Shell will cease its gas trading activities in Spain and relocate its staff, according to Cinco Dias

Shell plans to close its gas trading operations in Madrid for tax reasons, Spanish newspaper Cinco Dias reported on Wednesday, citing unnamed sources familiar with the matter.

The company plans to transfer its staff, which numbers around 50 people, to Dubai, London and Singapore.

The staff includes a team responsible for commercial activities, according to Cinco Dias.

These activities were originally part of liquefied natural gas (LNG) company Pavilion Energy, which Shell bought from Singaporean investment fund Temasek in June last year.

A Shell spokesperson in Madrid declined to comment.