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Posts on ‘August 24th, 2004’

Fresh probe into Shell oil reserves scandal

The Scotsman: Fresh probe into Shell oil reserves scandal

Watchdogs to target ‘those responsible’

JIM STANTON, DEPUTY BUSINESS EDITOR

25 August 04

REGULATORS on both sides of the Atlantic are set to pursue a number of as-yet unnamed individuals that they believe are responsible for the reserves scandal at oil giant Shell.

News of separate investigation came as the embattled company settled fines with British and United States watchdogs over the debacle totalling £84 million.

Wrapping up an initial investigation, British regulator the Financial Services Authority said the Anglo-Dutch group was responsible for “unprecedented misconduct” and was putting out false figures for its proven oil reserves as far back as 1998. 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.

Bloomberg: Shell to Update Investors on Governance Next Month

Bloomberg: Shell to Update Investors on Governance Next Month

“Van der Veer, 56, is trying to regain investors’ confidence after the company said in January it had overstated oil reserves by a fifth. That led to an investigation by the U.S. Securities and Exchange Commission, the ouster of three top executives and the loss of Shell’s top-tier credit rating.”

Aug. 24 (Bloomberg) — Royal Dutch/Shell Group, Europe’s second-largest oil company, will update investors next month on its plan to improve corporate governance and hasn’t ruled out options, Chairman Jeroen van der Veer said.

Shell wants to ensure any changes are “fair” to all investors, Van der Veer said. The company began a review in March, after saying it had overstated oil reserves. Shell plans to make the results public in November, he said.

“We will give a short update on where we stand on the 22nd and 23rd of September, when we have a strategy update,” Van der Veer said at a conference in Stavanger, Norway. “We are working at incredible high speed, right through the summer season.” 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 wins MSOSH awards

Business Times (Malaysia): Shell wins MSOSH awards

Aug 24, 2004

SHELL Malaysia has received the Grand Award and three Gold Awards from the Malaysian Society For Occupational Safety & Health (MSOSH).

The awards were in recognition of the company’s stringent occupational safety and health management system as well as its commitment to deliver an excellent safety and occupational health performance in Shell’s workplaces.

The awards were given out at MSOSH’s annual awards presentation ceremony yesterday. Sabah Shell Petroleum Co’s Labuan Crude Oil Terminal won the MSOSH Grand Award for 2003, the sole Grand Award given by MSOSH for the year. 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 Independent – United Kingdom: Super fuel: Is it myth or magic?

The Independent – United Kingdom: Super fuel: Is it myth or magic?

“The only such fuel sold in the UK like this is Shell Optimax”

John Simister

Aug 24, 2004

WHY, IN the era of high petrol prices, would you ever buy premium priced super unleaded petrol? It costs around 5p a litre more than regular unleaded, and most cars made since 1989 can run on the regular brew anyway. So, does super fuel – Shell Optimax, BP Ultimate and the like – make your car go better and run more efficiently?

Marketing campaigns stressing the engine-cleaning benefits of these fuels, pushing the environmental angle and also hinting at extra power, have some basis in fact – but not for the reasons you might expect. It is a confused and misunderstood subject area for the consumer, so I shall try to clear the fog. 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 Technology Ventures, Inc. (STVI) Invests in Reservoir Imaging Technology Developed by Paulsson Geophysical Services, Inc

YahooNews: Shell Technology Ventures, Inc. (STVI) Invests in Reservoir Imaging Technology Developed by Paulsson Geophysical Services, Inc. (P/GSI), Brea, California

Monday August 23, 12:21 pm ET

Posted 24 August 04

LOS ANGELES, Aug. 23 /PRNewswire/ — Shell Technology Ventures, Inc. (STVI) has closed a substantial investment in Paulsson Geophysical Services Inc. (P/GSI). The investment will be used to accelerate the growth of the commercial market for the next generation 3D borehole seismic technology and Massive 3D VSP® services, developed and introduced by P/GSI over the last 6 years.

Besides high resolution imaging of oil and gas reservoirs Paulsson’s technology is also used for earthquake monitoring and aquifer mapping and monitoring. P/GSI’s past projects include projects for a number of the major oil companies in the US and overseas. P/GSI has also recently received funding from U.S. Department of Energy for mapping of Methane Hydrates on the North Slope of Alaska as well as monitoring of the injection of green house gases into geological formations. 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.

Big Oil Presses Ahead in Venezuela

THE WALL STREET JOURNAL: Big Oil Presses Ahead in Venezuela

Royal Dutch/Shell Group, meanwhile, says it is looking closely at doing its own project. “We see it as an important opportunity for the company,” Shell Venezuela President Joaquin Moreo said recently.

Despite Chavez’s Hand In Setting the Entry Terms, Energy Companies Pour In

By DAVID LUHNOW

Staff Reporter of THE WALL STREET JOURNAL

August 24, 2004; Page A10

CARACAS, Venezuela — President Hugo Chavez’s fiery anti-American rhetoric isn’t scaring off one group of investors: Big Oil.

In recent weeks, major oil companies have unveiled plans for giant investments in Venezuela, the first since Mr. Chavez pushed through legal changes in 2001 that imposed tougher financial terms on foreign oil companies. 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.

Australia’s ACCC: Won’t Take Action On Vopak/Shell Deal

THE WALL STREET JOURNAL: Australia’s ACCC: Won’t Take Action On Vopak/Shell Deal

DOW JONES NEWSWIRES

August 23, 2004 9:55 p.m.

Posted 24 August 04

CANBERRA — Australia’s competition watchdog said Tuesday it won’t take action over a storage lease agreement between Vopak Terminals Sydney Pty. Ltd. and Shell Australia.

Independent fuel importer and wholesaler Trafigura Australia had claimed to the Australian Competition & Consumer Commission that it was being pushed out of the storage site at Sydney’s Port Botany.

The Port Botany lease held by Trafigura, which supplies leaded and unleaded fuel and diesel to independent distributors and retailers, expires at the end of the month. 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.

Royal Dutch/Shell appeared in a Swedish court again over a 1999 price-fixing cartel

The Times: Need to Know: Royal Dutch/Shell… appeared in a Swedish court again over a 1999 price-fixing cartel”

24 August 04

Royal Dutch/Shell, Statoil, Norsk Hydro, OK-Q8 and Preem appeared in a Swedish court again over a 1999 price-fixing cartel, as the Swedish competition agency, Konkurrensverket, demanded the five’s SwKr 52 million (£3.8 million) fine be raised sevenfold.

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.

Woolworths growth ‘not dependent on bid’

Financial Times: Woolworths growth ‘not dependent on bid’

“admitted Coles’ move into petrol retailing, where it has teamed up with Shell, had hit Woolworths but said the impact would be short-lived”

By Virginia Marsh in Sydney

Published: August 24 2004

Woolworths, Australia’s second-biggest retailer, said yesterday it aimed to lift profits by up to 15 per cent this year and that its growth plans were not dependent on the success of its bid for the country’s largest pubs group.

The Sydney-based group, which runs Australia’s largest supermarket chain, early last month launched a A$970m (US$700m) bid for Australian Leisure and Hospitality, the pubs and gaming business spun off by Foster’s last year. 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.

Five oil companies back in court over Swedish price-fixing cartel

ChannelNewsAsia: Five oil companies back in court over Swedish price-fixing cartel

“competition authority… asked that the fines for Statoil, OK-Q8, Norsk Hydro, Preem and Shell be raised to a total of 369 million kronor (40.2 million euros, 49.3 million dollars)

Posted 24 August 04

STOCKHOLM : Five oil companies were back in court in Sweden over a 1999 price-fixing cartel, with the Swedish competition authority demanding in appeal that the quintet’s fine be increased seven-fold.

In the first day of hearings at the Swedish Market Court, the competition authority, Konkurrensverket, asked that the fines for Statoil, OK-Q8, Norsk Hydro, Preem and Shell be raised to a total of 369 million kronor (40.2 million euros, 49.3 million dollars).

The five companies were found guilty by a Stockholm district court in April of violating Swedish competition laws in 1999 when they reached a number of agreements to implement simultaneous price cuts and promotional deals. 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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