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Shell to review £25bn investment in UK projects after windfall tax extended
The oil giant’s UK chairman tells Sky News the company knows it has to play its part but it wants to know when the levy will be withdrawn.
Monday 21 November 2022 19:53, UK
Shell will review £25bn of investments in British projects after the chancellor extended the windfall tax on energy companies, its UK chairman has told Sky News.
David Bunch said the oil giant would re-examine each of its projects on a “case-by-case basis” after Jeremy Hunt increased the levy on “excess” oil and gas profits from 25% to 35% in last week’s autumn statement.
Shell announced a £25bn programme of investment five months ago but Mr Bunch said the government’s move, intended to help fund energy support and balance the national balance sheet, meant it would be re-examined.
“We outlined an investment package five months ago of £25bn, and the one thing I said was we really need a stable fiscal environment to make sure we can get that investment out of the door,” he said. “Since then we have had three budgets, a couple of prime ministers, so it’s welcome to see some stability.
“But we are going to have to look at each of those projects on a case-by-case basis and re-evaluate them, based on the current fiscal outlook, and that will determine whether or not we invest to the amount we previously discussed.”
Mr Bunch called on the government to set out how the windfall tax might be withdrawn if and when prices return closer to historical norms.
“As the UK’s biggest company we need to do our part. We understand the need that is out there, and I think we understand the nature of the windfall tax.
“However, the current design of the windfall tax does not have an off switch. It doesn’t have a price point at which that windfall tax turns off. That is something we would like to talk to the government about.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
