LONDON, Oct 27 (Reuters) – Shell (SHEL.L) is looking at changing parts of its chemicals portfolio as the slump in sector’s profit margins is expected to be long-lasting, Chief Executive Officer Ben van Beurden said on Thursday.
“Chemicals is a cyclical business … And as we can see, the lows can be quite severe and long-lasting. The last time we saw something closely like this was in 2008-2009, and this looks to be indeed as bad,” van Beurden told analysts.
“We are looking at changing the makeup of the portfolio,” he added.
Reporting by Ron Bousso; editing by David Evans
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