Shell exits Chinese power generation business to focus on natural gas and oil profits, effective end-2023.
Shell is exiting its Chinese power generation business as part of CEO Wael Sawan's focus on increasing profits in the natural gas and oil sectors. The decision to exit China's power value chain, including generation, trading, and marketing, became effective at the end of 2023. This move reflects a commitment to selectively investing in profitable ventures within the power sector. Shell will continue to operate its electric vehicle charging business in China. The changes were made as part of a broader effort to streamline operations and save up to $3 billion annually.
May 01, 2024
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