Shell Unveils Comprehensive Low Carbon Solutions to Strengthen Thai Industries at FTI EXPO 2025

The Shell Company of Thailand Limited, a leading global energy company with over 133 years of presence in Thailand, showcased its energy leadership at the FTI EXPO 2025 by unveiling its cutting-edge Gas-to-Liquids (GTL) technology. This groundbreaking innovation, backed by over 40 years of research and development and protected by more than 3,500 patents, efficiently converts natural gas into exceptionally pure liquid form while significantly reducing its carbon footprint compared to traditional fossil fuels. This advancement exemplifies Shell’s commitment to driving the energy transition, reinforcing Thailand’s industrial sector with high-quality, low carbon solutions. Shell and Thailand are collaborating to achieve the ambitious goal of net-zero emissions. Shell aims to reach this target by 2050, while Thailand plans to achieve it by 2065.

Ms. Ornuthai Na Chiangmai, Country Chair of The Shell Company of Thailand Limited, said, “Shell is steering its business to lead the energy transition, aiming for net-zero emissions by 2050. While Shell Scenarios suggest that oil, natural gas, and liquefied natural gas (LNG) will remain part of the energy supply through 2050, there is also a growing need for low-carbon solutions. With our extensive energy expertise spanning over 80 countries, Shell is well-positioned to supply energy that meets diverse demands.”

Furthermore, Shell remains committed to advancing cleaner and more efficient energy technologies, investing over 35 billion baht annually in R&D across five Shell Technology Centres in the United States, the Netherlands, Germany, China, and India. The Shell Energy Transition Campus in Amsterdam serves as the central hub for pioneering future energy technologies in collaboration with esteemed partners. Shell’s long-standing technology partnerships with world-class brands, including Scuderia Ferrari, BMW, Hyundai, and Ducati, along with other leading automotive manufacturers, ensure the development of innovative products tailored to meet evolving customer needs.

At FTI EXPO 2025, Shell showcased the remarkable success of its Gas-to-Liquids (GTL) innovations, further solidifying its position as a global leader in energy technology. Mr. Phisak Udomwong, Deputy Executive Director of Engineering and Innovation, Lubricants Department, The Shell Company of Thailand Limited, said, “For over 40 years, Shell has been dedicated to researching and developing GTL technology to transform natural gas into liquid fuels. We proudly pioneered the first commercial GTL plant in Malaysia in 1993 and subsequently established the world’s largest GTL plant in Qatar in 2011.”

Today, Shell holds an impressive portfolio of over 3,500 patents and has advanced production technologies with new catalysts that effectively convert gas molecules into a diverse range of liquid products. These include fuels, motor oils, transformer oils, refined oils for the medical industry, vaccines, cosmetics, and other specialised ingredients. Shell Catalysts and Technologies plays a pivotal role in transferring knowledge and technology to partners globally, leveraging its extensive expertise in research and development, manufacturing, and product delivery.

At the event, Shell hosted the exclusive “Global Economy and Opportunities for Growth in Thai Private Sector Businesses” event, featuring insights from prominent experts in economics, finance, and investment, including Dr. Don Nakornthab, Senior Director, Reserve Management Department at the Bank of Thailand, and Mr. Jerdphan Nithyayon, Senior Director, Investment Division, UOB Asset Management (Thailand) Co., Ltd. These experts provided a comprehensive analysis of the global economic landscape, highlighting regional variations:

• The U.S. economy continues to lead in growth despite signs of a labour market slowdown.
• The European Union is grappling with structural challenges related to energy prices and political uncertainty.
• Japan is showing recovery through structural reforms.
• China remains focused on maintaining stability amid internal and external challenges.
• Thailand’s economy, while driven primarily by the service sector, requires urgent improvements in competitiveness in production and exports.

During the forum, Mr. Kamon Kongsakulvatanasook, Managing Director – Property Development Joint Venture at The Shell Company of Thailand Limited, discussed strategies for businesses to prepare for upcoming carbon tax measures. These regulations, introduced by the government, mandate various sectors to take responsibility for reducing greenhouse gas emissions in Thailand. He stated, “In the face of economic challenges, it’s imperative for every organisation to adapt to reduce emissions. Shell’s commitment to becoming a net- zero emission business has already demonstrated significant progress – both in our internal operations and in the energy products we provide to clients. With over 20 years of experience in the carbon trading market, Shell has invested in more than 60 high-quality carbon credit projects globally. We offer comprehensive solutions, including carbon-neutral lubricants, carbon-offset fuel products for corporate and retail customers, and a dedicated carbon credit trading platform to help businesses efficiently achieve their carbon reduction objectives.”

“FTI EXPO 2025 serves as a crucial platform for Shell to showcase its world-class innovations and technologies. As a leader in the energy sector, our mission is to guide Thai industries toward sustainability. We have developed tailored solutions to meet the diverse needs of various sectors, including transforming service stations into one-stop service centres, providing fleet solutions to optimise energy costs for businesses, developing lubricants using GTL technology with eco-friendly packaging, and pioneering environmentally conscious asphalt. All of these efforts align with Shell’s Powering Progress strategy, which prioritises a sustainable energy future with a central focus on customers and the environment,” concluded Ms. Ornuthai.

Cautionary Note

The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this announcement “Shell”, “Shell Group” and “Group” are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. “Subsidiaries”, “Shell subsidiaries” and “Shell companies” as used in this announcement refer to entities over which Shell plc either directly or indirectly has control. The term “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

Forward-Looking Statements

This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”, “ambition”, “anticipate”, “believe”, “could”, “estimate”, “expect”, “goals”, “intend”, “may”, “milestones”, “objectives”, “outlook”, “plan”, “probably”, “project”, “risks”, “schedule”, “seek”, “should”, “target”, “will” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak, regional conflicts, such as Russia’s invasion of Ukraine, and a significant cybersecurity breach; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2023 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov

) These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, 21 February 2025. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.

Shell’s Net Carbon Intensity

Also, in this announcement we may refer to Shell’s “net carbon intensity”, which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell only controls its own emissions. The use of the term Shell’s “net carbon intensity” is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

Shell’s Net-Zero Emissions Target

Shell’s operating plan, outlook and budgets are forecasted for a ten-year period and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next ten years. Accordingly, they reflect our Scope 1, Scope 2 and Net Carbon Intensity (NCI) targets over the next ten years. However, Shell’s operating plans cannot reflect our 2050 net-zero emissions target, as this target is currently outside our planning period. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.

Forward-Looking Non-GAAP measures

This announcement may contain certain forward-looking non-GAAP measures such as cash capital expenditure and divestments. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.

The contents of websites referred to in this announcement do not form part of this announcement.

We may have used certain terms, such as resources, in this announcement that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov

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