Shell exits China power market businesses

News Snapshot:

Shell has exited China’s power markets as part of CEO Wael Sawan’s drive to focus on more profitable operations including its natural gas and oil businesses. Shell decided to exit the power value chain in China, which includes power generation, trading and marketing businesses, it said in a statement. The decision was effective from the end of 2023. “We are selectively investing in power, focusing on delivering value from our power portfolio, which requires making difficult choices,” Shell said. According to Shell’s website, Shell Energy China was one of the first wholly-owned foreign entities to participate in the China’s carbon...