By Ed Crooks and Maggie Urry

Royal Dutch Shell has delayed a planned investment in Canada's oil sands, in the latest sign of companies adjusting their plans to reflect the global economic downturn and the fall in the price of oil.

Shell had planned to make a decision next year on the second phase of the expansion of its Athabasca oil sands project, but Jeroen van der Veer, the chief executive, said the company would "wait for costs to cool down . . . before any new investment decision is made".

Mr van der Veer was speaking as Shell reported a 31 per cent rise in under-lying net income to $8.04bn. The result was ahead of expectations but less buoyant than those of its rivals BP and ExxonMobil.

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Posted by boyang at October 31, 2008 4:42 AM