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Royal Dutch Shell News Monday, 4 April 2005

Royal Dutch Shell News Monday, 4 April 2005

THE NEW YORK TIMES: Shell Inflated Reserves by 41%: “Royal Dutch/Shell Group reports its oil and gas reserves as of 2002 was overstated by 41 percent; Shell has made five cuts in reserve number, leading to investor lawsuits, replacement of three senior executives and more than $150 million in fines; US Justice Department is conducting criminal investigation into Shell’s statements of its oil and gas reserves” (ShellNews.net) Posted 4 April 05

Asia Pulse: SAKHALIN 2 PROJECT TO SUPPLY LNG TO U.S., S.KOREA: “Royal Dutch/Shell Group, Mitsui & Co and Mitsubishi Corp. have secured long-term contracts to ship liquefied natural gas (LNG) from Sakhalin to the U.S. and South Korea” (ShellNews.net) 4 April 05

THE INDEPENDENT: Green activists to challenge ExxonMobil on Kyoto stance: “Exxonmobil, the world’s biggest oil company, is facing a new showdown with environmental activists at its forthcoming annual general meeting.”: “Exxon spends just $10m a year on research aimed at developing alternatives to fossil fuels. This compares, for instance, with more than $100m a year spent at BP, while Shell will invest $1bn between 2003 and the end of this year on developing renewable energy sources.” (ShellNews.net) 4 April 05

BARRON’SOnline: Oil’s Well: “The sense that reserves have peaked appears to be showing up in numerous ways beyond year-end reserves and Royal Dutch Shell’s writedowns (ShellNews.net) 4 April 05

DAILY TELEGRAPH (UK): City checklist: “Auditors who failed to spot the overstatement of reserves at Shell, KPMG and Price Waterhouse Coopers, earned £22m for checking the company’s accounts” (ShellNews.net) 4 April 05

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