Main Business Activities
- Upstream and Integrated Gas
Shell LNG Gibraltar Ltd. is an incorporated joint venture between Shell (51%) and the government of Gibraltar. It was set up for the purpose of constructing and operating the first LNG regasification terminal in Gibraltar, replacing diesel with LNG for power generation. The construction and operation of the terminal is managed by Gasnor A.S. (a Shell company registered in Norway), based on a technical service agreement with the joint venture. Construction started in late 2016 and the terminal was mechanically complete in September 2018.
Country Financial Analysis
The amounts above represent Gasnor's branch activity in Gibraltar for the construction and operation of the terminal. Tax is paid in arrears and no corporate income tax was due during the construction phase. The tax accrued is the expected corporate income tax on profits arising in 2018, but is due and payable in 2019.