Shell Nederland strongly supports NAM
Shell Nederland is concerned about the news on the revocation of the so-called 403-declaration. We understand that this has caused concern among the people in Groningen. It has always been our intention that all damage caused by earthquakes would be compensated.
Until last year, NAM did not publish financial statements. As a result, suppliers and other contract parties were unable to see whether NAM was capable of meeting its contractual obligations. To assure suppliers and other contract parties, Shell Nederland issued a 403-declaration. Following the introduction of new European rules, NAM has published its payments to the Dutch government for 2016. These new rules apply to all companies operating in the mining sector. NAM takes it a step further and has also published financial statements. Accordingly, a 403-declaration is no longer needed.
For over a year now, Shell Nederland and ExxonMobil have been in constructive talks with the Ministry of Economic Affairs and Climate Policy about a wide range of measures for Groningen. As is known, these talks have been delayed due to the lengthy formation of a new government and other factors. We hope to conclude these talks shortly. Pending the outcome of these talks, NAM will announce as soon as possible that it will not distribute a dividend to its shareholders for the time being. NAM is financially healthy and, as a shareholder, we want to keep it that way.
NAM does not walk away from its financial responsibilities in relation to the earthquakes in Groningen including the costs associated with the new claim settlement protocol. Shell Nederland will continue to do everything in its power as a shareholder to support NAM meeting its obligations and is of course prepared to issue guarantees for this. We will discuss the text and form of these guarantees with the Minister for Economic Affairs and Climate Policy.
Shell Nederland remains committed to working with NAM, the Minister and other stakeholders to find solutions to the problems caused by earthquakes in Groningen. We hope to hereby resolve any doubts about Shell's support for NAM and our determination to help find solutions to the earthquake problems together with our partners.