Shell Records High Gross Sales

Shell Ghana Limited last year recorded ?1,0I3.4 billion in gross sales and paid ?184 billion in duties, taxes, levies and corporate tax to Government.

The company also increased its overall market share to 26.2 per cent from 25.8 per cent in 2000, coming within 0.5 per cent of being overall market share leader.

Despite the above, and a high level of operating efficiency, Shell Ghana ended the year under review with a net loss after tax of ?15.12 billion, compared with a net profit after tax of ?20.28 billion the previous year.

Mr. Roy L. Kretzen, Chairman of Shell Ghana, announced these at the 10th Annual General Meeting(AGM) of the company in Accra Thursday, last week.

He attributed the company's negative after tax performance to the prevailing regime of controlled pump prices and low margins, the lowest in West/Central Africa.

Mr. Kretzen encouraged Government to take steps to put the oil sector on a sounder foundation to the benefit of the Ghanaian economy.

He entreated his board, local management and staff that "only teamwork and a relentless focus on challenges" (facing Shell Ghana and the oil sector) will steer the sector through the waves of change to calmer waters.

The Shell Ghana Board resolved that no dividends should be paid in respect of year 2001.s