Business

New Shell CEO Restructures British Energy Group

New chief executive of Shell, Wael Sawan, unveiled Monday plans to consolidate the UK energy group’s operations.

Shell is looking to reinvent itself under former renewables boss Sawan, who replaced Ben van Beurden in the top seat at the start of the year.

It plans from July to combine its unit housing oil and gas production with the division for liquified natural gas, Shell said in a statement.

Renewables will merge with Shell’s oil refining and marketing business.

The overhaul, cutting Shell’s executive committee to seven from nine members, is “designed to simplify the organisation further and improve performance”, the statement said.

“I’m making these changes as part of Shell’s natural and continuous evolution,” said Sawan, adding they would help the company’s focus on generating “strong returns” for investors.

The firm last week launched a strategic review of its domestic energy arm in Britain, Germany and the Netherlands, citing tough conditions.

At the same time, Shell and its rivals have profited hugely from soaring energy prices following the invasion of Ukraine by key oil and gas producer Russia.

Shell stated earlier this month that windfall taxes imposed by the European Union and UK following the surge in profits would cost the group about $2 billion.

Shell unveils its annual results on Thursday.

Follow us on:

AriseNews

Recent Posts

Netanyahu Risks Arrest in UK as ICC Issues Warrant Against Him For War Crimes

Israeli PM Netanyahu faces potential arrest in the UK as Downing Street pledges to fulfill…

16 mins ago

Second Australian Teen Dies from Suspected Methanol Poisoning in Laos

A second Australian teenager has died of suspected methanol poisoning in Laos, bringing to six…

23 mins ago

Simon Ekpa Arrested, Denies Being IPOB Leader + Atiku Says Tinubu’s Loans Are Bone-Crushing – Trending With Ojy Okpe

https://www.youtube.com/watch?v=mFlFl1mPGC8 The arrest of self-proclaimed Prime minister of the Biafra Republic, Simon Ekpa who was…

55 mins ago

Gatwick Airport South Terminal Evacuated, Bomb Disposal Team Deployed Suspicious Item Found In Luggage

Gatwick Airport's South Terminal was evacuated after a suspected prohibited item was found, prompting bomb…

1 hour ago

Trump Considers Kevin Warsh for Treasury Secretary, Role Of Chairman Of Federal Reserve

Trump is considering Kevin Warsh for Treasury Secretary, with a future possibility of him becoming…

4 hours ago

Hyundai Recalls 145,235 Electrified Vehicles In The US Due To Power Loss Issue

Hyundai has recalled 145,235 electrified vehicles in the US. due to potential loss of drive…

4 hours ago