Shell CEO Contemplates US Move Amidst UK Windfall Taxes
Shell CEO, Wael Sawan, contemplates another headquarters move amidst the introduction of windfall taxes in the UK. Questions about the state of production and energy costs are also of concern.
Relocation to the US could bolster profits further, as a response to the UK government's imposition of taxes on energy companies following record profits in the sector.
He also stated in an interview with the BBC that slowing down oil and gas production would be ill-advised, given increasing demand from China and a harsh European winter. In the interview, Sawan criticized the UN and UK government, stating "What would be dangerous and irresponsible is cutting oil and gas production so that the cost of living, as we saw last year, starts to shoot up again."
Concerns around the lack of clarity and stability in the UK's energy policy were also raised, despite Shell's £32 billion (€37,5 billion) profit in 2022 and Q1 2023 profit of £7.6 billion (€9 billion).
Sawan said that relocating the headquarters is not an immediate priority, although he remains open to moves that enhance shareholder value. The company just moved its headquarters from the Netherlands to the UK, with the move officially taking effect last year. Sawan says while a potential move might boost profits, it is "not a priority for the next three years."
