Egypt

Employees

261

• Third-party revenues

  $1,131,226,557

• Related-party revenues

  $106,378,468

• Total revenues

  $1,237,605,025

• Profit before tax

  $751,632,799

• Corporate income tax paid

  $265,168,504

• Corporate income tax accrued

  $225,367,664

• Stated capital

  $2,009,935

• Accumulated earnings

  $83,246,766

• Tangible assets

  $116,642,769

• Other payments to governments

  $1,736,140

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. Shell's downstream activities in Egypt include the blending and marketing of lubricants.

Country financial analysis

In 2022, Egypt’s statutory corporate income tax rate was 22.5% 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. Revenues decreased in 2022 due to the divestment of our upstream assets in the Western Desert in 2021. Our upstream business benefited from high global gas prices in 2022. This resulted in higher profits despite lower revenues. Our Payments to Governments Report for 2022 shows that Shell paid around $1.7 million in bonuses.