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166 Employees

  • Third-party revenues


  • Related-party revenues


  • Total revenues


  • Profit before tax


  • Tax paid


  • Tax accrued


  • Tangible assets


  • Stated capital


  • Accumulated earnings


Main Business Activities

  • Upstream
  • Chemicals
  • Trading and Supply
  • Other support activities

Shell has been present in Argentina since 1914. Shell performs upstream activities in the Neuquén basin, where it operates four blocks and participates in three blocks operated by other companies. Shell also has an interest in a block in the province of Salta. In January 2020, Shell and the Norwegian oil company Equinor acquired a company that holds a substantial interest in a major block, Bandurria Sur, operated by YPF, Argentina’s national oil company. Shell also has exploration activities in two offshore blocks in the Cuenca Argentina Norte basin (South Atlantic) with Qatar Petroleum.

In 2018, Shell sold its Argentinian downstream business to the Raízen Group, which is a joint venture between Shell and the Brazilian company Cosan. The Shell brand continues to be present in the country through a brand licence agreement with Raízen.

Country Financial Analysis

The statutory corporate income tax rate in Argentina was 30% in 2020 but rose to 35% in June 2021. This higher rate will continue to apply.

Shell’s upstream activities reported losses because of exploration and development costs incurred mainly in the Neuquén basin. COVID-19 also pushed down domestic and export prices and this contributed to lower profits. As a result, no tax is owed.

Our Payments to Governments Report for 2020 also shows that Shell paid around $22 million in royalties and fees.

Corporate income tax
This is a direct tax imposed on companies’ profits. It is sometimes levied at a national level but can also be levied on a state or local basis.
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Throughout this report, “country” is used as the primary descriptor for a geographical area because that is the word used by the OECD/G20 Base Erosion and Profit Shifting (BEPS) project in their proposal for country-by-country reporting (CbCR). This is one of the four minimum reporting standards to which over 100 countries have committed, covering the tax residence jurisdictions of nearly all large multinational enterprises (MNEs). In this report “country” may also refer to locations, jurisdictions or territories which have their own tax regimes or discrete rules.
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Royalties are generally payment due for the use of an asset. Mineral royalties are payments to governments or other owners for the rights to extract oil and gas resources, typically at a set percentage of revenue less any deductions that may be taken. See Trademark royalties.
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