Sector News

Shell 'to work with institutions' after Brexit vote

June 24, 2016

Anglo-Dutch supermajor Shell has pledged to work with the UK government and European institutions to assess implications for its business of the British public’s historic vote to leave the European Union (EU).

A Shell spokesman said on Friday: “Although Shell was in favour of the UK remaining in the EU, we respect the decision of the majority of the British people who voted to elect to leave.

“We will work with the UK government and European institutions on any implications for us. Our priority is to continue providing reliable, affordable energy to our customers in Europe and the UK.”

In March 2014, Shell chief executive Ben van Beurden set out his company’s stance on the UK’s position in the EU, saying the company “valued the stability the UK offers”.

Van Beurden said at the time: “Yes, we’re used to operating in uncertain political and economic environments. But, given a choice, we want to know as accurately as possible what investment conditions will look like 10 or 20 years from now.

“That’s the chief reason we’re in favour of the UK maintaining its long-established place at the heart of the EU: it provides greater investment stability and certainty.

“But, as a global business with feet planted firmly on both sides of the channel, we also believe that the UK’s national interests are best served by a close relationship with Europe.

“The continent faces medium-term challenges – not least relating to its economic competitiveness. But we believe those challenges are best tackled – to the benefit of all – with the UK’s voice loudly expressed and loudly heard inside the EU.”

By Rob Watts

Source: Upstream Online

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