PROFIT BEFORE TAX
Main Business Activities
Shell has been present in Bulgaria since 1991 and is mostly active in the downstream sector with a network of 103 retail sites across the country.
In 2016, Shell signed an agreement with the Ministry of Energy to explore for oil and natural gas in the Bulgarian continental shelf of the Black Sea.
In 2019, Shell International Exploration and Development Italia S.p.A., which has a Bulgarian branch, signed a Joint Operation Agreement with two partners and began drilling its first oil and gas exploration well. By the end of 2019, Shell had directly invested almost $70 million in oil and gas exploration in Bulgaria.
Country Financial Analysis
Bulgaria’s statutory corporate income tax rate is 10%.
Shell reported a 2019 loss due to exploration costs. However, tax was paid on profitable downstream activities.
Our Payments to Governments report for 2019 also shows that Shell paid $158,423 in fees.