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Shell Sees $600 Million in Charges From Osborne’s North Sea Tax

Royal Dutch Shell Plc said it will take charges of more than $600 million this year and next after U.K. Chancellor of the Exchequer George Osborne raised taxes on North Sea oil profits.

Shell will set aside $150 million for the rest of this year after a $60 million charge in the first quarter, Chief Financial Officer Simon Henry said on a conference call with journalists today. The tax change will cost about $400 million next year.