Joint Ventures and Associates |
Joint ventures and associates | | | Shell share of comprehensive income of joint ventures and associates |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ million | | 2024 | | 2023 | | 2022 | | Joint ventures | | Associates | Total | | | Joint ventures | Associates | | Total | | Joint ventures | Associates | | Total | Income for the period | 970 | | 2,023 | 2,993 | [A] | | 1,619 | 2,106 | | 3,725 | | 2,589 | 1,383 | [B] | 3,972 | Other comprehensive (loss)/income for the period | (71) | | — | (71) | | | (183) | — | | (183) | | 21 | — | | 21 | Comprehensive income for the period | 899 | | 2,023 | 2,922 | | | 1,436 | 2,106 | | 3,542 | | 2,610 | 1,383 | | 3,993 |
[A]Includes impairment charges of $873 million, mainly related to joint ventures and associates in the Renewables and Energy Solutions segment. [B]Includes an impairment charge of $1,614 million related to Sakhalin-2 following the withdrawal from Russia. | | | Carrying amount of interests in joint ventures and associates |
| | | | | | | | | | | | | | | | | | | | | | | | | $ million | | Dec 31, 2024 | | Dec 31, 2023 | | Joint ventures | Associates | Total | | Joint ventures | Associates | Total | Net assets | 15,783 | 7,662 | 23,445 | | 17,382 | 7,075 | 24,457 |
| | | Transactions with joint ventures and associates [A] |
| | | | | | | | | | | | | $ million | | 2024 | 2023 | 2022 | Sales and charges to joint ventures and associates | 9,652 | 10,223 | 12,230 | Purchases and charges from joint ventures and associates | 13,076 | 15,084 | 22,286 |
[A]Includes 19% (2023: 25%) of sales and 14% (2023: 19%) purchases in transactions with one joint venture operating in the oil trading business. These transactions principally comprise sales and purchases of goods and services in the ordinary course of business. Related balances outstanding at December 31, 2024, and 2023, are presented in Notes 16 and 20. | | | Other arrangements in respect of joint ventures and associates |
| | | | | | | | | | $ million | | Dec 31, 2024 | Dec 31, 2023 | Commitments to make purchases from joint ventures and associates [A] | 1,078 | 1,397 | Commitments to provide debt or equity funding to joint ventures and associates | 323 | 405 |
[A]Commitments to make purchases from joint ventures and associates mainly relate to contracts associated with LNG processing fees and transportation capacity. Shell has other purchase obligations related to joint ventures and associates that are not fixed or determinable and are principally intended to be resold in a short period of time through sales agreements with third parties. These include long-term LNG and natural gas purchase commitments and commitments to purchase refined products or crude oil at market prices.
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