Shell Quarterly profits amount to two and half million euro per hour
national |
consumer issues |
news report 
Thursday July 31, 2008 15:33
by Gu.com reader
Shell announced second quarter profits of $8,000,000,000 today. The company is currently exploiting Irish Natural gas off the west coast for which it is liable for zero royalties. While tax may be charged at some point in the future on Shell Ireland's profits, the Anglo-Dutch company has shown itself to be skilled in avoiding tax when it can.
Irish gas bills for domestic users are set to raise by 20% in September, with another 20% rise expected in the new year.
The Irish state owns no stake in the Corrib field.
New licences on the same giveaway terms are currently being issued for Irish offshore blocks in the Rockall Basin. http://www.dcenr.gov.ie/Natural/Petroleum+Affairs+Divis...d.htm
Excerpt from Guardian newspaper article: Shell stoked the furore over high petrol and wider fuel prices today by reporting profits of nearly $8bn (£4bn) in the second quarter of the year, equivalent to £2m an hour.
http://www.guardian.co.uk/global/2008/jul/31/royaldutch...anies
£2million = €2.54million at today's rates (1 EUR = 0.787015 GBP)