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59 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

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. However, results from the well were not satisfactory and the project has been put on hold.

By December 2020, Shell had directly invested almost $73 million in oil and gas exploration in Bulgaria.

Country Financial Analysis

Bulgaria’s statutory corporate income tax rate is 10%.

Shell reported a 2020 loss due to upstream exploration costs. However, tax was paid on profitable downstream activities. The reduced revenues from third parties in the downstream business were mainly a result of lower volumes of fuel sales and a reduced retail fuel price because of the COVID-19 pandemic.

Our Payments to Governments Report for 2020 shows that Shell paid $155,178 in fees.

A branch is an office or business presence in a location other than where the corporate entity is established.
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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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