The Independent: Russia investment boosts BP profits
“oil and gas reserves. Unlike Shell, however, BP has been underestimating them”
By Katherine Griffiths
03 July 2004
BP signalled strong profits growth for the second quarter yesterday, with output boosted by its foray into Russia last year.
BP, the world’s second largest oil group, said second quarter production had risen by about 17 per cent from a year ago, thanks mainly to expanded drilling in Russia’s vast reserves.
BP made a major investment in Russia last August when it signed a 50-50 joint venture with the Russian companies Alfa and Access/Renova. It was the second time the oil giant had risked an exposure to the country – a previous joint venture with Sidanco turned sour.
Overall, BP said its output in the three months to the end of June would be about 3.95 million barrels of oil a day.
Without the new Russian joint venture, quarterly output would actually have slipped to 3.06 million barrels a day, compared with 3.25 million in 2003.
The reduction was due primarily to sales of parts of the business, BP said. It announced in April that it had sold stakes in two Chinese oil firms.
On the downside, retail margins came under pressure from rises in crude prices and product costs together with high marketing expenses in Germany and Austria, BP said. Its shares fell 4p to 481p.
The company recently tormented its rival Shell by saying it, too, misled investors about the size of its oil and gas reserves. Unlike Shell, however, BP has been underestimating them. In a recent filing to the US Securities and Exchange Commission, BP said its proved reserves were 23 million barrels higher than stated in its 2003 annual report, and now estimated to be 18.361 billion barrels.
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Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
