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BBC News: Refining arm lifts Shell profits

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Profits at fuel stations helped Shell beat its European rival BP

26 July 2007
 
High oil prices have helped Royal Dutch Shell to increase profits by more than 20% in the April-to-June quarter.

The Anglo-Dutch firm said net profit, measured by current cost of supply, was $7.6bn (£3.7bn) for the period, up from $6.3bn in the same period a year ago.

The rise came after increased profit margins at its refinery business and on fuel sales, which outweighed the anticipated 2% fall in production.

Earlier this week, rival BP reported a fall in its second-quarter earnings.

It said that falling production and refinery problems were to blame.

Russia sale

Shell’s chief executive, Jeroen van der Veer, said the firm had delivered “another competitive set of results”.

Production of oil and gas dropped 2% to 3.2 million barrels of oil equivalent per day, which was in line with analysts’ expectations, Shell said.

Earlier, it sold its majority stake in the Sakhalin-2 oil and gas project off Russia’s Pacific coast to Gazprom.

The move came after Russian authorities repeatedly refused to grant it the necessary environmental certificates.

http://news.bbc.co.uk/1/hi/business/6916806.stm

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