MADRID (Reuters) – Shell plans to close its Madrid gas trading operations for tax reasons, 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.
The staff includes a team handling commercial activities, Cinco Dias said.
The operations were originally part of liquefied natural gas (LNG) company Pavilion Energy which Shell bought from Singapore’s investment fund Temasek in June last year.
A spokesperson for Shell in Madrid declined to comment.
(Reporting by Inti Landauro; editing by Jason Neely)
