Brazil
837 Employees
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Third-party revenues
$844,625,356
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Related-party revenues
$4,681,335,348
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Total revenues
$5,525,960,704
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Profit before tax
$(4,032,840,539)
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Tax paid
$1,826,050
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Tax accrued
$20,095,844
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Tangible assets
$28,563,275,322
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Stated capital
$3,600,555,379
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Accumulated earnings
$(7,956,726,049)
Main Business Activities
- Upstream
- Downstream
- New Energies [A]
- Trading and Supply
Shell has been present in Brazil since 1913. The acquisition of BG Group in 2016 made Shell the largest international investor in Brazil’s conventional deep-water oil fields.
Shell has a lubricants business and a stake in Raízen, which manufactures sugar cane ethanol and supplies and distributes fuels. Raízen is one of the world’s largest producers of sugar cane ethanol, with more than 2 billion litres of ethanol per year. Raízen’s figures are not reported above. In 2021, Shell reduced its economic interest in Raízen to 44% from 50%.
Country Financial Analysis
The statutory corporate income tax rate in Brazil is 34%.
Shell Brasil Petroleo Ltda. reported a 2020 loss before tax due to the impact of COVID-19 and a significant reduction in oil prices. Therefore, no corporate income tax for the year was due. The tax paid and tax accrued numbers mainly relate to withholding taxes on imported services.
Our Payments to Governments Report for 2020 shows that Shell Brazil paid $1.6 billion in production entitlements, royalties and fees.
[A] New Energies was rebranded to Renewables and Energy Solutions in 2021.
