Shell at disadvantage to US-listed rivals, says former CEO

LAUSANNE, Switzerland (Reuters) – Shell’s former CEO, Ben van Beurden, said on Tuesday that European oil and gas companies will find it increasingly difficult to compete with U.S.-listed rivals.

There are “a deeper pool of investors and capital in New York and the attitude is more positive towards oil and gas companies,” van Beurden, who stepped down in 2021, told the FT Commodities Global Summit

“All of this conspires against companies listed in Europe and increasingly this will be a problem,” he said.

Shell’s shares were “massively undervalued,” van Beurden added.

Shell’s current CEO, Wael Sawan, was quoted by Bloomberg Opinion on Monday as saying the British company was looking at “all options” including switching its listing to New York from London.

(Reporting by Dmitry Zhdannikov; Editing by Sandra Maler)