Report: Shell Pulls Cash Out Of Europe to Cut Risk
LONDON - Anglo-Dutch oil major Royal Dutch Shell PLC plans to move some of its cash pile out of European banks due to the eurozone debt crisis, The Times newspaper reported Monday, citing the group's chief financial officer.
CFO Simon Henry told the newspaper that Shell was considering putting some of its $15 billion in cash into U.S. government bonds and banks.
"There's been a shift in our willingness to take credit risk in Europe," Henry said.
However, Shell won't move all of its funds out of Europe since it's required to still keep some money in Europe to fund its operations, the newspaper said.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Operates 28 Offshore Rigs
- Shell Looks Beyond Road Fuels to Secure Future of Refining (Nov 06)
- API Panel Member: Voluntary Methane Program Forthcoming (Oct 06)
- Eni Bets Big on Zohr Explorer Finding New Treasure (Oct 06)