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Posts Tagged ‘Argentina’

Bloomberg: Shell to cut bidders to three for Argentina assets

May 3, 2017 5:47 PM ET|By: , SA News Editor

Royal Dutch Shell (RDS.A, RDS.B) plans to focus on three bidders this month for its downstream oil assets in Argentina after drawing eight non-binding bids of $1B-$2B, Bloomberg reports.

The shortlisted suitors will enter the next phase of the sales process in the next 2-3 weeks, with Chile’s Grupo Luksic among the most appealing of the companies making offers, according to the report.

Shell put the assets, which include an oil refinery near Buenos Aires and ~600 refueling stations, up for sale earlier this year after a strategic review under the company’s $30B divestment plan to reduce debt.

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Shell opens treatment plant in Argentina shale play

Royal Dutch Shell PLC inaugurated on Tuesday a treatment plant for shale oil and gas in Argentina’s Vaca Muerta shale play, one of the world’s largest.

The plant, announced in 2014, has a capacity to process up to 10,000 barrels per day from the Sierras Blancas, Cruz de Lorena and Coiron Amargo Sur Oeste blocks operated by Shell, the company said in a statement.

“(The plant) receives output from the wells of these blocks, processing the oil and gas to leave it ready for commercialization,” the statement said.

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Shell accelerates plan to boost U.S. shale output -exec

* Shell to boost shale output by 140,000 bpoed by 2020

* Shell shale output profitable at average oil price $40/bbl

* Argentina shale development decision in 18 months

By Ron Bousso and Ernest Scheyder HOUSTON, March 7 (Reuters) – Royal Dutch Shell is ramping its North American shale output earlier than planned to lock in quick returns from what has become one of its most profitable businesses, the head of Shell’s unconventional energy business said. The Anglo-Dutch company plans to make shale oil and gas in the United States, Canada and Argentina a key engine of growth in the next decade, targeting output of around 500,000 barrels of oil equivalent per day (boepd), Greg Guidry told Reuters in an interview.

A drive to cut the cost of producing oil and gas from U.S. shale deposits has proven so effective that Shell has accelerated development plans, Guidry said on the sidelines of the CERAWeek industry conference in Houston.

It aims to boost output by 140,000 boepd over the next three years in the Permian basin in West Texas and the Duvernay region in Canada, said Guidry, an executive vice president.

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Shell estimates annual Argentina investment of $300 million through 2020

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Screen Shot 2016-07-20 at 07.42.44Shell estimates annual Argentina investment of $300 million through 2020

Thu Sep 29, 2016 | 8:50pm BS

Royal Dutch Shell (RDSa.L) plans to invest $300 million a year in Argentina through 2020 in exploration as well as refining, distribution and marketing, the company said in a statement on Thursday.

The announcement came after Shell Chief Executive Ben van Beurden met with Argentine President Mauricio Macri in Buenos Aires. Shell has been working to launch an early production well in Argentina’s Vaca Muerta shale reserves.

(Reporting by Juliana Castilla; Writing by Caroline Stauffer; Editing by Peter Cooney)

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OPEC decision on daily oil output freeze to have no impact on Shell’s strategy Zoom

OPEC decision on daily oil output freeze to have no impact on Shell’s strategy

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September 29, 2016

Baku-APA. The Organization of the Petroleum Exporting Countries’ (OPEC) agreement to freeze daily oil output will not affect Royal Dutch Shell ‘s current strategy, a spokesman for one of the world’s largest oil companies told Sputnik on Thursday, APA reports quoting Sputnik.

On Wednesday, OPEC oil producing countries agreed a preliminary deal on the sidelines of an international energy forum in Algiers, Algeria. The output ceiling was set at 32.5-33 million barrels a day for the whole cartel. 

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Argentina’s Energy Minister Sold Shell Shares After Pushback

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By Carolina MillanSeptember 13, 2016

Tax declarations show he owns $1 million worth of Shell shares

Aranguren was chief executive officer of Shell Argentina

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Argentina’s Energy and Mining Minister, Juan Jose Aranguren, has sold his shares of Royal Dutch Shell Plc following criticism from anti-graft authorities, President Mauricio Macri said.

Aranguren, formerly the chief executive officer of Shell Argentina, sold his shares in the company, Macri said in an interview with Bloomberg TV on Tuesday. Earlier, the minister was excused from all dealings with Shell in Argentina, according to a decree published in the official gazette. The minister, who owned $16 million pesos ($1 million) shares in the company according to reports of his tax documents for 2015, received a non-binding recommendation on Monday from the anti-graft office to sell his stock.

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Argentina energy minister asked to sell stock in Shell

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screen-shot-2016-09-09-at-20-58-10By ASSOCIATED PRESSPUBLISHED: 20:54, 12 September 2016 

BUENOS AIRES, Argentina (AP) — Argentina’s anti-corruption office is asking the country’s energy minister to sell his stock in Royal Dutch Shell, where he was an executive of the local branch.

Juan Jose Aranguren became energy minister in December. He has faced growing criticism for continuing to own a reported $1.1 million in Shell’s class A shares.

The head of Argentina’s anti-corruption office said Monday that Aranguren should get rid of his stock or set up a blind trust to handle his finances.

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Report: Shell considering sale of 600 Argentina gas stations

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Sep 8 2016, 08:38 ET | By: Carl Surran, SA News Editor

Royal Dutch Shell (RDS.A, RDS.B) is considering selling ~600 gas stations in Argentina as part of a strategic review of its downstream assets in the country, Business Times reports.

Shell CEO Ben van Beurden said at a conference in New York yesterday that the company is in the middle of a strategic review of its downstream assets in Argentina as part of a $30B divestment program.

Shell has market share of 19% in Argentina for gas stations, making it the second biggest seller after state-owned YPF.

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Shell considering sale of Argentine assets

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Thursday, September 8, 2016

Energy giant Royal Dutch Shell is evaluating whether to sell part of its assets in Argentina, the company said yesterday.

According to Executive President Ben van Beurden, refineries, transporting and distribution assets in the country could be put up for sale as part of a massive global disvestment programme worth an estimate US$30 billion. The move amounts to a massive revision of the firm’s “downstream” services, van Beurden said during a conference in New York.

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As Shell thrives, Aranguren faces questions

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Tuesday, June 14, 2016

Energy giant Shell is already expanding its business in the sector’s marquee Vaca Muerta formation, echoing other private firms who have gained traction in the country’s oil sector following President Mauricio Macri’s arrival in office six months ago.

But each of Shell’s positive announcements in the country come with an almost automatic question mark — addressing the company’s relationship with its previous CEO and current Energy Minister Juan José Aranguren.

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Aranguren also in the spotlight as he refuses to sell Shell stock

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Thursday, June 9, 2016

The sworn declarations of the assets belonging to the officials of the Mauricio Macri presidency (presented last Thursday at the Anti-Corruption Office) reveal varying degrees of wealth among a total of of over 430 million pesos but no item had more impact than the 16 million pesos worth of shares retained in Shell by Energy and Mining Minister Juan José Aranguren because it also represents a conflict of interest.

But Aranguren (with a 38-year career in Shell, whose local branch he headed for 12 years until last December when he joined Macri’s Cabinet) has no plans to shed the shares. Ministry spokesmen hastened to defend the situation of controlling the oil industry while owning shares in one of its companies by arguing: “The only restriction imposed by the law is that the minister cannot take specific decisions concerning Shell as a company previously employing him.”

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Argentina’s Energy Minister is stealing for the Crown

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By Eduardo J. Vior

While Royal Dutch Shell PLC has announced ten days ago an annual drop of its global sales in the first quarter by 83%, its Argentine subsidiary is filling the pockets of its mother company and the Dutch crown with the help of Energy Minister José Luis Aranguren. Since his appointment by President Mauricio Macri at last 10th December, Mr. Aranguren, Shell Argentina CEO from 2003 to 2015, and 2009-15 with downstream responsibility for the whole of South America, pursuits a policy which extremely benefits his company, and sows hatred and resentment.

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Shell in bed with the President of Argentina?

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Dear John,

It has taken some time to send you my promised request for information, but I’m now fulfilling my commitment. 

I’m an Argentinian independent journalist. Usually, I write on international Politics, and in this job I regularly check your site. In recent times, however, I note the absence of references to the enormous political engagement of Shell in the new Argentinian government.

Usually, I write on international Politics, and in this job I regularly check your site. In recent times, however, I note the absence of references to the enormous political engagement of Shell in the new Argentinian government.

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Argentina Accuses Shell of Conspiracy After Price Increase

Screen Shot 2013-10-01 at 07.56.54Royal Dutch Shell Plc’s Argentine unit was accused of conspiring against the country’s interests by Cabinet Chief Jorge Capitanich after the oil producer increased fuel prices following a devaluation of the peso. “Shell’s attitude and the one from its highest executive is conspiratorial and against the interests of the country,” Capitanich told reporters this morning in Buenos Aires. “The only explanation for this behavior is greediness.”

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Feb 3, 2014 7:08 PM GMT

Royal Dutch Shell Plc (RDSA)’s Argentine unit was accused of conspiring against the country’s interests by Cabinet Chief Jorge Capitanich after the oil producer increased fuel prices following a devaluation of the peso.

Shell boosted prices an average 12 percent at its service stations, which represent 18 percent of the Argentine market, the company said in an e-mailed statement published by local newspapers today. The company’s previous price increase of 6.8 percent was on Jan. 2, before Argentina moved to weaken the peso 15 percent from Jan. 22 to Jan. 23, the largest drop since 2002.

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Shell’s Battle of the River Plate: largest ever oil spill in fresh water

The court will fine Shell 100,000 pesos (US$28,000) for each day it falls behind in the clean-up operation, the paper reported.

Protests about the biggest fresh water oil spill in history

By John Donovan

Printed below is a news report about the largest ever oil spill in fresh water. Shell was responsible for the spill, which occurred in the River Plate on January 15, 1999, polluting drinking water and local wildlife.

The Municipality of Magdalena and some groups of inhabitants of the small town with a population of around 8,000 initiated claims against Shell (owner of the oil and the ship responsible for the spill). All these years later some of the resultant litigation is still in progress. Many inhabitants of Magdalena were under age at the time of the oil spill and are still waiting for justice to decide on their claim.

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Shell enters shale oil and gas project in Argentina

Shell has agreed to partner with Argentina's Medanito on a shale oil and natural gas project in southwestern Argentina, with plans to invest at least $200 million over the next five years, a person involved in the deal said Thursday.

Shell Says Criticism Of Venezuela Was ‘Misunderstanding’

THE WALL STREET JOURNAL

By Dan Molinski Of DOW JONES NEWSWIRES MARCH 18, 2010, 9:28 A.M. ET

CARACAS (Dow Jones)–Royal Dutch Shell PLC (RDSB) moved Thursday to clear up what it calls a “misunderstanding” regarding sharply critical remarks of Venezuela reportedly made by one of the oil company’s top officials.

Shell on Tuesday said international oil majors have mostly lost interest in investing in Venezuela, according to Reuters news agency, following leftist President Hugo Chavez’s nationalization of assets in recent years.

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Buenos Aires Citizens Seek Cleanup of Shell Refinery

The complaint calls for immediate action by the company to redress the social and environmental harms caused to the community and to the local environment by the refinery at the Polo Petroquímico Dock Sud during decades of abuse and irresponsible corporate behavior.

Shell executive to chair state’s oil and gas association

Frank Glaviano Sr., Shell's vice president of exploration and production, has been selected as the new Chairman of the Louisiana Mid Continent Oil and Gas Association, the group announced this morning.

Repsol YPF considers joint bid for Royal Dutch Shell gas unit

THE TIMES (UK): Need to Know

May 13, 2005 

Repsol YPF, the Spanish- Argentine oil and gas group, said that it was in talks with private equity companies over a joint bid for the liquefied petroleum gas unit of Royal Dutch/Shell, which could be worth up to €3 billion (£2 billion). 

Shell : No Comment On Rumored New Latin America Sales

THE WALL STREET JOURNAL: Shell : No Comment On Rumored New Latin America Sales

“In Argentina, reports say that Shell ‘s 900 service stations and its refinery plants are the potential target of a joint bid”

DOW JONES NEWSWIRES

Posted 19 August 04

The sale of the Peruvian unit is part of Shell’s broader divestment plan, aimed at axing the company’s less profitable units. The company has also sold subsidiaries in Venezuela and Portugal recently.

In Argentina, reports say that Shell ‘s 900 service stations and its refinery plants are the potential target of a joint bid by Petroleos de Venezuela SA, or PdVSA (PVZ.YY), and Argentina’s new state-run company ENARSA. PdVSA has long spoken about acquiring service stations in Argentina.

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Bloomberg: Venezuela Studies Purchase of Shell’s Argentine Units

Bloomberg: Venezuela Studies Purchase of Shell’s Argentine Units

“Shell… earlier today sold its gasoline stations in Peru to Chile’s state oil company for $41 million”

Posted 18 August 04

Petroleos de Venezuela SA, South America’s largest oil producer, is studying the purchase of Royal Dutch/Shell Group’s chain of Argentine gasoline stations in a venture with that country’s state oil company, Venezuelan Energy and Mines Minister Rafael Ramirez said.

“A joint venture, with the new oil company of Argentina, is one of the possibilities,” Ramirez said, responding to a question about a possible purchase after a press conference in Caracas, Petroleos de Venezuela’s headquarters. Carlos Garcia, a spokesman for Shell in Argentina, declined to comment.

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The Wall Street Journal: Argentina To Hike Oil Export Duties If Intl Price Rises

The Wall Street Journal: Argentina To Hike Oil Export Duties If Intl Price Rises

DOW JONES NEWSWIRES

August 3, 2004 12:58 p.m.

Posted 4 August 04

BUENOS AIRES — Argentina’s government will raise oil export duties again if the international oil price remains above $42 per barrel, Planning Minister Julio de Vido confirmed Tuesday.

“The decision is already taken,” De Vido told reporters at a news conference. He said the measure is being designed by the Economy Ministry and will be enacted over the next few days.

The move is part of an attempt to prevent fresh fuel price rises, after Argentina’s four main fuel producers lifted gasoline and diesel prices over the last ten days.

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Shell’s Argentina Unit Lifts Fuel, Diesel Prices

The Wall Street Journal: Shell’s Argentina Unit Lifts Fuel, Diesel Prices

DOW JONES NEWSWIRES

July 27, 2004 6:42 p.m.

Posted 28 July 04

BUENOS AIRES — The Argentine unit of Shell (RD) announced Tuesday that it was lifting gasoline prices by 1.4% and diesel prices by 2.9% as of midnight Wednesday.

The measure was confirmed by a Shell spokesman, who said the company had acted because of the “sustained high international oil price.”

The move follows the decision by the local unit of Exxon Mobil (XOM) SA on the weekend to push through a similar price increase. The hikes in gasoline prices are the first such increases since refiners and producers signed a government brokered price-steadying accord in January 2003.

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Argentina Fuel Price Deal Leaves Refiners In Tight Spot

The Wall Street Journal: Argentina Fuel Price Deal Leaves Refiners In Tight Spot

By LAURENCE NORMAN

May 20, 2004 1:06 p.m.

Of DOW JONES NEWSWIRES

Posted 21 May 04

BUENOS AIRES — A late night phone call between Argentina’s President Nestor Kirchner and Alfonso Cortina, president of oil giant Repsol YPF SA (REP), has transformed the rules of the game in the local oil sector and squeezed refiners into a lose-lose situation.

 

Late Tuesday, while producers and refiners were still working on a new version of a fuel price accord that would have seen fuel prices raised for the first time in 16 months, Kirchner asked Cortina to block the hikes, according to an industry official.

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