Shell non-exec takes first stake

Hans Wijers, a non-executive director at the Anglo-Dutch oil giant Shell, has spent just less than £90,000 on a stake in the firm.

He took 5,000 shares at €19.96 (1,789.81p), which represents his sole holding in the group.

Shares in Shell have rallied strongly since earlier in the year, when they sat below 1,400p, though they are still below the levels at which they sat earlier in the year, when Wijers joined the board.

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Wijers is the chief executive of AkzoNobel, an Amsterdam manufacturing firm that specialises in healthcare products, coatings and chemicals.

His purchase of shares comes soon after Shell reported a 73% fall in third quarter earnings after being hit by the sharp decline in oil prices following the economic downturn that erupted towards the end of 2008.

Ernings for the three months to the end of September, on a current cost of supplies (CCS) basis, fell 73% to just $3bn from $10.9bn a year ago.

"Our third quarter results were affected by the weak global economy," said chief executive Peter Voser.

He also remained cautious on future prospects, despite a recovery in oil prices.

'We see some indications that energy demand and pricing are improving, but the outlook remains very uncertain, and we are not expecting a quick recovery,' he said.

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