(Bloomberg) -- Shell Plc exited its power business in China at the end of last year as the company continues to refocus its investments in a bid to drive up profitability.

“Shell decided to exit the power value chain in China,” including its generation, trading and marketing businesses, a spokesperson for the company said by email. “We are selectively investing in power, focusing on delivering value from our power portfolio, which requires making difficult choices.”

At its capital markets day last year, Shell’s Chief Executive Officer Wael Sawan said he would prioritize returning money to shareholders and be more selective about which projects the company is involved in. As part of a broader review of its portfolio, the firm sold assets such as its UK and German retail power business last year. 

Last month, Chief Financial Officer Sinead Gorman said Shell was building an integrated power position in markets and regions where circumstances were favorable and where the company can participate across the value chain. “Places like Australia, USA, Europe and India, where we aim to maximize value by investing in renewable generation and battery storage, and taking advantage of trading and optimization capabilities,” she said.

(Adds background on Shell’s power strategy in fourth paragraph.)

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