Royal Dutch Shell (LON:RDSB) continues to prop up the FTSE alongside BP after oil stocks rallied earlier on in the week following the rise price of Brent crude oil, as reported in Citywire.
Shell shares currently stand at 2614.00 points, up 1.02 per cent at 14.58 BST while BP (LON:BP) is also on the rise, up 0.56 per cent at 560.70 points. The FTSE is also on a rise standing at 7572.44, up 0.12 per cent as of 14.58 BST.
Yesterday, Shell announced on its website that it will triple the number of gas stations is has in China to 3,500 by 2025, after restrictions were listed on foreign investment in the sector. Proactive Investors also reported today that the Norwegian government had said the country’s sovereign wealth fund should stay invested in oil stocks.
Non-fuel retail development in China
In a statement, John Abbott, downstream director, said: “Shell is already the leading international oil retailer in China, running 1300 sites via strategic joint ventures and two wholly owned companies, and we aspire to triple the size of our network by 2025.” He went on to say the non-refuel is an area the company is developing ‘in a big way’ and that it is piloting convenience stores in its retail stations too. China is a key market for the global oil company for downstream growth.
Rising from buyback response
Shell’s top position in the FTSE today strikes a contrast to the end of last month when the Anglo-Dutch shares took a tumble as analyst Hargreaves Lansdown classified the results of the company’s interim performance results as ‘disappointing’ in spite of the $25bn buyback, as reported in Citywire.