a joint venture between Shell and Gazprom Neft, should be transferred to Russian jurisdiction, Interfax news agency reported, citing the verdict.

Kommersant daily reported last week that Gazprom Neft was suing to have its Salym Petroleum Development joint venture with Shell be transferred to Russian jurisdiction, and for Shell’s shareholding rights to be suspended. read more

The Sun

PURE GREED: How fatcat energy bosses will bank a staggering £15 MILLION as terrified hard-up Brits choose heating or eating

• Emma Pietras
• 22:37, 10 Aug 2022
• Updated: 9:09, 11 Aug 2022

IT is High Noon for the energy fatcats today as they drag their expensively-dressed behinds into showdown talks with the Chancellor.

As The Sun revealed yesterday, Nadhim Zahawi has summoned gas and electricity bosses in to explain just how much cash they are making out of the energy crisis.

It comes as energy experts at Auxilione revealed energy bills could reach over £5,000 next year and Martin Lewis warned the crisis could put lives at risk.

Zahawi and Business Secretary Kwasi Kwarteng wil also demand to know what investment they plan to make with their soaring profits. read more

This is MONEY.co.uk

Shell and BP to share in huge giveaway that will blow hole in gains from windfall tax: £7.5bn taxpayer handout for oil titans

• Energy giants already receive Treasury incentives to invest in the North Sea 

• Fresh changes have been ushered in that will turbocharge the subsidies 

• Plans introduced at same time as Government’s £5bn ‘windfall tax’ 

• City sources describe exceptionally high incentives as ‘beyond believable’ 

By LUKE BARR, FINANCIAL MAIL ON SUNDAY

PUBLISHED: 21:50, 6 August 2022 | UPDATED: 08:56, 7 August 2022

Oil and gas titans are set to reap a mammoth taxpayer giveaway of up to £7.5billion despite making record profits.

BP and Shell are among the firms that will benefit from new tax breaks, despite BP boss Bernard Looney comparing his firm to a ‘cash machine’.

Energy giants already receive Treasury incentives to invest in the North Sea, but fresh changes have been ushered in that will turbocharge the subsidies. The plans have been introduced at the same time as the Government’s £5billion ‘windfall tax’ – billed as taxing energy firms to help pay for the cost-of-living crisis. read more

The Guardian

Shell to give staff 8% bonus after record profits

Julia Kollewe: Wed 3 Aug 2022 16.50 BST

Payout comes after oil firm reported $11.5bn second-quarter profits amid soaring energy prices

Shell is handing nearly all its 82,000 staff a bonus equivalent to 8% of their salary after the oil company reported record profits amid soaring energy prices.

The British multinational is making the one-off payment to the vast majority of its employees around the world, only excluding those on its executive committee, executive vice-presidents and contractors.

The oil firm said: “In recognition of the contribution our people have made to Shell’s strong operational performance against a recent challenging backdrop, our executive committee has decided to make a special recognition award of 8% of salary to all eligible staff across the world. read more

BBC NEWS

Shell staff get profits bonus as energy bills soar

• Immoral oil and gas profits must be taxed – UN

4 August 2022

Energy giant Shell is to give its workers a one-off 8% bonus after the company reported record profits from high oil and gas prices.

Most of the 82,000 staff it employs worldwide will get the pay boost but top executives will be excluded.

Shell said the award reflected its financial success and was “not a response” to the rising cost of living.

Energy firms’ bumper profits have prompted calls for tougher taxes to help families with rising bills. read more

EXPRESS

Shell dishes out bonuses after huge profits while energy crisis hits Britons’ pockets

SHELL is passing on some of its record profits to its staff in a one-off bonus, but claimed it was “not a response” to cost of living crisis spurred on by high energy prices.

UN Secretary General Antonio Guterres said that it was “immoral” for oil and gas firms to profit from the invasion of Ukraine, adding that the “grotesque greed is punishing the poorest”.

By ALEKS PHILLIPS

09:59, Thu, Aug 4, 2022 | UPDATED: 11:55, Thu, Aug 4, 2022

Most of the energy giant’s 82,000 staff worldwide will get an 8 percent boost, after the company doubled its profits in the past three months alone to £9.4billion. Fossil fuel companies have been accused of profiteering from a crisis.

It comes as energy bills are expected to soar to well over £3,000 this winter, with the increase in energy costs being seen as the “main driver” of inflation.

Shell said top executives will be excluded. Its CEO, Ben van Beurden, currently makes an estimated £6.2million.

In the first three months of the year, Shell made $9.1billion (£7.4billion) as the commodity price shot up amid Russia’s invasion of Ukraine. read more

Shell CEO Sees Risk of Even Higher Oil Prices

by Bloomberg | Laura Hurst, Tom Mackenzie | Thursday, July 28, 2022

Oil prices are more likely to rise than fall as the tightness in supply outweighs any risks to demand, said the boss of Shell Plc. 

“Where we are today, there is more upside than downside when it comes to the oil price,” Shell Chief Executive Officer Ben van Beurden said in an interview with Bloomberg TV on Thursday. “Demand hasn’t fully recovered yet and supply is definitely tight.”

The Shell CEO spoke after the company reported record-breaking profits for a second consecutive quarter due to high oil and gas prices. Even with Brent crude remaining above $100 a barrel there’s little sign of demand destruction, and consumption continues to recover from the pandemic, van Beurden said.

“I’m quite optimistic, both on the energy system as well as the global economy,” he said.

There’s limited scope for extra oil supplies from the Organization of Petroleum Exporting Countries or US shale producers, and the full effect of sanctions on Russia’s production may not yet have been felt, Van Beurden said. read more

THE TIMES

Shell vows a return for investors from its ‘obscene’ profits

Emily Gosden: Energy Editor: Friday July 29 2022, 12.01

Shell’s profits more than doubled to a high of $11.5 billion in the second quarter as it benefited from surging oil, gas and fuel prices after Russia’s invasion of Ukraine.

The FTSE 100 oil company said it would increase returns to investors by buying back $6 billion of shares over the coming three months.

Shell faced a backlash for what critics called “obscene” profits, which come after petrol prices hit record highs and as households face a crippling rise in energy bills that is forecast to push millions of people into poverty this winter.

Ben van Beurden, the chief executive, admitted it was “a difficult period for a lot of people” because of high energy prices, but said: “These are global phenomena, there’s… read more

skynews

Energy giants Shell and Centrica enjoy soaring profits as prices rise

Shell attributed its enormous numbers to higher prices, refining profits, and gas trading.

Thursday 28 July 2022 09:45, UK

Shell has reported record profits of $11.5bn (£9.4bn) for the second quarter, more than double last year’s figure of $5.5bn (£4.5bn).

The oil giant had already smashed its own quarterly record at the start of the year when it clocked up profits of $9.1bn (£7.2bn), but the sums continued to rise into Q2. read more

FINANCIAL TIMES

Shell boss van Beurden: ‘Supply needs to adjust but to less demand’

Tom Wilson in London

For the first time in almost a decade running Europe’s biggest oil and gas company, Shell chief executive Ben van Beurden reckons he is being listened to.

The commodity shock sparked by the war in Ukraine has sent European officials scrambling to better understand the global energy system and secure new sources of supply. Some of them have ended up at Shell’s door.

“On energy security matters, energy balances, investment levels, I’ve never had as good a set of discussions with governments as we are having today,” van Beurden told the Financial Times. read more

Vladimir Putin has ‘weaponized’ energy and Europe may be forced to ration supplies this winter, warns Shell CEO

Beatrice Nolan: Fri, July 15, 2022, 2:29 PM

• Europe may have to ration energy to cope with declining Russian supply this winter, says Shell CEO.

• Ben van Beurden predicted “significantly” higher natural gas prices if Putin cuts flows further.

• Emmanuel Macron has asked French citizens to reduce their energy usage to avoid a difficult winter.

Europe may have to ration energy to cope with declining Russian supply this winter, the chief executive of Shell has warned.

Ben Van Beurden was speaking at an energy conference in Oxford when he made the comments that were reported by The Financial Times.

The Shell boss predicted “significantly” higher gas prices if Vladimir Putin continues to slow supplies to Europe and said that he couldn’t rule out Russia cutting off supplies entirely.

Putin had shown he was “able and willing to weaponize energy supplies,” Van Beurden said. read more

Express

RUSSIA’S threat to cut off energy supplies to Europe will lead to a winter of hell for the continent and the UK, as Shell warns of possible energy rationing.

By ANTONY ASHKENAZ

11:47, Fri, Jul 15, 2022 | UPDATED: 11:47, Fri, Jul 15, 2022

The EU and UK may be forced to ration their energy supplies this winter, as fears grow that Russia could cut more countries off its gas imports. Over the past few months, European nations have scrambled to buy as much natural gas as they can to fill up their winter storage, with the European Commission mandating storage reach at least 80 percent by November 1. As a result of this spike in demand, natural gas costs have skyrocketed, pushing up prices for consumers and businesses.

Speaking at the Aurora Spring Conference in Oxford, Shell CEO Ben van Beurden said: “It will be a really tough winter in Europe.

“Some countries will fare better than others but we will all be facing a very significant escalation in energy prices.”

He added that in a worst-case scenario, Europe would have to resort to rationing its energy to prevent blackouts.

Some countries have already warned that in a worst-case scenario, an extreme shortage would force a shut down of industry as the power is prioritised to heat homes in the winter. read more

BBC News

Energy rationing cannot be ruled out, warns Shell

Rationing of energy in Europe cannot be ruled out, the boss of energy giant Shell has warned, due to worries over the supply of gas from Russia.

Speaking at an energy conference, Ben van Beurden said a “really tough winter in Europe” was ahead, with energy prices set to see “significant” rises.

Energy prices jumped earlier this year after Russia invaded Ukraine.

Russia has also been accused of using gas “as a weapon” by limiting supplies in response to EU sanctions. read more