Shell to divest 15% of its refining capacity

03/22/2010
Royal Dutch Shell PLC forecast its production will climb 11% during 2009-12, saying it plans to cut costs by divesting 15% of its refining capacity and 35% of its retail markets.The supermajor expects production will reach 3.5 million boe/d in 2012 compared with 3.15 million boe/d in 2009. Outlining the company's strategy from London on Mar. 16, Shell executives did not specify which downstream assets might be sold or when."Shell should be in a surplus cash flow position in 2012," said Peter Voser, Shell chief executive officer. The company's 2009 earnings were sharply reduced by the recession, which Voser attributed to Shell's high exposure to refining and natural gas."Nea...
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