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    SHEL   GB00BP6MXD84

SHELL PLC

(SHEL)
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Real-time Estimate Cboe Europe  -  04:12 2022-10-05 am EDT
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Shell defers Prelude LNG turnaround due to industrial action

08/07/2022 | 11:29pm EDT

MELBOURNE, Aug 8 (Reuters) - Shell Plc said on Monday it is deferring planned maintenance work at the Prelude floating liquefied natural gas (FLNG) facility that was due to go ahead in September because of industrial action at the site off northwest Australia.

"As a result of the ongoing Protected Industrial Action and inability to complete preparation work, we are not able to proceed with the planned turnaround at this time," a Shell spokesperson said in emailed comments.

She said the extensive maintenance work, called a turnaround, would be put off to next year, with the timing to depend on a range of factors including weather conditions, contractor availability and when the industrial action ends.

Shell shut the 3.6-million-tonne-a-year Prelude facility in July and told customers it would be unable to supply LNG cargoes for the duration of protected industrial action - work stoppages approved by Australia's Fair Work Commission - over a long-running pay dispute.

The Offshore Alliance most recently extended its work stoppages to Aug. 11, fighting to match an April wage deal reached with Inpex Corp at its Ichthys LNG operation.

Shell asked the Fair Work Commission to stop the industrial action and impose a "cooling off period", which would have allowed it to go ahead with preparations for a turnaround, but the commission rejected the request.

The Offshore Alliance said on Monday it remained willing to enter mediation with Shell. A spokesperson for the Fair Work Commission was not immediately available for comment.

(Reporting by Sonali Paul; Editing by Christopher Cushing and Jacqueline Wong)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
INPEX CORPORATION 0.81% 1487 Delayed Quote.47.21%
S&P GSCI NATURAL GAS INDEX -1.74% 314.5426 Real-time Quote.74.53%
SHELL PLC -0.64% 2323.5 Delayed Quote.44.16%
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Analyst Recommendations on SHELL PLC
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Financials (USD)
Sales 2022 399 B - -
Net income 2022 42 911 M - -
Net Debt 2022 36 753 M - -
P/E ratio 2022 4,51x
Yield 2022 3,75%
Capitalization 192 B 192 B -
EV / Sales 2022 0,57x
EV / Sales 2023 0,58x
Nbr of Employees 82 000
Free-Float 99,9%
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Technical analysis trends SHELL PLC
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Mean consensus BUY
Number of Analysts 19
Last Close Price 26,74 $
Average target price 33,76 $
Spread / Average Target 26,3%
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Managers and Directors
Bernardus Cornelis Adriana Margriet van Beurden Vice President-Manufacturing Excellence
Sinead Gorman Chief Financial Officer & Director
Andrew Stewart Mackenzie Chairman
Harry Brekelmans Director-Technology & Projects
Yiu Kiang Goh Deputy Chairman
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