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55 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’s footprint

Shell has been present in Bulgaria since 1991 and is mostly active in the downstream sector with a network of 107 retail sites across the country.

In 2016, Shell signed a licence 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 an agreement with two partners and began drilling its first oil and gas exploration well. However, results from the well were not satisfactory. In July 2021, the initial five-year period of the licence agreement expired. Shell International Exploration and Development Italia S.p.A. decided not to apply for extension of the licence and is in the process of deregistering the branch. Up to December 2021, Shell had directly invested almost $74 million in oil and gas exploration in Bulgaria.

Country financial analysis

Bulgaria’s statutory corporate income tax rate is 10%. Shell reported a 2021 loss as a result of upstream exploration costs. However, tax was paid on the profitable downstream activities.

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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