Shell on Thursday reported a record first-quarter profit of $9.13 billion, boosted by higher oil and gas prices, stellar refining profits and the strong performance of its trading division.
It beat its previous highest quarterly profits recorded in 2008 even after writing down $3.9 billion post-tax as a result of its decision to exit operations in Russia.The European Union's chief executive on Wednesday proposed a phased oil embargo on Russia that, if backed by member states would be a watershed for the world's largest trading bloc, although it has yet to work on a gas ban.
Its contracts to import refined oil products from Russia will also end, it said, adding it still had running long-term contracts to buy Russian liquefied natural gas . Shell maintains Russia assets of $1 billion in value on its balance sheet, including a dividend for its stake in the Sakhalin-2 LNG project, lubricant and retail station inventory and a gas contract, Chief Financial Officer Sinead Gorman said.The size of energy companies's profits have led to calls from Britain's opposition Labour Party to levy a windfall tax to support people struggling to pay their energy bills because of the surge in prices.
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