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Shell says 2010 global investments down to $28 bln

Reuters

Tue Nov 10, 2009 11:18pm EST

SINGAPORE, Nov 11 (Reuters) – Royal Dutch Shell (RDSa.L) CEO Peter Voser said on Wednesday, investments in global projects in 2010 will fall to $28 billion from $30-$32 billion this year.

This was due to lower prices in the market, he told Reuters on the sidelines of a signing ceremony for the joint venture agreement between Qatar Petroleum International (QPI) and Shell Eastern Petroleum Pte Ltd.

“The investments will be $28 billion in 2010. Prices in the market have come down”, Voser said.

He added that demand for oil is slowly improving.

“The slow demand movement is coming back (up) in 2010. It will take some time for demand to come back up,” he said.

(Reporting by Felicia Loo and Judy Hua, Writing by Ramthan Hussain)

� Thomson Reuters 2009 All rights reserved

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