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  • Third-party revenues


  • Related-party revenues


  • Total revenues


  • Profit before tax


  • Corporate income tax paid


  • Corporate income tax accrued


  • Stated capital


  • Accumulated earnings


  • Tangible assets


  • Other payments to governments


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.

Read more in Payments to Governments Report(

Payments for bonuses usually paid upon signing an agreement or a contract, or when a commercial discovery is declared, or production has commenced or production has reached a milestone.
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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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Production-sharing contracts or concessions
A production-sharing contract is a contractual arrangement between the holders of a resource, typically a country’s government, and a resource extraction company, concerning how much oil or gas each party would receive. The company bears the mineral and financial risk of the initiative. It explores, develops and, if successful, manages production. Costs are recovered through the sale of oil or gas and what is left over is split depending on the terms of the contract.
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Profit before tax
Profit or loss before tax is reported in Shell's Consolidated Statement of Income. This is the profit or loss calculated using Group accounting policies. Local statutory accounts may need to comply with local accounting standards which may be different. The local statutory accounting profit or loss is the basis for the calculation of taxable profits in individual countries or locations. Local tax laws are then applied to the profit or loss. Profit before tax shows the Group accounting result but not the profits subject to tax after compliance with local tax laws. Any share of profit or loss from non-consolidated joint ventures and associates is attributed to the country where the shareholding entity is based. This figure is reported after accounting for corporate income tax accrued in the joint venture or associate's accounts and is included in the shareholding entity's profit before tax.
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