Chief executive Ben van Beurden says group will press ahead with $30bn asset sales and $3bn spending cuts as second quarter profits fall 35%

Shell sees no quick end to the slump in oil prices and plans to further slash annual spending, sell off assets and bring the total number of job cuts to 6,500 by the end of 2015.

But the Anglo-Dutch group has vowed to press on with its expensive and controversial exploration programme in Arctic Alaska, saying it was a “long-term play” that could not be influenced by current energy prices.

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Source: The Guardian Circular Economy RSS