Royal Dutch Shell is joining a project to build what could be one of the UK s first large-scale carbon capture and hydrogen hubs.
(Bloomberg) Royal Dutch Shell Plc is joining a project to build what could be one of the U.K.’s first large-scale carbon capture and hydrogen hubs as the oil major refocuses toward cleaner energy and slims down its traditional business.
Shell will team up with the U.K.’s biggest independent oil and gas producer Harbour Energy Plc, and the project’s developer Storegga Geotechnologies Ltd, a unit of the latter said Friday. The companies will be equal partners in the Acorn venture, it said, without disclosing potential investments from them.
The company called the climate resolution filed by a Dutch activist investor redundant.
(Bloomberg) Royal Dutch Shell Plc’s board has urged shareholders to reject a climate resolution filed by Dutch activist investor Follow This in favor of its own energy transition plan, which the company will put to a vote next month.
The Anglo-Dutch major said that the Follow This resolution, which asks Shell to set and publish targets consistent with the goals of the Paris climate agreement, is “redundant” given its own “more comprehensive strategy,” according to a company notice.
Shell upped its climate ambitions in February, saying that it would produce less oil, more gas and slash carbon emissions over the next three decades. The oil major has now presented those ambitions in an energy transition strategy for a non-binding vote by shareholders in May. The plan will be updated every three years, and investors will get an advisory vote every year on Shell’s progress toward
Shell to Make First Oil Output Profit Since Pandemic rigzone.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from rigzone.com Daily Mail and Mail on Sunday newspapers.
The result is a boon to the company amid the energy transition.
(Bloomberg) Royal Dutch Shell Plc disclosed the profitability of its sprawling and secretive oil-trading unit for the first time, saying it almost doubled to $2.6 billion last year.
The scale of that result shows the importance of the trading division to the oil major in a year when weak demand and prices hit other parts of the business. Shell took advantage of wild price swings and a market situation that allowed it to make money by storing oil to sell later for a profit.
The company’s earnings from oil trading in 2020 beat the highest ever net income at Vitol Group, the world’s largest independent trading house, which made a record $2.3 billion in 2019. Vitol has yet to disclose 2020 results.
Shell Names Ex-Mining Boss as Chair, Offers 50% Female Board
Bloomberg 3/11/2021 Laura Hurst
(Bloomberg) Royal Dutch Shell Plc appointed former BHP Group executive Andrew Mackenzie as chairman, and said its board would have as many women as men on it for the first time.
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A fossil-fuel man through-and-through, Mackenzie worked for BP Plc for 22 years and later served as chief executive of mining giant BHP. Yet more pertinently to Shell, the 64-year-old Scot is credited for being ahead of the curve on climate change and gender issues in the natural resources industry.
“Andrew brings to Shell his experience of leadership, his global outlook, and a deep understanding of the energy business and climate action,” the company said in a statement.