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June 16th, 2004:

Daily Mail: Speed up reform, Shell warned: Shell Gets a rocket

Daily Mail: Speed up reform, Shell warned: Shell Gets a rocket

15 June 2004,

Posted 16 June 04

BIG investors have given Shell a blunt warning that it must speed up its reforms and give more information about an internal review into its board structure.

Shareholders have said the oil giant’s refusal to name those on its review working party is ‘ridiculous’. They are demanding that it divulge the names and terms of reference of the review.

Investors fear conservatives in the Dutch arm of Shell are resisting change. Others appear to have received the message that the game is up for its complex dual board structure, which many hold responsible for its governance failures. 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.

Daily Mail: Reserves row spotlight on oil giants

Daily Mail: Reserves row spotlight on oil giants

Brian O’Connor,

15 June 2004

Posted 16 June 04

COULD the oil reserves scandal that has crippled Shell spread to others? Markets are on a knife edge as oil giants prepare for fresh scrutiny from the powerful US Securities and Exchange Commission.

Shell’s rivals, including BP, insist that they are different. But how can they be sure?

The issue will come to a head quickly. BP is due to make a full filing with the SEC by 30 June. Intriguingly, markets expect it on 28 June – the date of Shell’s annual meeting, when a big row is expected. 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.

Bloomberg.com: Shell to Provide Details `Soon’ on Governance Review (Update1)

Bloomberg.com: Shell to Provide Details `Soon’ on Governance Review (Update1)

June 16 (Bloomberg) — Royal Dutch/Shell Group, Europe’s second-largest oil company, said it will respond “soon” to investor calls for more information on a review of corporate governance after the company cut its oil and gas reserves.

“Shell is sensitive to and aware of these concerns and will make an announcement as soon as it is able,” said Matt Samuel, a Shell spokesman in London. Investors have been pressing Shell to give more details before an annual general meeting on June 28. 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 under fire from US investors

The Times

By PA News

June 16, 2004

Anglo-Dutch oil giant Shell came under fresh attack today after two US-based investors hit out at a lack of transparency in the review of the company’s structure.

Knight Vinke Asset Management and Californian pension fund Calpers urged the company to be more open about a process that may lead to its twin boards being merged.

The investors said that a structure which has directors meeting separately in The Hague and London was partly to blame for the “debacle” over the recent restating of oil and gas reserves. 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.

US rebels warn Shell of challenge

London Evening Standard: US rebels warn Shell of challenge

16 June 2004

BIG investors are stepping up their challenge to Shell in frustration at what they see as the oil giant dragging its feet on reform.

Two US shareholders have warned Shell publicly to come clean or expect a grilling at its 28 June annual general meeting.

Calpers, which represents Californian pensioners, has written to the Financial Times newspaper expressing anger at the secrecy surrounding the reform process. It is joined by Knight Vinke, another outspoken US investor.

Big shareholders are infuriated that Shell has refused to name those conducting an internal review of its complex Anglo-Dutch structure, or to disclose the probe’s terms of reference. 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.

Big investors go public with Shell demands

The Guardian: Big investors go public with Shell demands

Mark Tran

Wednesday June 16, 2004

Big shareholders today stepped up the pressure on the oil giant Shell to be more open in the way it is reviewing its management structure. Representatives of the Californian pension fund Calpers, one of the world’s biggest investors, and another US fund manager, Knight Vinke Asset Management, have gone public with their concerns by writing a letter to the Financial Times.

The Anglo-Dutch group, effectively two firms run as one, has come under fire after it stunned investors in January when it admitted to having overstated its oil reserves by one-fifth. Since then, investors have been pressing the company to overhaul its management structure. 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 Governance Questioned

Corporate Governance NETwork!: Shell Governance Questioned

Posted 16 June 2004

Sir Philip B. Watts, former chairman of Royal Dutch/Shell, was awarded a pay and option package worth more than $10.7 million in 2003, reports the New York Times. Proven annual reserves were overstated by about one-fifth in each of the last six years.

The picture that has emerged is one of “an institution with lax controls and struggling to keep promises made to markets and investors, particularly in its exploration and production department.” (Shell Discloses a Large Pay Package for Its Former Chairman, 5/29/04) 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.

In Mexico, Anger Over Gas Terminals

The New York Times: In Mexico, Anger Over Gas Terminals

By ELISABETH MALKIN

Published: June 16, 2004

EXICO CITY, June 15 – Fierce opposition to proposed liquefied natural gas terminals in Baja California has thrown into doubt the Mexican government’s plan to end the country’s dependence on United States gas imports.

Petróleos Mexicanos, the oil monopoly, is heavily taxed to finance the government’s budget and is starved for cash to develop the country’s abundant natural gas reserves. So Mexico imports, at high prices, close to 20 percent of the gas it uses. All of that comes from the United States. 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.

BBC News: Shell review slammed over secrecy

BBC News: Shell review slammed over secrecy

16 June 2004

Shell’s reserves are much less than originally stated

Two of Shell’s key shareholders have criticised the oil giant for the secrecy surrounding an internal review into the way the company is run.

California pension fund Calpers and US investors Knight Vinke said in a letter to the Financial Times that Shell should release details of the review.

Shell faces shareholder hostility after four reserve downgrades this year which led several top executives to quit.

Amid the debacle, Shell pledged to investigate its governing structures. 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.

Times-Picayune: Company can’t say which locations sold the tainted gasoline

Times-Picayune: Company can’t say which locations sold the tainted gasoline

Tuesday, June 15, 2004

By Stewart Yerton

Business writer

Posted 16 June 04

More than two weeks after a batch of tainted gasoline caused Shell Oil Co. to temporarily close pumps at nearly 200 gas stations in the New Orleans region, the company has released a list of stations that received the gas from a Shell refinery. But the company still cannot say for sure which stations sold the bad fuel.

Late last week, after repeated requests, Shell released a list of Shell and Texaco stations that received the problem fuel from the Norco refinery operated by Shell’s U.S. refining arm, Motiva Enterprises LLC. But Shell says the list, which includes 162 New Orleans-region stations that received the tainted gas, is not conclusive, and the company issued several qualifying statements along with the list. 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 To Invest $100M In Venezuela In 2004

The Wall Street Journal: Shell To Invest $100M In Venezuela In 2004

DOW JONES NEWSWIRES

June 15, 2004 4:43 p.m.

Posted 16 June 04

MARACAIBO, Venezuela — Royal Dutch/Shell (RD, SC) plans to invest $100 million in Venezuela this year, mainly in the Urdaneta oil field it operates in the Lake Maracaibo region, Joaquin Moreno, the president of Shell ´s Venezuela operations, said Tuesday.

“In 2004 we will invest $100 million, fundamentally in Urdaneta and maintaining a presence in service stations,” said Moreno, speaking to journalists on the sidelines of an oil conference. 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.

US Post Office To Test Fuel Cell Vehicle

The Wall Street Journal: US Post Office To Test Fuel Cell Vehicle

DOW JONES NEWSWIRES

June 15, 2004 6:18 p.m.

Posted 16 June 04

WASHINGTON (AP)–The Postal Service said Tuesday it will begin testing a fuel-cell powered vehicle in the Washington area.

The agency said it is leasing a General Motors Corp. (GM) minivan with a fuel-cell powered engine to test its use as a delivery vehicle.

Fuel cells run on the energy produced when hydrogen and oxygen are mixed, rather than using gasoline. The only byproduct of a fuel cell is water.

The post office said the van will go into use in September. Royal Dutch/Shell Group’s (RD) Shell Hydrogen will provide hydrogen for the vehicle. 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 Guardian: Chop and change

The Guardian: Chop and change

Wednesday June 16, 2004

Gabon’s forests are some of the most pristine in the world for both wood and animals. John Vidal reports from Makokou on the battle to prevent logging companies from destroying this area of natural beauty

Kong Chiong Lok – known as “King Kong” – is the face of the global logging industry; a middle-aged, cheerful Malaysian working right on the equator deep in the Gabonese forests, cutting African wood with American machinery to make flooring and plywood for the Chinese and European markets. 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.

Funds fail to question the wisdom of Shell’s rhubarb cola

The Times: Funds fail to question the wisdom of Shell’s rhubarb cola

By Carl Mortished

June 16, 2004

HAVE you ever wondered what if customers and shareholders were to find out what goes on in your workplace? Total disclosure would be daunting for most companies and is something that management would do its utmost to avoid.

You can imagine the embarrassing questions: how much are you spending on that product? Who predicted that rhubarb cola would sell? Who said there was room for another women’s magazine? Fortunately, shareholders are rarely interested in drilling down to that level of detail, but sometimes they will not let go. 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.

Telegraph: There’s enough oil left to last for 40 years, says BP

Daily Telegraph: There’s enough oil left to last for 40 years, says BP

By Edmund Conway (Filed: 16/06/2004)

Petroleum giant BP said yesterday that world oil supplies remained plentiful, despite growing concerns about the remaining global reserves of crude.

However, oil production in the UK fell faster than any other exporter in the world last year, as North Sea supplies dwindled.

The company said that the crude price had been driven to high levels by increased demand from China, rather than a drop in the amount of resources available to oil firms.

“There is no global resource or reserve shortage,” said Peter Davies, chief economist at BP. 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.

Where to hold ’em

Financial Times: Where to hold ’em

By Clay Harris

Jun 16, 2004

Think of it as a very big wedding. If you delayed the big day by two months, at short notice, you wouldn’t be surprised if the reception venue was already booked for the new date.

So there’s nothing particularly surprising about Shell Transport and Trading’s decision to hire ExCel, the conference centre in London’s docklands, for its rescheduled annual meeting on June 28.

Neither the Queen Elizabeth II Conference Centre in Westminster, Shell’s usual venue, nor any other adequate hall closer to central London was available. In spite of ExCel’s much larger capacity, the AGM will not take up more room than usual. 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 hole

Financial Times: Observer: Shell hole

June 16, 2004

Shareholders of the UK arm of Royal Dutch/Shell who want to inspect the new faces at the top will have to journey to London’s eastern docklands for its postponed annual meeting on June 28.

Observer is assured this is not a case of the company hiding itself away. Shell’s usual venue opposite parliament was not available, nor was any other 1,000-seat hall closer to central London.

Shell is not the only newsmaking UK company forced to seek a new venue. Marks and Spencer, the retailer that is suddenly the object of much bid attention, has told shareholders it plans to hold its 2005 and 2006 annual meetings in Birmingham, more than 100 miles north of London. London’s Royal Festival Hall, its usual hangout, is to be refurbished. 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.

AllAfrica.com: Shell’s Oily Troubles

AllAfrica.com: Shell’s Oily Troubles

By Sylvester Asoya

Posted 16 June 2004

In the Niger Delta, oil remains the major cause of crisis since the inception of this administration five years ago. A 93-page report that was released in December 2003 gave credence to this as it indicted the Royal Dutch/Shell Group. The survey which was conducted by a Lagos-based WAC Global Services which comprised conflict resolution experts, also criticized Shell for escalating civil strife in the region.

Until 2002, Nigeria provides Shell’s fourth largest oil production as it got 215,000 barrels daily and maintained an enviable status in the oil market. All these have now changed as there are speculations that the oil giant might quit the region in 2009. Although Shell spokesman, Simon Buerk disagreed when he insisted that his company would “help reduce conflict by changing our operating, security and community development practices.” But the real problem in Niger Delta centres on neglect, divide and rule, high-handedness, corruption and dictatorial tendencies which are all features of the present administration. Even, Edmund Daukoro, Senior Special Adviser to President Olusegun Obasanjo and Nigeria’s delegate to OPEC meeting in Beirut, confirmed this when he spoke with reporters. 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.