Shell PLC's (LSE:SHEL, NYSE:SHEL) leadership is said to have flagged scope to pursue further growth in emerging markets as US energy firms turn focus towards domestic operations.
Chief executive Wael Sawan in a meeting cited “frustration from political leaders” in such countries over issues with accessing financing, according to Citi analysts.
The American bank flagged comments “regarding dissatisfaction in the 'other 120' countries of the world over the dictum of policy that has come from the West” following discussions with Sawan.
Needed for “affordable economic growth” locally, Citi noted non-EU, US and Chinese projects had been unable to access funds through Western institutions.
Shell was said to have highlighted the advantages of its UK domicile and the “political neutrality” it offered as US rivals turned away from such projects.
Comments come ahead of Shell’s capital markets day on March 25 as investors await strategy updates from the oil giant.