Bulgaria
59 Employees
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Third-party revenues
$125,969,145
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Related-party revenues
$4,916,810
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Total revenues
$130,885,955
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Profit before tax
$(6,609,290)
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Tax paid
$458,140
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Tax accrued
$177,770
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Tangible assets
$84,455,180
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Stated capital
$42,096,691
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Accumulated earnings
$2,095,068
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.
