Profit before tax
Main Business Activities
Shell has been active in Denmark since 1913 and has an office in Copenhagen. In July 2019, Shell Overseas Holdings Limited, the UK shareholder of Shell Olie-og Gasudvinding Danmark B.V. (SOGU), completed the sale of its interest in SOGU to Norwegian Energy Company ASA (Noreco) for $1.9 billion. The transaction also included SOGU’s subsidiary Shell Olie-og Gasudvinding Danmark Pipelines ApS, which holds an interest in the pipeline that transports gas from the Danish continental shelf to the European continent. A share purchase agreement for the sale of the entity A/S Dansk Shell including the refining business and local trading activities was signed in January 2021 with PL ESG Denmark Co APS (Postlane Partners) and the transaction was completed in 2021.
Country Financial Analysis
The statutory corporate income tax rate in Denmark is 22%. In 2020, lockdowns and travel restrictions due to the COVID-19 pandemic caused demand for all transport fuel to drop significantly, with the steepest decrease in demand for aviation fuel. This resulted in a loss.