Shell posts 9 percent rise in 2007 equity LNG sales

Thursday, 31 January 2008

Fourth-quarter Gas & Power division earnings, which include LNG, were $631 million compared with $579M a year ago.

Earnings, when compared to the full year 2006, reflected growth in LNG equity sales volumes and higher realized LNG prices, Shell said in its earnings statement.

Construction of Train 6 of the Nigeria LNG venture, in which Shell holds a 26 percent stake, was completed at year-end, increasing capacity by 4 million tonnes per annum.

Shell said that earnings in gas and power, when compared to the fourth quarter of 2006, “reflected higher realized LNG prices.”

Including all divisions, Shell posted a 60 percent rise in fourth-quarter net income to $8.47 billion from $5.28Bln in the same three months a year ago.

“Overall these are satisfactory results,” said Chief Executive Jeroen van der Veer. “We made good progress in 2007, launched new projects upstream and downstream, and achieved exploration successes, he added.