ANDREW JOHNSON, The Express
Published: Jul 27, 2007
BOOMING oil prices sent Royal Dutch Shell’s profits soaring 17 per cent to nearly $15billion (GBP7.5billion) for the half-year to June.
A strong performance from refineries and petrol stations enabled the company to shrug off a 2 per cent drop in production to 3.2million barrels a day. The shares fell 42p to 1972p.
Shell did better than rival BP where profits fell 8 per cent because of refinery shutdowns. Chief executive Jeroen van der Veer expected the good times to continue. He said despite rising energy prices, demand remained strong in emerging markets such as India and China, as well as in the US. Shell is making progress in moving its refining focus from the United States to the Far East and in developing what van der Veer described as “new legacy assets” designed to fuel growth for decades to come.
These include a Canadian oil sands project, Sakhalin II, off Russia’s Pacific Coast, and gas in Middle East state Qatar.
Production was hit by kidnappings and stolen pipelines in Nigeria but Van der Veer said he was confident the problems would be resolved.
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