Former Shell boss van Beurden fuels fears energy giant will ditch London for New York

The former Shell boss yesterday fueled fears that the energy giant would abandon London for New York.

Ben van Beurden said the oil company is “hugely undervalued” and the gap between UK-listed shares and their Wall Street rivals is a “major issue”.

The comments came after Shell, the largest company in the FTSE 100, threatened to leave the London stock market.

The move would be a blow to the City, which has suffered an exodus in recent years.

Shell is looking to close the valuation gap with US rivals Chevron and Exxon Mobil.

Van Beurden, who was chief executive of Shell from 2014 to 2022, said U.S. investors are “more positive” about big oil and gas companies.

The greater accumulation of capital in the United States has helped raise valuations on the New York Stock Exchange, said the Dutch businessman.

“These factors conspire against people in Europe,” he added.

Shell first considered moving to New York in 2021 before announcing it would abandon its dual listing in Amsterdam and move its headquarters to London.

“Of course, we looked at all kinds of options,” van Beurden said. ‘We thought going to the UK was the most logical next step.

Was it going to be the end of the game? You always have to reconsider what other options exist.”

Wael Sawan, who succeeded van Beurden as boss in January 2023, has said the company is looking at “all options”, including moving its listing to New York.