MADRID – Shell (NYSE: SHEL) plans to close its Madrid gas trading operations for tax reasons, the Spanish newspaper Cinco Dias reported on Wednesday, citing unnamed sources close to the matter.
The company plans to move its staff of about 50 people to Dubai, London and Singapore.
Cinco Dias said the staff includes a team handling commercial activities.
The operations were originally part of the liquefied natural gas (LNG) company Pavilion Energy, which Shell bought from Singapore’s investment fund Temasek in June of last year.
A spokesperson for Shell in Spain said the country remained an important gas and electricity market for the company.
“We’ll continue to meet our Spanish customers’ energy needs in the long term, also through Spain-based teams,” the spokesperson added.
