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September 1st, 2005:

Reuters: Shell to pay $9.2 million to settle shareholder suits

Reuters: Shell to pay $9.2 million to settle shareholder suits

“Shell… has been battling lawsuits and criminal and regulatory probes since it announced in January 2004 that it had overstated its oil and gas reserves by around 20 percent.”

Thu Sep 1, 2005 8:26 AM BST

LONDON (Reuters) – Royal Dutch Shell said it will pay $9.2 million (5.1 million pounds) and adopt certain corporate governance principles to settle shareholder lawsuits related to a reserves-overbooking scandal last year.

The actions, pending in United States Federal courts in New York and New Jersey and in a New York State court, sought to assert claims against certain current and former directors at the world’s third-largest listed oil firm by market value. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell and Lend Lease end plan to redevelop South Bank HQ

The Times (UK): Shell and Lend Lease end plan to redevelop South Bank HQ

“The company denied that the termination of the joint venture meant the Shell Centre would be sold after the consolidation of the group’s headquarters in The Hague.”

Thursday 1 September 2005

By Jenny Davey

SHELL and Lend Lease, the Australian property group, have axed their joint venture agreement to carry out a £180 million mixed-use redevelopment of the Anglo-Dutch oil giant’s headquarters on the South Bank, The Times has learnt.

The companies said that the decision to terminate the agreement, which was signed in July 2002, was mutual. The strategic priorities of each partner had changed, the companies said.

The partnership had drawn up plans to develop the ground floors and adjoining land to the Shell Centre London complex. In April last year they received approval for a 510,000 sq ft scheme, including offices, shops and leisure facilities. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

THE NEW YORK TIMES: Gas Prices Surge as Supply Drops

THE NEW YORK TIMES: Gas Prices Surge as Supply Drops

“The Mars platform of Royal Dutch Shell – which alone accounts for 15 percent of the gulf’s oil production – is “severely damaged,” the Coast Guard said in a release.”

By JAD MOUAWAD and SIMON ROMERO

Published: September 1, 2005

For the first time since the 1970’s, gasoline lines reappeared yesterday in some corners of the country.

Three days after Hurricane Katrina dealt a devastating blow to the nation’s largest energy hub, the worst-case possibility was quickly becoming a reality: gasoline prices surging well above $3 a gallon, with some consumers complaining of price gouging; service stations in a handful of locations running out of gas; drivers rushing to fill their tanks, only to find themselves waiting in line with others. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

The Relentless Rise in Oil Prices

The Wall Street Journal: The Relentless Rise in Oil Prices

Royal Dutch Shell PLC cautioned that their customers also could suffer supply disruptions.

Thursday 1 September 2005

Demand Defies Cost Increases
Amid Razor-Thin Excess Capacity;
Pain at the Gasoline Pump Mounts

By CHIP CUMMINS, BHUSHAN BAHREE and PETER A. MCKAY
Staff Reporters of THE WALL STREET JOURNAL
September 1, 2005; Page C1

WHAT WILL STOP the great oil-price spike of 2005? Increasingly, it looks as if it will have to stop itself.

After Hurricane Katrina’s damage to the Gulf of Mexico — the largest fuel-production hub in the U.S. — the world energy market is unlikely to see a big increase in supply soon. The Bush administration yesterday said the government would lend refiners emergency oil stockpiles to ease refining disruptions, but that won’t provide significant, long-term relief. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Status of Key U.S. Energy Facilities as of Thursday September 1, 2005

THE WALL STREET JOURNAL: Status of Key Energy Facilities

Thursday September 1, 2005 2:30 a.m.

Hurricane Katrina, which plowed into the U.S. Gulf Coast energy industry, shut eight refineries and the bulk of all U.S. offshore oil and natural gas production. The current status of key facilities is outlined below:

Refineries

• Valero Energy Corp.: St. Charles refinery in Norco, La., has a refining capacity of 260,000 barrels a day remains shut but suffers no serious damage. The refinery is expected to restart on Sept. 12. Currently has no power and access is restricted, the company says. Krotz Springs refinery that produces 86,000 barrels a day is operating at 70% capacity due to trouble getting supply through pipelines, the company said. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Settlement of Shell 2004 reserves recategorisation

Financieele Dagblad (abonnement) – Netherlands: The Shell Group (Shell) today announced that a settlement has been reached with the plaintiffs in shareholder derivative actions arising out of Shells 2004 reserves recategorisation.

Thursday 1 September 2005

The Shell Group (Shell) today announced that a settlement has been reached with the plaintiffs in shareholder derivative actions arising out of Shells 2004 reserves recategorisation.

The four derivative actions, pending in United States Federal courts in New York and New Jersey and in a New York State court, sought to assert claims on behalf of The Shell Transport and Trading Company, p.l.c., and Royal Dutch Petroleum Company against certain current and former members of their Boards of Directors. The cases sought corporate governance and structural changes as well as unspecified monetary damages from the current and former directors. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Japan’s Showa Shell president to resign as of Sept 30

AFX Europe (Focus): Japan’s Showa Shell president to resign as of Sept 30

Thursday 1 September 2005

TOKYO (AFX) – Showa Shell Sekiyu KK said its president John S. Mills will resign as of September 30.

Chairman, Haruyuki Niimi is likely to take up the position as an additional post. The formal decision will be made at the board of directors’ meeting on September 30, the company said in a statement.

Showa Shell said Mills’ is resigning to become vice president for corporate strategy at Royal Dutch Shell Plc. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

AFX UK (Focus): Shell appoints new heads for Africa, Nigeria ops

AFX UK (Focus); Shell appoints new heads for Africa, Nigeria ops

“A company statement sent to AFP here said Ann Pickard had been appointed as executive vice president for Africa. Pickard will be based in Lagos and she will succeed Chris Finlayson, who is moving to Russia as executive vice president of Shell’s exploration and production business, it said.”

Thursday Sept 01, 2005

LAGOS (AFX) – Energy giant Royal Dutch Shell said it has appointed new heads to oversee its African and Nigerian operations as part of a global restructuring process.

A company statement sent to AFP here said Ann Pickard had been appointed as executive vice president for Africa.

Pickard will be based in Lagos and she will succeed Chris Finlayson, who is moving to Russia as executive vice president of Shell’s exploration and production business, it said.

Nigerian-born Basil Omiyi was appointed the country chairman of all Shell subsidiaries in Nigeria. He was formerly the managing director of Shell Petroleum Development Company. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.