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China is building EV chargers, increasing oil and gas

In this aerial view, cars line up at a Shell petrol station in Wuhan, capital of China’s Hubei province, to fill up before prices go up on June 14, 2022.

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UK energy giant shell teeth increase oil and gas production To secure profits in the short term. It is also building electric vehicle charging stations across Asia.

Shell CEO Wael Sawan said on CNBC’s “Squawkbox” Wednesday that he doesn’t know what oil and gas demand will look like in 10 to 15 years. “Honestly, anyone who knows about it would be making a ton of money right now. The reality is, we don’t know,” Sawang told CNBC.

But in the short and medium term, Shell sees oil and gas demand as “very strong,” Sawang told CNBC. “And we have made it clear that we will be in the oil and gas business for a long time to come,” Sawang added.

again, Shell plans to invest $10 billion to $15 billion From 2023 to 2025, it will conduct research on low-carbon energy technologies such as biofuels, hydrogen, electric vehicle charging, and carbon capture.Shell made more than $42 billion in profit in 2022.

Sawan said one area where Shell is “doing more” is building electric-vehicle charging stations, particularly in Asia.

“We currently have 46,000 retail sites worldwide,” says Sawan. “There are a lot of adjacencies because you just have to put the charger in the same place that sells the internal combustion engine.”

China, in particular, has seen a “massive adoption” of electric vehicles, Sawan told CNBC.

“In fact, there are twice as many EV charging customers as internal combustion engine customers in China.”

In fact, China’s EV sales will reach 3.3 million units in 2021, triple the number of EVs sold in 2020. International Energy Agency data. According to the IEA, Europe is the next largest EV market.

The growing interest in EVs in China has created a particular demand for public charging infrastructure. Moreover, many residents in China and other Asian countries who are buying EVs live in high-rise buildings rather than in homes with private charging environments, Sawan said.

The second area of ​​Shell’s low-carbon investment is biofuels. It is made from organic materials and waste and mixed with gasoline. Demand for biofuels is driven by Regulatory pressure in multiple regions of the worldSawang told CNBC. China is building EV chargers, increasing oil and gas

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