General Federation of Trade Unions

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Posted on Friday, February 01, 2008

SHELL MAKES £13.9bn PROFITShell has made British corporate history with the record figures of annual earnings of $27.6bn (£13.9bn)., which are equivalent to more than £1.5m an hour.

Jeroen van der Veer, chief executive of Royal Dutch Shell, described the performance as "satisfactory" and admitted that overall production for the year had actually dropped 2%.

Tony Woodley, joint general secretary of Unite the union, said a windfall tax should be imposed on "greedy" companies such as Shell whose profits are more than four times higher than retailer, Tesco.

"Shell shareholders are doing very nicely whilst the rest of us, the stakeholders, are paying the price and struggling," said Mr. Woodley. "Record profits of over thirteen and a half billion pounds at Shell and cumulative oil industry profits in excess of fifty billion in the last three years are, quite frankly, obscene. It is time the government acted."

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