Shell has announced of unlock more value from its strong portfolio of chemicals assets by exploring strategic and partnership opportunities in the US, and both high-grading and selective closures in Europe, enabling the business to prosper whilst improving returns and reducing capital employed by 2030, the company said in a press release. The move is part of an ongoing effort to streamline operations and focus on its most profitable businesses.

The company previously sold its chemicals park in Singapore following a strategic review.

Meanwhile, the company said that said it is planning to grow its LNG business by 4-5% per year through to 2030. It further said the increase in its upstream and integrated gas business would allow it to sustain its "1.4 million barrels per day of liquids production to 2030 with increasingly lower carbon intensity." The company will also pursue focused growth in our high-return mobility and lubricants businesses.

"We have made significant progress against all of the targets we set out at our Capital Markets Day in 2023. Thanks to the outstanding efforts of our people, we are transforming Shell to become simpler, more resilient and more competitive,’’ said CEO Wael Sawan.

‘‘We want to become the world’s leading integrated gas and LNG business and the most customer-focused energy marketer and trader, while sustaining a material level of liquids production. Today we are raising the bar across our key financial targets, investing where we have competitive strengths and delivering more for our shareholders.’’