Page 14 - EurOil Week 37 2022

EurOil PROJECTS & COMPANIES EurOil

Shell CEO van Beurden to step down

NETHERLANDS SHELL CEO Ben van Beurden will step down company’s director for integrated gas, renew-
from his post at the end of 2022 after a nine-year ables and energy solutions, and previously he
Van Beurden oversaw stint, with a company veteran due to take his headed its upstream business.
the company through place. Mackenzie said Sawan had shown himself
its transformational Van Beurden oversaw the company through to be “an exceptional leader, with all the quali-
acquisition of BG Group its transformational acquisition of BG Group in ties needed to drive Shell safely and profitable
in 2016. 2016, greatly expanding its LNG business, and the through its next phase of transition and growth.”
subsequent sale of some $30bn of non-core assets. “His track record of commercial, operational
He also led the company through its embrace of and transformational success reflects not only
emissions reduction targets from 2017. his broad, deep experience and understanding of
“Ben can look back with great pride on an Shell and the energy sector, but also his strategic
extraordinary 39-year Shell career, culminating clarity,” the chair said.
in nine years as an exceptional CEO,” company Shell has steadily raised its climate ambitions
chair Andrew Mackenzie commented. “During over the years, in part due to mounting oppo-
the last decade, he has been a vanguard for the sition from environmentals, particularly in the
transition of Shell to a net-zero emissions energy Netherlands. Under its current strategy, Shell
business by 2050 and has become a leading is targeting a 50% reduction in Scope 1 and 2
industry voice on some of the most important emissions, and a 20% cut in Scope 3 emissions,
issues affecting society.” by 2030.
The chair added that van Beurden was leaving The Anglo-Dutch oil major, traditionally seen
behind “a financially strong and profitable com- more as a Netherlands-based than UK-based
pany with a robust balance sheet, very strong company, announced last year it would relocate
cash generation capability and a compelling set its head offices to London, as well as its tax resi-
of options for growth.” dency. The latter decision will mean it can avoid
The departing CEO will stay on as an advi- a 15% dividend tax.
sor on the company’s board until the end of June Shell has denied that the relocation has any-
next year, after which he will leave Shell for good. thing to do with a Dutch court order last year,
His replacement is Wael Sawan, a 48-year- which ordered the company to do more to
old Canadian-Lebanese national with a 25-year address its emissions, especially its Scope 3 ones.
career in the company. At present he is the The company has appealed the decision. ™

Uniper to sue Gazprom over lost gas

GERMANY GERMAN energy utility Uniper is considering earlier this year it was considering legal steps
claiming billions of euros in damages from Rus- against Gazprom that might include arbitration
Gazprom began sia’s Gazprom for cutting its gas supply, Reuters proceedings.
curtailing gas supply to reported on September 13. In past high-profile gas supply disputes, it
Uniper and the rest of Across Europe, energy companies have been has taken the Stockholm court years to reach a
Germany in July. left reeling from soaring purchase costs for elec- verdict.
tricity and power, but Uniper was among those Gazprom declared a force majeure on gas
hardest hit as Gazprom also reduced supplies to supplies to Uniper after cutting gas flow via
the firm after curtailing flow via the Nord Stream Nord Stream 1. The pipeline is no longer flowing
1 pipeline in July. As a result, it had to purchase any gas, with Gazprom citing technical failures
costly replacement supplies on the spot market. resulting from difficulties with repairing and
Uniper booked a $12.3bn net loss in the first maintaining equipment caused by Western sanc-
half of this year, and amid its mounting debt, the tions. But European governments, including
German government stepped in to rescue the Germany’s, have dismissed the pipeline’s closure
company in July for $15bn, marking the biggest as politically-motivated.
bailout in the country’s corporate history. Finland’s Gasum had its Russian gas supply
Uniper is considering suing Gazprom for cut off in May, after refusing to comply with a
justified gas supply cuts at the Stockholm arbi- Kremlin decree requiring European buyers
tration court, which has decided on a num- to make payments for deliveries in rubles at
ber of other disputes concerning Gazprom’s accounts at Gazprombank – a move aimed at
gas supply contracts over the years, including preventing those funds from being targeted by
with Poland’s PGNiG and Ukraine’s Naftogaz, sanctions. Gasum too has taken the matter to
Reuters reported, citing sources. Uniper said court. ™

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