Media: Shell poised to spin off renewables in massive restructuring

The British-Dutch oil and gas supermajor wants to make big changes to its business because of Covid-19 as well as the group's diversification into renewable energy.

Photo: Benoit Tessier/Reuters/Ritzau Scanpix

One of the world's largest fossil energy companies, Royal Dutch Shell, is ready to reorganize its entire structure, entailing, among other things, spinning off a separate unit for renewables, reports sector media Upstream Online.

The restructuring is both about Shell's ambition to become a net zero-emitter from 2050, but the supermajor has also been hard hit by the coronavirus pandemic and accompanying oil price crisis. In other words, the company aims to adjust itself to new market conditions, both in the short and long term.

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