Shell has today unveiled plans to move its headquarters to the UK.
That is part of the company’s restructuring efforts to increase the speed and flexibility of capital and portfolio actions.
The simplification is designed to support Shell’s competitiveness and accelerate its delivery on becoming a net zero emissions business.
Shell has been incorporated in the UK and has had a Dutch tax residence as well as a dual share structure since 2005.
Business Secretary Kwasi Kwarteng tweeted: “A clear vote of confidence in the British economy as we work to strengthen competitiveness, attract investment and create jobs.”
Dutch Minister for Economic Affairs and Climate Policy Stef Blok said: “Shell informed the cabinet about this intention yesterday.
“We are unpleasantly surprised by this news. The government deeply regrets that Shell wants to move its head office to the UK.”
Shell’s Chair, Sir Andrew Mackenzie, said: “At a time of unprecedented change for the industry, it’s even more important that we have an increased ability to accelerate the transition to a lower-carbon global energy system.
“A simpler structure will enable Shell to speed up the delivery of its Powering Progress strategy, while creating value for our shareholders, customers and wider society.”