Shell contributes 53,000 jobs and €5.8 billion in tax revenue in the Netherlands
10
World
October 17, 2024 08:00
amsterdam - A recent study by Oxford Economics reveals the significant impact of Shell in the Dutch economy, highlighting its job creation and tax contributions.
A recent study conducted by Oxford Economics sheds light on the substantial role played by Shell in the Dutch economy. According to the economists, Shell is responsible for 53,000 jobs in the Netherlands and has contributed €5.8 billion in tax revenue. This translates to approximately €1 out of every €92 of the country's Gross Domestic Product. With a presence in the country for over 130 years, Shell has a widespread footprint and has engaged with 2300 different companies in the Netherlands for products and services in 2022. The company's expenditures through suppliers have added €3.2 billion to the economy's value.
The direct and indirect tax payments made by Shell have reportedly brought €5.8 billion to the Dutch treasury in 2022. Apart from its role as a producer and investor, Shell has ensured energy security in the Netherlands in recent years, particularly through gas storage. Between 2011 and 2024, the storage activities of the Shell and ExxonMobil joint venture (NAM) accounted for an average of 69% of the total Dutch gas in storage.
Notably, Shell's renewable energy capacity has increased from 3% of the total electricity consumption in 2022 to 9% in 2024, as indicated by the bureau's data. Frans Everts, the CEO of Shell Netherlands, emphasized the significance of the Netherlands for the company, revealing that Shell has made €6.5 billion in investment decisions for the Dutch energy transition in recent years. Everts expressed Shell's commitment to continued innovation and development to maintain a crucial role in the country's energy landscape.
In 2022, Shell invested €338 million in research in the Netherlands, primarily directed towards energy transition initiatives. Oxford Economics estimates that this investment will generate €151 million annually for the economy starting from 2030.
Established in 1981 as a commercial entity affiliated with Oxford University, Oxford Economics prides itself on being a leading independent economic advisory firm with a team of over 450 economists.
Shell Netherlands operates as part of the Shell Group, headquartered in London, which reported a revenue of $316.6 billion last year, with an EBITDA of $68.5 billion and a net profit of $19.4 billion. Since 2022, the company has achieved a sustainable saving of $1.7 billion and announced a $3.5 billion share repurchase program in August.