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Shell

Oil & Gas

Brexit uncertainty could hinder Shell’s £20bn divestment programme – report

The boss of Shell has told investors that the uncertainty created by the Brexit referendum result could delay the firm’s divestment plans, a news report said. Shell chief executive Ben van Beurden set out plans to sell more than £20billion worth of assets over the next two years following the oil major’s takeover of rival firm BG Group earlier this year. Mr van Beurden has also said the company is mulling the sale of ageing assets in the North Sea, but would not exit the UK continental shelf completely.

Oil & Gas

Shell depriving ex-workers of tax breaks on redundancy pay – report

Shell will scoop up the tax breaks on redundancy payments that had been available to departing workers, a news report said yesterday. So-called foreign service relief allows UK workers who have spent parts of their careers abroad to reclaim some of the tax due on severance pay, but Shell has moved to claim the money instead, Reuters reported. According to the report, which cites internal documents from Shell, the company introduced the policy on April 1.

Decom

Green groups urge Shell to remove Brent platform legs

Green lobbyists and politicians yesterday accused Shell of shirking its environmental responsibilities with its plans to leave the gigantic legs of its Brent field platforms in the North Sea. Mark Ruskell, Scottish Greens MSP for Mid Scotland and Fife, said the Brent field had generated millions for Shell and its shareholders and should be left in the same condition in which it was found. On Monday, Shell said it would recommend leaving the 300,000 tonne legs from three of the field’s four platforms in place, along with storage cells, the lower section of the Alpha platform’s jacket, drill cuttings and heavier pipelines entrenched in the seabed.