Egypt
316 Employees
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Third-party revenues
$1,615,494,135
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Related-party revenues
$62,548,970
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Total revenues
$1,678,043,106
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Profit before tax
$289,133,026
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Tax paid
$136,773,047
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Tax accrued
$133,760,519
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Tangible assets
$96,522,256
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Stated capital
$2,014,347
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Accumulated earnings
$84,515,473
Main business activities
- Upstream
- Downstream
- Integrated Gas
- Trading and Supply
Shell’s footprint
Shell has been present in Egypt since 1911 and is active in the exploration and production of oil and gas. Shell expanded its offshore activities in Egypt when it acquired BG Group in 2016. In 2021, Shell completed the sale of its upstream assets in Egypt’s Western Desert for a base consideration of $646 million and additional payments of up to $280 million between 2021 and 2024, contingent on the oil price and the results of further exploration. The transaction was tax exempt under Egyptian law. After the divestment, Shell remains a contractor for 11 offshore production-sharing contracts (PSCs).
Shell’s downstream activities in Egypt include the blending and marketing of lubricants.
Country financial analysis
Egypt’s statutory corporate income tax rate was 22.5% in 2021 and the corporate income tax rate for the exploration and production of hydrocarbons was 40.55%. The taxable income of each concession and legal entity is determined separately under Egyptian law. Consequently, the Egyptian tax base differs from the consolidated profit before tax reported. Our Payments to Governments Report for 2021 shows that Shell paid around $34 million in bonuses.
