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Posts on ‘July 24th, 2004’

Los Angeles Times: CALIFORNIA Refinery Expert Is at Odds With Shell

Los Angeles Times: CALIFORNIA Refinery Expert Is at Odds With Shell

“The proposed closure of the refinery has generated outrage among politicians and consumers”

By Elizabeth Douglass, Times Staff Writer

July 24, 2004

Shell Oil Co.’s Bakersfield refinery is financially sound and an attractive asset for potential buyers, and the company’s decision to close it “flies in the face of common sense,” a consultant hired by the state said Friday.

Industry expert Malcolm Turner, retained by Atty. Gen. Bill Lockyer to provide an objective opinion on the refinery’s outlook, said his consulting firm disagreed with Shell’s reasons for planning to shut down the facility Oct. 1. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

CHINA PRESS: China OKs Refinery Project

The Wall Street Journal: CHINA PRESS: China OKs Refinery Project

Originally proposed as a joint venture with Shell, the approved refinery is to be solely funded by China National Offshore Oil Corp

DOW JONES NEWSWIRES

Posted 24 July 2004

BEIJING — A 16 billion yuan ($1=CNY8.28) refinery proposed by China National Offshore Oil Corp., or CNOOC, has been approved by state authorities, Information Times reports Friday.

The refinery, which will have an annual capacity of 12 million metric tons, will be built near CNOOC and Shell Nanhai Ltd.’s existing petrochemical project at Daya Bay in Guangdong province, the newspaper reported.

Originally proposed as a joint venture with Shell , the approved refinery is to be solely funded by CNOOC, the report said. The proposed site is about 120 kilometers from CNOOC’s Huizhou offshore oil field, it said. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Marathon CEO: New Regulations On Oil Reserves Not Needed

The Wall Street Journal: Marathon CEO: New Regulations On Oil Reserves Not Needed

“Cazalot said he’s concerned scrutiny of the issue in light of the Royal Dutch/Shell Group scandal could result in unnecessary regulation.”

By JOHN M. BIERS

Of DOW JONES NEWSWIRES

Posted 24 July 04

HOUSTON — The government shouldn’t impose new regulations on petroleum companies’ reporting of oil and gas reserves, because inflation of those closely watched numbers isn’t a widespread problem, Marathon Oil Co. (MRO) Chief Executive Clarence Cazalot Jr. said Thursday night.

Cazalot said he’s concerned scrutiny of the issue in light of the Royal Dutch/Shell Group (RD,SC) scandal could result in unnecessary regulation. A congressional committee explored the issue Wednesday in Washington, and the Securities and Exchange Commission is considering whether outside auditors should have to review companies’ reserve estimates. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Exciting ride ahead in oil majors’ shrinking world

The Times: Exciting ride ahead in oil majors’ shrinking world

“Merrill Lynch believes net oil output at Shell could be down between 4 per cent and 5 per cent in the second quarter”

By Carl Mortished

July 24, 2004

ENERGY is a curious industry. Demand for oil is increasing at an extraordinary rate. Petrol, jet fuel and natural gas prices are at a high, even record levels worldwide, but are oil companies spending merrily? Not really. Is oil output soaring? No, it is not.

A clutch of big oil companies report second-quarter earnings next week. Attention will be paid to profits — Deutsche Bank forecasts about $68 billion (£37 billion) for BP, ChevronTexaco, ExxonMobil, Shell and Total combined — and to Shell’s corporate governance troubles. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.
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