Shell, Eni warn of sluggish recovery | Shanghai Daily

The story appears on

Page B8

October 30, 2009

GET this page in PDF

Free for subscribers

View shopping cart

Related News

Home » Business » Energy

Shell, Eni warn of sluggish recovery


OIL majors Royal Dutch Shell Plc and Eni warned of a slow recovery, highlighting weak energy demand and operational challenges, as their profits slumped.

Shell, Europe's largest oil company by market value, said it was cutting 5,000 jobs to tackle the tough economic environment.

The results and pessimistic outlook contrast with third-quarter earnings from London-based BP Plc, which smashed forecasts by 50 percent, lifting sector shares on Tuesday on hopes the industry would weather the economic slump better than expected.

Milan-based Eni predicted European demand for natural gas and fuels would continue to shrink.

Eni's third-quarter adjusted net profit fell 60.5 percent to 1.15 billion euros (US$1.7 billion) compared with a Thomson Reuters consensus of 1.11 billion euros.




 

Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend