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Posts on ‘July 21st, 2004’

CBCNews: Shell to compensate Quebec motorists for damage caused by gas additive

CBCNews: Shell to compensate Quebec motorists for damage caused by gas additive

“Hundreds of thousands of Quebec motorists may be eligible to receive money from Shell as part of a settlement of a class-action lawsuit.”

Last Updated Wed, 21 Jul 2004 10:45:02 EDT

MONTREAL – Hundreds of thousands of Quebec motorists may be eligible to receive money from Shell as part of a settlement of a class-action lawsuit.

Motorists could get anywhere from $20 to $450 in compensation from Shell to pay for damage caused to their vehicles because of an additive in the company’s regular gasoline between March 2001 and March 2002.

The additive left residue at the bottom of gas tanks causing faulty operations.

Reports say as many as 500,000 Quebecers may qualify for part of the settlement, which could cost Shell up to $100 million. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

LA Times: SEC Weighs Requiring Certified Reserves: ‘scandal at Shell oil’

LA Times: SEC Weighs Requiring Certified Reserves: ‘scandal at Shell oil’

‘overstatement of its proven reserves and “inappropriate” accounting in other business areas resulted in profits being inflated by $432 million.’

By Associated Press

Posted 21 July 04

WASHINGTON — Following scandal at Shell oil, federal regulators are considering requiring outside auditors to review and certify energy companies’ oil and gas reserves, documents show.

A memorandum from two officials of the Securities and Exchange Commission to its chairman, William Donaldson, indicates that the move being considered would mandate that outside auditors review and certify oil and gas reserves the way they do now for companies’ finances. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

The New York Times: House Panel to Begin a Hearing on Shell’s Reserve Scandal

The New York Times: House Panel to Begin a Hearing on Shell’s Reserve Scandal

“Shell officials were asked to testify, but will not, the company said.”

Published: July 21, 2004

LONDON, July 20 – The House Financial Services Committee in the United States plans to begin a hearing Wednesday on the oil reserve scandal at Royal Dutch/Shell, a move that is sure to expose the company to more public criticism, and could provide additional fuel to class-action suits.

Shell officials were asked to testify, but will not, the company said. “Through our Washington, D.C., office, we did receive an invitation to testify at the hearing, which we have respectfully declined,” said Stuart Bruseth, a Shell spokesman. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

S Korea LG Caltex Asks Japan Oil Cos For Gasoline Supply

The Wall Street Journal: S Korea LG Caltex Asks Japan Oil Cos For Gasoline Supply

“Showa Shell Sekiyu spokesman attributed the tight gasoline supply in part to Japan’s strong demand this summer”

DOW JONES NEWSWIRES
July 21, 2004 12:39 a.m.

TOKYO — South Korea’s LG Caltex Oil Corp. has asked Japanese refiners to urgently export excess gasoline supply to the company as part of its emergency measures to help cover possible near-term supply shortages created by the shutdown of its 650,000-barrel-a-day refinery.

“We’ve contacted them,” an LG Caltex official said Wednesday, when asked whether there were talks underway between LG Caltex and Japanese oil companies for gasoline supply for prompt delivery. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

SEC May Require Auditors To Sign Off on Oil, Gas Reserves

The Wall Street Journal: SEC May Require Auditors To Sign Off on Oil, Gas Reserves

“SEC’s re-evaluation of its rules comes on the heels of the Shell accounting scandal”

Associated Press

July 20, 2004 8:15 p.m.

Posted 21 July 04

HOUSTON — The Securities and Exchange Commission may require independent auditors to review the reserves of energy companies in light of recent oil reserves downgrades at Royal Dutch/Shell Group and other companies, SEC staff said in a memorandum provided to Congress.

The SEC, citing new requirements for companies to review their financial controls, said it will also consult with the Public Company Accounting Oversight Board on whether new regulations are necessary. There is no current requirement for outside auditors to certify oil and gas reserves, a key benchmark for valuing oil companies. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

The Guardian: Nigerianisation: Shell’s solution for troubled delta

The Guardian: Nigerianisation: Shell’s solution for troubled delta

“The reserves scandal that led to Sir Philip’s removal in part related to Nigeria”

Terry Macalister

Wednesday July 21, 2004

Shell yesterday took a first step towards trying to rebuild its damaged credibility in Nigeria by becoming the first oil company to appoint a local to head its operations there.

Basil Omiyi becomes managing director of Shell Petroleum Development Company of Nigeria, a job once held by the group’s disgraced former chairman, Sir Philip Watts.

The reserves scandal that led to Sir Philip’s removal in part related to Nigeria, where Shell is the biggest foreign operator. About 1.3bn barrels of the 3.9bn in overbooked reserves came from the west African state, which is plagued by civil unrest in the oil-rich Niger delta region. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Nigerian lands Shell post in west Africa

Financial Times: Nigerian lands Shell post in west Africa

“The company is struggling to come to grips with its role in the civil unrest that plagues many of the country’s oil producing regions.”

By Carola Hoyos, Energy Correspondent

Published: July 21 2004 5:00 | Last Updated: July 21 2004 5:00

Royal Dutch/Shell has appointed the first Nigerian to head its operations in the west African country.

Basil Omiyi will become managing director of Shell Petroleum Development Company of Nigeria, Shell’s biggest country operation, in September. He will take over from Chris Finlayson, who is to become head of exploration and production for Africa and retain the role of Nigeria country chairman.

Mr Omiyi takes over the post during the most troubled year in Shell’s recent history. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Houston Chronicle: Nigerian picked to head division

Houston Chronicle: Nigerian picked to head division

“analysts said was a bid to appease Nigerian unions and ethnic groups threatening production shutdowns”

Associated Press

Posted 21 July 04

LAGOS, NIGERIA – Royal Dutch-Shell Group of Companies named a Nigerian to head its largest African subsidiary Tuesday, an appointment industry analysts said was a bid to appease Nigerian unions and ethnic groups threatening production shutdowns.

Basil Omiyi becomes the first African to hold such a senior post for an oil multinational. His promotion comes as multinationals increasingly turn to oil-rich West Africa as an alternative supplier to the Middle East. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

US increases scrutiny of oil groups

Financial Times: US increases scrutiny of oil groups

“investigations are stepped up in the wake of accounting problems at Royal Dutch/Shell and elsewhere.”

By Adrian Michaels in New York

Jul 21, 2004

Some of the world’s largest oil companies will receive greater scrutiny from US lawmakers as investigations are stepped up in the wake of accounting problems at Royal Dutch/Shell and elsewhere.

Yesterday John Dingell, the senior Democrat on the House energy and commerce committee in Washington, expressed dissatisfaction with letters sent to him by US regulators about oil reserve accounting – the area of the industry’s books in which Shell revealed a huge shortfall in January. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Oil companies ‘endangering whales’

Financial Times: Oil companies ‘endangering whales’

“WWF, the conservation group, called on Shell to suspend its Sakhalin oil project pending a full review”

By Vanessa Houlder in London and Mariko Sanchanta in Tokyo

Jul 21, 2004

The International Whaling Commission yesterday accused oil companies of threatening the survival of an endangered population of whales in the north Pacific.

Noise, vessel traffic and the potential for a catastrophic oil spill posed “an obvious and immediate threat” to the feeding grounds of the 100 remaining western Pacific grey whales, its scientific committee said.

Their foraging grounds by Sakhalin Island off Russia’s Pacific coast have been surrounded by oil projects developed by Exxon, BP and a consortium headed by Shell. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com
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