Shell to cut costs and close construction sites amid ‘worsening’ pandemic

The energy giant plans to cut capital expenditure and costs by billions of dollars as the pandemic fuels oil price collapse

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Shell has announced it is cutting costs and capital expenditure as the Covid-19 pandemic sparks oil price collapse.

In a recent statement, the energy company announced it would cut down on operating costs by up to $4 billion (£3.44bn) over the next 12 months and reduce annual spending from $25 (£21.5bn) to $20 billion (£17bn).

In a bid to abate fears and limit the spread of novel coronavirus amongst larger number of construction workers, Shell has also suspended construction activities on an ethane cracker site in Pennsylvania.

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