Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    How the threat of an economic recession is boosting auto tire sales

    January 28, 2023

    Google works on the development of more than 20 artificial intelligence projects to surpass ChatGPT

    January 28, 2023

    Brand expert reveals why Zara Home sells its products so expensive

    January 28, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    Bullfrag Bullfrag
    Subscribe
    • Entertainment
      • Fashion
      • Lifestyle
        • Home Decor
    • Gaming
    • Health
    • News
      • Business
        • Marketing
      • Cryptocurrency
      • Sports
    • Recipes
    • Technology
      • Science
      • Automobiles
      • Internet
      • Software
    Bullfrag Bullfrag
    Home»News»Shell reports its biggest quarterly profit since 2008 thanks to rising oil prices

    Shell reports its biggest quarterly profit since 2008 thanks to rising oil prices

    Stanley BowersBy Stanley BowersMay 10, 2022No Comments2 Mins Read
    Shell reports its biggest quarterly profit since 2008 thanks to rising oil prices
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Hydrocarbon prices have risen sharply in recent months due to fears of shortages and the sanctions applied to Russia, a major oil and gas exporter.

    This conflict “has caused significant disruptions in global energy markets and has shown that secure, reliable and affordable energy cannot be taken for granted,” said Shell Chief Executive Ben van Beurden.

    “The impacts of this uncertainty and the higher costs that come with it are being felt everywhere,” he added.

    The energy group announced at the end of February that it was going to sell its stake in all joint ventures with the Russian state giant Gazprom, which it announced last month would affect between 4,000 and 5,000 million dollars in its quarterly results.

    The impact is less than that suffered by its British rival BP, which announced on Tuesday the largest quarterly loss in its history, 20.4 billion dollars, marked by a surcharge of 25.5 billion for its departure from Russia.

    “We can’t trace where the crude originates”

    Shell no longer markets Russian oil and plans to terminate most of its long-term purchase contracts from Russia by the end of the year, however, Ben van Beurden warned that it is really difficult to have traceability of the crude they refine.

    “We don’t have systems in the world that track whether that particular molecule originated from a geological formation in Russia … that doesn’t exist,” Shell’s chief executive told reporters after the British company reported a profit. record in the first quarter.

    Russia supplied more than a quarter of Europe’s crude oil and refined products last year.

    Read:  Three points for the local team: Real Sporting 2-1 Leganés

    Current sanctions do not take into account where Russian crude is refined and treated. “So, therefore, the diesel that comes out of an Indian refinery that was fueled with Russian crude is considered Indian diesel,” he explained.

    With information from AFP and Reuters

    Related Posts

    How the threat of an economic recession is boosting auto tire sales

    January 28, 2023

    Brand expert reveals why Zara Home sells its products so expensive

    January 28, 2023

    Silvergate Suspends Dividends to Preserve a “Very Liquid Balance Sheet”

    January 28, 2023
    Add A Comment

    Leave a Reply Cancel reply

    Editors Picks

    How the threat of an economic recession is boosting auto tire sales

    January 28, 2023

    Google works on the development of more than 20 artificial intelligence projects to surpass ChatGPT

    January 28, 2023

    Brand expert reveals why Zara Home sells its products so expensive

    January 28, 2023

    Silvergate Suspends Dividends to Preserve a “Very Liquid Balance Sheet”

    January 28, 2023
    Advertisement
    Facebook Twitter Instagram
    © 2023 Bullfrag. Designed by Bullfrag.

    Type above and press Enter to search. Press Esc to cancel.