11 November 2009 05:27 [Source: ICIS news]
SINGAPORE (ICIS news)--Energy major Shell plans to invest $28bn in upstream facilities in 2010, down from the company’s approximate $32bn investment this year, Peter Voser, Shell’s CEO, said on Wednesday.
“Oil demand has flagged significantly. We see a slow demand movement coming back in 2010, but it will take quite some time before we see a major impact on the demand side,” Voser said.
Voser was speaking on the sidelines of a function to mark the sale of Shell’s 50% stake in naphtha cracker operator Petrochemical Corporation of Singapore (PCS) to a new joint venture between Qatar Petroleum International and Shell Petrochemicals Singapore (Pvt) Ltd.
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