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Shell News Update 14 June 2017

Shell to cash in $10bn from divestments in second half: EnergyVoice.com: 14 June 2017

The Anglo-Dutch energy giant’s net debt currently stands about $72billion and Shell wants to shave off about $20billion to reduce gearing − the level of a company’s debt related to its equity capital − to around 20%. Shell is in the midst of a push to sell $30billion worth of assets between 2016 and 2018 to rebalance its books following its takeover of BG Group.

UK Government pays Shell £112m tax rebate despite oil giant making billions in profits: Independent: 14June 2017

Most of the payment from HM Revenue and Customs is a contribution towards Shell’s costs for decommissioning its North Sea oil and gas fields. It follows a similar payment of £85m in 2016.

Shell Sees Ability to Manage Risk Giving Edge in Offshore Wind: Bloomberg.com: 14 June 2017

Offshore wind projects are attracting billions of dollars of investment and will become “the energy backbone” for European countries from Germany to the U.K., said Mark Gainsborough, Royal Dutch Shell Plc’s head of new energies.

Shell got £111m UK Treasury tax credit in 2016: EnergyVoice.com: 14 June 2017

Shell paid more than $55.6billion (£43.7billion) to governments around the world in 2016, but got a sizeable rebate from the UK Treasury, the oil major revealed today. The group, which is headquartered in London and the Netherlands, received a tax credit of £111million from the UK government last year primarily as a result of North Sea decommissioning costs.

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