Speaking to CNBC, Sawan said the firm was “always reviewing headquarter listings and the like," but that “there is no live discussion at the moment on this in Shell because our No. 1 priority is to make sure that we unlock the full potential of this company,"
Last year, Sawan said that Shell's listing was “under review” because of a persistent gap between the company’s valuation on the stock market and its U.S. peers, which makes it relatively more expensive for it to tap capital markets for money.
It's not the first time that Shell's listing is a topic of discussion. In 2022, it ended its dual share structure that had dated back to the early 20th century, by ditching its listing in Amsterdam for a variety of reasons, that included tax considerations.
The return of U.S. President Donald Trump may be a factor in any future decision in light of his advocacy of fossil fuels, and his executive order that the U.S. will be leaving the 2015 Paris Climate Accord.
Shell, like others, has seen profits surge in recent years as oil prices spiked higher, notably after Russia's full-scale invasion of Ukraine nearly three years ago. In 2024, oil prices drifted lower, hence the decline in profits.
Despite the profits decline, Shell increased its dividend by 4%, as it continues to attract investors to hold its stock. After its latest update, Shell's share price was up 0.5%.
Despite Trump's pro-oil agenda, the transition to net zero is moving forward in most parts of the world, though slower than many campaigners want. As a result, oil companies, including Shell, have sought to diversify their businesses.
“Shell remains at a crossroads torn between the seemingly inevitable pull of the energy transition and the demands of shareholders,” said Derren Nathan, head of equity research at stockbrokers Hargreaves Lansdown.
He said that Shell's next capital markets day in March "should provide some more color around the strategic direction of travel and is likely to be more closely watched than ever.”