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Posts on ‘August 16th, 2004’

Shell to retail fuel in India by year-end

Rediff: Shell to retail fuel by year-end

“Anglo-Dutch oil giant Shell will begin auto fuel retailing in India by the end of 2004”

August 16, 2004 14:28 IST

Anglo-Dutch oil giant Shell will begin auto fuel retailing in India by the end of 2004, Shell India Chairman Vikram Singh Mehta said in New Delhi.

Shell has a licence to set up 2000 petrol stations in the country and plans to set up the pumps in phases.

“We will begin rolling out petrol stations from the fourth quarter of 2004 and our first set of retail outlets will be on ground by 2004-end,” Mehta said.

The company is planning 200-250 petrol stations in the first phase but Mehta did not say how many outlets will be selling petrol and diesel by the year-end. 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 Times: Shell weighs Intergen sale

The Times: Shell weighs Intergen sale

“a sale would also fit with Shell’s aim of trying to restore investor confidence”

Lucinda Kemeny

Posted 16 August 04

SHELL is considering the sale of its stake in Intergen, the global power-station business it set up in 1995 with Bechtel, the project-management specialist. The business could be worth up to $6 billion (£3.2 billion).

The news comes only weeks after the embattled oil giant and BASF, the German chemicals giant, were revealed to be in talks with an American financial investor, believed to be the private-equity group Blackstone, and a Russian energy company about selling their 50-50 petrochemicals joint venture, Basell. 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.

Cairn’s lucky strike in the oil lottery

The Times: Cairn’s lucky strike in the oil lottery

““Still, it (SHELL) must have some regrets about giving away a winning lottery ticket.”

Indian find is akin to being given a free ticket and winning the lottery, says the exploration company.

Report by Peter Koenig

Posted August 15, 2004

TEN DAYS ago, on the morning of August 6, Bill Gammell and Kevin Hart, chief executive and finance director of the Scottish oil-exploration group Cairn Energy, arrived at their Edinburgh headquarters distracted.

Gammell, 51, who, to his chagrin, is as well known for his childhood friendships with George W Bush and Tony Blair as for his accomplishments as an oilman, was thinking ahead to a week’s holiday in Fife.

Hart, 35, a refugee from a City job at Deutsche Morgan Grenfell, wasn’t even supposed to be at work — he was meant to be taking the day off. 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.

Cost of directors’ cover falls

The Times: Cost of directors’ cover falls

“several multimillion-dollar cases — such as Vivendi and Shell — prepare for court”

By Christine Seib

16 August 2004

THE cost of insuring directors against legal actions by disgruntled shareholders has begun to fall after three years of crippling rate rises.

But insurance brokers gave warning that the reprieve may only be temporary as several multimillion-dollar cases — such as Vivendi and Shell — prepare for court.

Mark Hardinge, managing director of Aon Professional Risks, one of the world’s biggest insurance brokers, said that cut-price cover was being underwritten by new insurers based in Bermuda but with offices in London and New York. “There are several new insurers that are undercutting the established players by as much as 30 per cent,” he 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.

Daily Telegraph: Cairn oil bonanza nets chiefs £4m bonus

Daily Telegraph: Cairn oil bonanza nets chiefs £4m bonus

“Cairn’s finds in India are a source of continued embarrassment to Shell, which sold its 50pc share in the concession to Cairn for just $7.25m.”

By Christopher Hope, Business Correspondent (Filed: 16/08/2004)

Cairn Energy, the Scottish oil explorer, will take a charge of more than £4m at its half-year results in three weeks’ time to cover the cost of paying out long-term bonuses to its management.

Cairn has been one of the biggest risers on the stock market this year after discovering 1.85billion barrels of oil in northern India. Last week the shares jumped 13pc after Cairn found oil for the fourth time.

Kevin Hart, finance director, told analysts last week that the cost of paying directors’ bonuses under its long-term incentive plan, which is linked to Cairn’s share price, was likely to be £4.3m for the six months to June 30. 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 Delay Closing Refinery, Granting Californians Reprieve

THE WALL STREET JOURNAL: Shell to Delay Closing Refinery, Granting Californians Reprieve

“Shell’s intent to close the plant had triggered an antitrust investigation by California officials as well as one by the U.S. Federal Trade Commission.”

By THADDEUS HERRICK

Staff Reporter of THE WALL STREET JOURNAL

August 16, 2004; Page B2

Shell Oil, a unit of Royal Dutch/Shell Group, agreed to postpone the Oct. 1 shutdown of a California refinery for six months to allow more time to find a potential buyer, providing at least a temporary reprieve to consumers in one of the nation’s tightest gasoline markets.

The agreement between Shell and California State Attorney General Bill Lockyer comes as growing world demand for products made from crude oil, coupled with the nation’s limited refining capacity, has resulted in unusually high fuel prices. As of last week the average retail price for a gallon of regular grade gasoline was $1.87, up nearly 31 cents from a year ago, according to the Department of Energy. 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: Shell in the bid spotlight as oil price keeps climbing

London Evening Standard: Shell in the bid spotlight as oil price keeps climbing

“reports suggested top brass at scandal-struck Shell think a bid may be on its way from France’s Total.”

Market Report by Sarah Marks

16 August 04

OIL companies should be back on the march once again this week, as the price of crude raced to new record highs today.

But it was not just that familiar tale that will be sparking interest in the sector. Weekend reports suggested top brass at scandal-struck Shell think a bid may be on its way from France’s Total.

Such a deal would be one of the few combinations of the major companies in the industry that would not evoke the ire of the competition authorities. 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.

Daily Express: Shell faces takeover challenge from Total

Daily Express: Shell faces takeover challenge from Total

“THE turmoil at Shell has triggered speculation that it could be vulnerable to a takeover or merger”

16 August 04

THE turmoil at Shell has triggered speculation that it could be vulnerable to a takeover or merger, with France’s Total tipped as a contender.

Shell has been rocked this year by revelations that its oil and gas reserves were 20 per cent lower than thought.

The crisis claimed the scalps of three senior executives^ including chairman Sir Philip Watts and the head of exploration Walter van de Vijver.

It has also raised questions about the independence of Shell which has remained on the sidelines while the industry has seen a wave of mergers and takeovers including Exxon’s purchase of Mobil. 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.

Expatica: Shell, Total tight-lipped over merger rumour

Expatica: Shell, Total tight-lipped over merger rumour

16 August 2004

AMSTERDAM — Royal Dutch/Shell has declined to be drawn into rumours the Anglo-Dutch oil giant faced a potential takeover bid from French rival Total.

Total has also declined to comment on the report in British Sunday newspaper the Observer.

Without quoting sources, the paper said Shell insiders fear Total will launch a raid and force a merger, and that the takeover was the subject of “fevered speculation”.

“Total, the world’s fourth-largest oil firm, is considered the only predator capable of gaining regulatory approval for what would be a spectacular merger,” the paper 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.

Shell Declines Comment On Total Takeover ‘Rumors’

THE WALL STREET JOURNAL: Shell Declines Comment On Total Takeover ‘Rumors’

“market speculation French competitor Total SA could be preparing to make a bid for the company”

DOW JONES NEWSWIRES

August 16, 2004 3:49 a.m.

AMSTERDAM — Anglo-Dutch oil giant Royal Dutch/Shell Group (RD,SC) Monday declined to comment on market speculation French competitor Total SA (TOT) could be preparing to make a bid for the company.

“We won’t comment on rumors,” Shell spokesman Andy Corrigan said.

Representatives of Total earlier also declined to comment.

U.K.-based newspaper The Observer reported Sunday that Shell is preparing for a bid by Total, quoting internal Shell sources. 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.

Total takeover bid for Shell?

London Evening Standard: “Reports at the weekend claimed that Total was keen to take advantage of the lack of confidence in Shell’s management”

Mickey Clark

16 August 2004

CITY traders were doing their level best to play down talk of a £40bn-plus bid for oil giant Shell, up 2 1/4p at 392 3/4p, from its smaller French rival Total.

Reports at the weekend claimed that Total was keen to take advantage of the lack of confidence in Shell’s management following the writedown of around 22% of the group’s oil reserves earlier this year. Shell’s management is said to have conceded that the controversy over the writedown had left it vulnerable to take over. 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.

SKYNEWS: TOTAL SILENT OVER BID

SKYNEWS: TOTAL SILENT OVER BID

16 August 2004

French oil group Total is refusing to comment on rumours that it is considering a bid for Shell.

A report referring to a Royal Dutch/Shell and Total tie-up said the two groups were “the subject of fevered speculation”, adding that Shell executives were anxious.

“We do not comment on rumours,” a Total spokeswoman said, echoing comments from Shell.

The Observer report quoted an oil analyst as saying that on paper it would fit but the main issue would be who would be in charge. 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.

Daily Mail: Shell fears Total takeover attack

Daily Mail: Shell fears Total takeover attack

“group’s tardy disclosure that oil reserves have been inflated.”

16 August 2004,

SHELL is seen as vulnerable to a bid, even though the oil price surge is providing a welcome boost to profits.

The Anglo-Dutch oil giant is reportedly worried that French rival Total will turn predator, taking advantage of Shell’s recent problems.

Shell is being forced to overhaul its dual-board corporate structure, which some regard as partly to blame for the group’s tardy disclosure that oil reserves have been inflated.

Total has a market value of £68bn compared to Shell’s £94bn, but it may still be able pull off a takeover. 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: Total declines comment on Shell report

Reuters: Total declines comment on Shell report

Mon 16 August, 2004 07:37

PARIS (Reuters) – Total has declined comment on a report in The Observer that said executives at Royal Dutch/Shell were concerned about a potential takeover bid from the French oil group.

The paper said a tie-up between the two groups was “the subject of fevered speculation”, but did not cite any sources and said there were no indications that board members or advisers had spoken about a combination of the companies.

“We do not comment on rumours,” a spokeswoman for Total said on Monday. 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 fears swoop by French oil giant Total: report

Channel News Asia: Shell fears swoop by French oil giant Total: report

“Shell has been shaken by a scandal involving the overestimation of its reserves of oil and gas.”

Posted: 16 August 2004

LONDON : The Anglo-Dutch oil company Royal Dutch Shell, one of the world’s biggest, is bracing itself for a raid by France’s Total.

“Insiders … fear Total will launch a raid,” the British Sunday newspaper the Observer said. “Total … is considered the only predator capable of gaining regulatory approval for what would be a spectacular merger.”

With a market capitalisation of 68 billion pounds (125 billion dollars), the Observer said, Total is smaller than Shell, worth 94 million pounds (173 billion dollars). 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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