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Shell studying acquisitions in the green energy sector

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screen-shot-2016-11-09-at-19-58-01Written by Reporter – 30/11/2016 2:02 pm

Shell said it is studying acquisitions in the green energy sector.

It comes amid shareholder pressure to look at a strategy beyond fossil fuels.

The oil major currently has a market value of $200billion and produces 2% of the world’s oil and gas.

Chief executive Ben Van Beurden said: “The idea you can just be a very clever observer and step in when the moment is right, forget about it.

“I am convinced that in this space we will play an active role, a leafing role and we will plan acquisitions in it.”

Shell owns about 500 megawatts (MW) of onshore wind power capacity in the US and has a growing biofuel business in Brazil which produces ethanol from sugar that is mixed with petrol and diesel to reduce carbon dioxide emissions.

It also recently bid to build an offshore windfarm in the Netherlands in a consortium with two other Dutch companies.

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