Ben van Beurden, the former CEO of Shell, expressed concerns on Tuesday about the growing challenges European oil and gas companies face in competing with their U.S.-listed counterparts. Van Beurden highlighted the significant advantage enjoyed by American firms due to the larger pool of investors and capital available in New York, coupled with a more favorable attitude towards oil and gas companies in the U.S.
Speaking at the FT Commodities Global Summit, van Beurden, who relinquished his position in 2021, emphasized the obstacles faced by European-listed companies in this competitive landscape. He noted that these factors collectively pose a growing problem for European firms.
Van Beurden further remarked that Shell’s shares were severely undervalued, indicating a potential discrepancy between the company’s market value and its true worth.
In a separate statement, Shell’s current CEO, Wael Sawan, indicated that the British company is exploring various options, including the possibility of relocating its listing from London to New York. This move could potentially provide Shell with greater access to the investor base and capital markets in the United States.