Flagship projects boost Shell’s Q2 profits

Royal Dutch Shell PLC said its net profits almost doubled to US$8.66 billion, from US$4.39 billion, during the second quarter due to higher crude oil prices and contributions from flagship projects in Qatar and Canada which recently came on stream. Shell said it was beginning to reap the rewards of a long-term growth strategy that has seen it spend billions of dollars on capital-intensive projects such as Pearl GTL, which converts natural gas into high quality transport fuels and lubricants. “We have made important progress with new production in 2011, and the ramp-up of our new projects should drive our financial performance in the coming quarters,” Chief Executive Peter Voser said. (July 29, 2011)