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837 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
  • 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.

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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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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Withholding taxes
A withholding tax is an income tax to be paid to the government by the payer of the income rather than by the recipient of the income. The tax is thus withheld or deducted from the income due to the recipient. Withholding taxes usually apply to royalties, interest or dividends.
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