China

1,802 Employees

THIRD-PARTY REVENUES

$2,193,512,253

RELATED-PARTY REVENUES

$1,091,964,828

TOTAL REVENUES

$3,285,477,082

PROFIT BEFORE TAX

$489,720,182

TAX PAID

$64,933,238

TAX ACCRUED

$60,607,625

TANGIBLE ASSETS

$1,199,737,201

STATED CAPITAL

$560,958,374

ACCUMULATED EARNINGS

$789,395,882

Main Business Activities

  • Upstream and Integrated Gas
  • Downstream
  • Manufacturing
  • Chemicals
  • Trading and Supply
  • Other support activities

Shell has been present in China for more than a century where it now has upstream, integrated gas, downstream and projects and technology activities. Downstream businesses in China, in particular retail, are highly regulated but as part of China’s “open door” policy in recent years the market is starting to open up. Our China Downstream business has experienced strong growth over the past 10 years.

Country Financial Analysis

The statutory corporate income tax rate in China is 25% for both upstream and downstream businesses.

Our corporate income tax in 2019 was mainly in relation to income from our Downstream businesses. The accumulated earnings represent retained profits of Shell China Downstream businesses, mainly lubricants and retail. The significant change in the stated capital and accumulated earnings figures for China is due to the removal of the reporting entity Shell China Exploration and Production Company Limited (SCEPCO) from China to the Netherlands. SCEPCO was a UK-registered company but its residence was changed to the Netherlands in 2019, accordingly accumulated earnings and stated capital are disclosed in the Netherlands.

Our Payments to Governments Report for 2019 also shows that Shell paid around $13.7 million in and .

Production entitlement
This is the host government’s share of production. It includes the government’s share as a sovereign entity or through its participation as an equity or interest holder in projects within its home country.
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Royalties
Royalties are generally payment due for the use of an asset. Mineral royalties are payments to governments or other owners for the rights to extract oil and gas resources, typically at a set percentage of revenue less any deductions that may be taken. See also Trademark royalties.
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