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Investments in Global Oil Projects to Fall Next Year: Shell
By: Reuters
Royal Dutch Shell CEO Peter Voser said on Wednesday, investments in global projects in 2010 will fall to $28 billion from $30-$32 billion this year.
This was due to lower prices in the market, he told Reuters on the sidelines of a signing ceremony for the joint venture agreement between Qatar Petroleum International (QPI) and Shell Eastern Petroleum Pte Ltd.
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"The investments will be $28 billion in 2010. Prices in the market have come down", Voser said.
The Royal Dutch Shell [RDSA-LN Loading... ()] CEO added that demand for oil is slowly improving.
"The slow demand movement is coming back (up) in 2010. It will take some time for demand to come back up," he said.
Copyright 2009 Reuters. Click for restrictions.
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