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Royal Dutch Shell News Sunday, 3 April 2005

Royal Dutch Shell News Sunday, 3 April 2005

Mail on Sunday (UK): Auditors clean up at Shell: “AUDITORS who failed to spot the massive overstatement of reserves at Shell raked in record fees from the oil giant last year. KPMG and Pricewaterhouse-Coopers earned £22m for preparing Shell’s accounts… the highest amount ever paid by a British company for a basic audit.”: “In a series of downgrades, Shell was forced to slash its estimate of proven reserves by a staggering six billion barrels, almost 30%, after admitting it had misled investors for years.”: “Shell still faces a criminal investigation from the US Justice Department and class action lawsuits from disgruntled shareholders over the scandal”:  “The reserves scandal shattered Shell’s reputation…”: “its ratio of reserve replacement, a key indicator, had collapsed to a paltry 19% – the lowest of any oil major. That means Shell is finding less than a fifth of what it produces. ‘It is clearly a concern,’ Shell acknowledged” (ShellNews.net) Sunday 3 April 05

INDEPENDENT ON SUNDAY (UK): Shell and BASF risk US anger as Iranians near deal to buy Basell: “Iran’s National Petrochemical Company (NPC) is close to sealing a politically sensitive $4.4bn (£2.3bn) deal to buy Basell, the polymer business jointly owned by Shell and BASF, the German chemical giant.”: “The difficulty for NPC comes because of the US government embargo resulting from the row about the Iranian nuclear programme, which the US alleges is being used to develop weapons.” (ShellNews.net) 3 April 05

The Observer: Shell moves Sakhalin pipeline but faces new destruction row: “…concerns remain outstanding regarding location, oil spill response, ship-whale collisions, sedimentation, noise and cumulative impacts…” (ShellNews.net) Sunday 3 April 05

Oil & Gas Journal: Shell Transport and Trading Company: Filing of the 2004 Form 20-F: “It is believed that the expectations reflected in these statements are reasonable, but may be affected by a variety of variables which could cause actual results, trends or reserves replacement to differ materially, including… …potential litigation and regulatory effects arising from recategorisation of reserves” (ShellNews.net) Posted 3 April 05

ameinfo.com (United Arab Emirates): Three Shell experts to present key addresses at Middle East Petroleum & Gas Conference (ShellNews.net) Posted 3 April 05

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