Profit before tax
Main business activities
- Renewables and Energy Solutions
- Trading and Supply
Shell has been active in Brazil since 1913 and has upstream, downstream and new energies activities. The acquisition of BG Group in 2016 made Shell one of the largest international investors in Brazil’s conventional deep-water oil fields. In our Downstream business, we have a lubricants business and a 44% stake in Raízen, which manufactures sugar cane ethanol and supplies and distributes fuels. Raízen is one of the world’s largest sugar cane ethanol producers, responsible for more than 2 billion litres per year.
Country financial analysis
The statutory corporate income tax rate in Brazil is 34%. In 2021, the corporate income tax accrued by Shell Brasil Petroleo Ltda. (“SBPL”) was reduced by the interest on capital paid to its shareholders. In 2021, SBPL also received a tax refund of more than $30 million related to corporate income tax overpayments made in prior years. The increase in revenues is predominantly due to the higher oil price in 2021.