By Jason Deign, GreenTech Media.
Oil giant Royal Dutch Shell thinks oil prices will be "lower forever." And it's looking to transform itself to meet the challenge by investing further in renewables.
According to Reuters, Shell and Japanese telecom giant SoftBank were among potential bidders for Asia’s largest independent renewable energy producer, Equis Energy of Singapore, just two days before the oil major unveiled a strong surge in year-on-year quarterly earnings. Equis is valued at $5 billion.
Shell CEO Ben van Beurden told investors the company is “transforming...through the reshaping of the portfolio, as well as through structural changes in our culture and ways of working."
“Becoming that world-class investment case involves Shell being a leader, reducing its carbon intensity and contributing to shared value with society,” said van Beurden. “It means having a strategy that is resilient for the long term.”
Reuters did not say whether the Equis deal, if it goes ahead, would be handled through Shell’s New Energies division, which was set up last year to develop opportunities in new fuels, renewables and digital platforms.