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Posts on ‘August 12th, 2004’

China Economic Net: PetroChina says good-bye to Shell

China Economic Net: PetroChina says good-bye to Shell

Last Updated(Beijing Time):2004-08-10 17:34
Posted 12 August 04

Recently, PetroChina Company Limited (PetroChina) decided to terminate its two-year negotiation with Shell, Exxon Mobil Corporation and Gazprom. The joint venture negotiation was about the participation of these foreign energy groups in the projects of pipelines constructed by PetroChina.

The “West-to-East Natural Gas Transmission Project” is a heavyweight project that is rare in recent years in China. With the total investment of US$ 18 billion, the project involves a total of 4,200 kilometers in length from West China to Shanghai. Before the project started, PetroChina and these foreign energy groups attained a frame agreement in Beijing in July 2002. According to this agreement, in the joint-venture company, PetroChina would hold 50 percent stocks, China Petroleum and Chemical Corporation would have 5 percent, and Exxon Mobil, Shell and Gazprom would each possess 15 percent. The investment would be performed through capital stocks and bank loans. However, the subsequent formal contract failed to be concluded till the current termination of the negotiation. read more

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Financial Times: Cultural matters

Financial Times: Cultural matters: “And as Antony Burgmans, chairman of Unilever, points out: “The leader sets the tone”

By Martin Dickson
Published: August 12 2004 05:00 | Last updated: August 12 2004 05:00

It is good news Royal Dutch/Shell has in principle agreed to unify its two boards. That is the least that its review of corporate governance should do. There had been fears of footdragging, but the company is evidently going beyond investor expectations in examining more radical restructurings, including a full merger of the Dutch and British holding companies. That may or may not be practical, but amid all the structural changes we should not lose sight of the fact that the group’s problems are partly cultural. And as Antony Burgmans, chairman of Unilever, points out: “The leader sets the tone.” read more

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Shell Targets 174,000 B/D From Dormant Nigerian Wells

The Wall Street Journal: Shell Targets 174,000 B/D From Dormant Nigerian Wells

DOW JONES NEWSWIRES
August 11, 2004
Posted 12 August 2004

LAGOS — Royal/Dutch Shell Group’s (RD, SC) Nigerian subsidiary is targeting production of 174,000 barrels of crude oil a day from dormant wells by 2008, according to an internal magazine.

Shell Petroleum Development Co. of Nigeria, known as SPDC, has budgeted about $49 million for the recovery of locked-in crude oil from dormant wells in its fields in the country, according to an article in SPDC’s in-house journal, The Shell Bulletin. read more

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Financial Times: Scrub the shell

Financial Times: Scrub the shell: “Years of sub-standard exploration and production performance have left Shell adrift of its peers in reserve replacement and reserve life.”

Published: August 12 2004 05:00 | Last updated: August 12 2004 05:00

Meeting investors’ expectations is essential to avoid share price disappointment. Comments from Jeroen Van der Veer, Royal Dutch/ Shell’s chairman, that it was examining drastic options for corporate reform have helped build expectations of structural change. Agreement in principle to unify Shell’s two boards is the least painful and simplest answer.

The move should be applauded. Lack of clear independent oversight allowed Shell’s managers to conceal the extent of its reserves problem for two years. If a new unified board is established with separate responsibility between the chief executive and a strong non-executive chairman, investors would be reassured on the transparency of decision-making. read more

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Financial Times: Shell shocker

Financial Times: Shell shocker

By Clay Harris
Published: August 12 2004 05:00 | Last updated: August 12 2004 05:00

As if Royal Dutch/Shell did not have enough upheaval on its plate, Mudlark now hears of a “cultural review team”.

A Dutch member is reported to have commented: “There are again too many Americans on board.”

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.

Pulse TC.com: Firing Shell’s Chairman?

Pulse TC.com: Firing Shell’s Chairman? “Sir Philip the Finagler after it was discovered in an internal investigation that, on his watch, Shell had been cooking its books Enron-style”

Wednesday 11 August @ 18:12:34

by Jim Hightower

Posted 12 August 04

Getting fired is one of the sourest experiences you can have – unless, of course, you’re the head honcho of a major corporation. Far from sour, getting booted from the top suite can be a mighty sweet experience.

Take the recent case of Sir Philip B. Watts, the former chairman of Shell Oil, which is based in London. He became known to many as Sir Philip the Finagler after it was discovered in an internal investigation that, on his watch, Shell had been cooking its books Enron-style, claiming to own way more oil reserves than it actually has. Thanks to this illegal accounting, the company now faces several investigations, major fines, and class-action lawsuits. 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.

Puzzling out the options as Shell faces reform

Financial Times: Puzzling out the options as Shell faces reform: “Transparency is a matter of culture. It’s not a matter of organisation …”

By Ian Bickerton, Carola Hoyos and James Boxell

12 August 04

Royal Dutch/Shell has several options to consider as it decides how to create a more unified company. But legal and corporate experts in the UK and the Netherlands agree that ripping apart the Anglo/Dutch partnership formed in 1907 through a traditional merger may not be the easiest or optimum route.

In the Netherlands, experts said one possible route lay open to Royal Dutch/Shell should it choose to unify its century-old company structure. 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.

Shell to unify boards and look at merger

Financial Times: Shell to unify boards and look at merger: “to restore the company’s credibility”

By Carola Hoyos and James Boxell in London and Ian Bickerton in Amsterdam

12 August 04

Royal Dutch/Shell, the energy group, has reached a preliminary agreement to unify its two boards and has hired bankers to assess the feasibility of merging its Dutch and British holding companies.

The oil group at present is made up of Royal Dutch, the Dutch holding company controlling 60 per cent, and “Shell” Transport and Trading, the UK side controlling the remaining 40 per cent. The two companies have separate main stock exchange listings in Amsterdam and London. 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.

London Evening Standard: £2.5m for Shell boss who quit

London Evening Standard: £2.5m for Shell boss who quit

“will astonish investors who have lost millions from the collapse in Shell’s share price since the debacle broke”

Jim Armitage

12 August 2004

Posted 13 August 04

WALTER van de Vijver, the former Shell operations director who resigned over the scandal about overbooking oil reserves, will scoop a pay-off of €3.8m (£2.5m).

The payment is bound to spark a new fat-cat outcry over the issue of ‘rewards for failure’ and will astonish investors who have lost millions from the collapse in Shell’s share price since the debacle broke.

Shell said the payment to de Vijver, who was in charge of exploration and development, would be made in stages. 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.

Miami Herald: Shell, Texaco clients seek refunds

FROM OUR AUGUST 2004 SHELL NEWS ARCHIVE…

Miami Herald: Shell, Texaco clients seek refunds

“faulty fuel sold by Shell”: “said it has received about 70,000 claims: “figure will easily run into the tens of millions of dollars.”; About 70,000 claims have been filed due to the fuel-quality problem that shut down Shell and Texaco stations in May, but as many as 500,000 people could be affected.; all supplied with the substandard fuel from a Port Everglades terminal operated by Motiva Enterprises…

BY PATRICK DANNER

[email protected]

Posted on Thu, Aug. 12, 2004

Some 25,000 Floridians have sought reimbursement for damage to their automobiles that they claim was caused by faulty fuel sold by Shell and Texaco gas stations, Shell Oil Products disclosed.

The fuel-quality fiasco that shut down Shell and Texaco stations over the Memorial Day weekend impacted other companies as well. BP, ConocoPhillips, Colonial Oil and Valero Energy Corp. were all supplied with the substandard fuel from a Port Everglades terminal operated by Motiva Enterprises, a refiner partially owned by Shell, a Shell spokesman said. Those companies, however, reported few — if any — complaints from customers. 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.

Reuters: Ex-Shell director gets 2.5 million pounds

Reuters: Ex-Shell director gets 2.5 million pounds 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.

The Guardian: Former Shell director Walter van de Vijver gets £2.5m payout

The Guardian: Former Shell director gets £2.5m payout

Mark Tran

Thursday August 12, 2004

Walter van de Vijver, the former Shell director at the centre of the storm over the oil group’s overstated reserves, is to get a €3.8m (£2.5m) pay-off.

It emerged yesterday that Mr van de Vijver, ousted as head of exploration and production in March and once hailed as prospective executive chairman, will receive an immediate €1.9m severance package.

But the Dutch former executive, who has repeatedly claimed he warned his fellow board members about overbooking reserves well before the scandal broke, will get the rest in instalments and subject to strict conditions. 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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