LONDON - Shell has exited China's power markets as part of CEO Wael Sawan's drive to focus on more profitable operations, it said on Wednesday.

Shell decided to exit the power value chain in China, which includes power generation, trading and marketing businesses, it said in a statement. The decision was effective from the end of 2023.

"We are selectively investing in power, focusing on delivering value from our power portfolio, which requires making difficult choices," Shell said.

Shell has pulled up of several businesses and projects in recent months including the UK and German retail power markets and offshore wind projects.

(Reporting by Ron Bousso, Editing by Louise Heavens)