Royal Dutch Shell CFO visits Pakistan
Jan 18, 2011
Simon Henry, CFO, Royal Dutch Shell visited Pakistan to meet the Petroleum Minister as part of his first official visit to the country since he become the CFO in 2009.
Speaking to Shell staff in Islamabad, Pakistan – Simon Henry, Chief Financial Officer explained that in the coming decades, all countries must find and develop more sources of energy to keep pace with rising demand, a theme which is already prevalent in energy hungry Pakistan.
“By 2050, global demand for energy could double, driven by a rising population which is expected to reach 9 billion compared to today’s 6.5 billion”, Simon stated. “Even with heavy investment in all energy sources - from oil and natural gas, to biofuels, nuclear power, solar and wind - it will be extremely tough for the world to keep pace with rising demand.”
Pakistan is currently the sixth most populous country in the world and is on its way to having the fourth largest population by 2050. “Energy consumption would be four times what is used in Pakistan today. Finding those new sources of energy is paramount to fueling economic progress” Simon stated.
The country is heavily dependent on natural gas for its current energy. Almost 50% of the Pakistan’s energy mix is made up of natural gas, and the country has an extensive network of over 80,000 km’s of gas pipelines. These pipelines connect houses, retailing stations and the wider industry to the natural gas supply grid, a distinct feature that is quite uncommon in other countries. Yet, a fast growing population which has risen 20 percent in the last decade alone means that energy supply cannot keep pace with demand.
Simon was in Pakistan to meet with the Petroleum Minister as part of his first official visit to the country since becoming CFO in 2009. During his visit Simon visited a primary school which is run by a social investment partner.
Later in a stakeholder engagement with the Minister of Petroleum and other dignitaries Simon presented a cheque of US$700,000 to assist with Shell’s ongoing relief efforts in the country which is still facing challenges from the widespread flooding last year. The funds will go toward constructing 3 schools with Shell’s social investment partners and handing out over 60,000 books to children in flood affected areas.
Shell has been in the subcontinent for over 100 years and is one of the oldest multinational companies in Pakistan.
For more information on Shell social investment initiatives in Pakistan visit: www.shell.com.pk