Shell boss says swoop for BG not just about collapse in the oil price – but admitted cheaper crude played a part
Shell boss Ben van Beurden
The boss of Royal Dutch Shell said his £47bn swoop for BG Group was not just about the collapse in the oil price – but admitted cheaper crude did play a part.
Ben van Beurden insisted the deal was an opportunity for Shell to beef up its operations – particularly through greater exposure to liquefied natural gas (LNG) where BG is a major player.
But he added that the fall in the oil price – from around $115 a barrel last summer to less than $60 last night – and the subsequent fall in the BG share price was a factor.
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