Gibraltar

Shell LNG Gibraltar Ltd. is an incorporated joint venture between Shell (51%) and the government of Gibraltar. It was set up for the purpose of constructing and operating the first LNG regasification terminal in Gibraltar, replacing diesel with LNG for power generation. The construction and operation of the terminal is managed by Gasnor AS (a Shell company registered in Norway), based on a technical service agreement with the joint venture. Construction started in late 2016 and the terminal was completed in September 2018.

Country Financial Analysis

The statutory corporate income tax rate in Gibraltar is 10%.

The figures in the table represent Gasnor's branch activity in Gibraltar for the construction and operation of the terminal. The branch completed the construction of the regasification terminal in 2018 and in 2019 started operation, entailing a significant reduction of the costs to be recharged to the customer and, therefore, its revenues. Tax is paid in arrears. The tax accrued is the expected corporate income tax on profits arising in 2019 but is due and payable in 2020.