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Shell to Globalize Trading Activities
The Royal Dutch/Shell Group is planning to integrate its worldwide trading activities under one banner in order to take advantage of energy trading opportunities. 'Shell Trading' will act as a singular worldwide network of Shell's trading activities.
The value of globally trading natural gas, crude oil, refined products and electrical power and chemicals will be enhanced due to the integration, the company says.
"Over the past several years, Shell companies have established leading positions in several trading businesses which include crude oil, oil products and natural gas," said Paul Skinner, group managing director. "We now see a significant opportunity to consolidate our current trading platforms in an integrated approach, enabling us to compete strongly in the evolving energy trading market. We expect to grow value in this business by leveraging our scale, global reach, talent and financial strength - it is an exciting prospect."
Mike Warwick, executive vice president of Shell Global Businesses and president of Shell International Trading & Shipping, will head up the new trading organization. Shell Trading will begin operations on Jan. 1, 2001. It will include Shell's current trading platforms for natural gas in North America through Coral Energy and in Europe through Shell Energy; crude and oil products worldwide; and chemical feedstocks in Europe and the United States.
"Shell Trading will possess the skill base and international scope to capitalize on the extensive trading opportunities inherent in Shell's asset and market positions around the world," said Warwick. The new organization will set up key trading and marketing operations in North America, Asia, the Middle East and Europe.
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