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Posts on ‘July 9th, 2005’

The Motley Fool: Playing the Russian Shell Game

The Motley Fool: Playing the Russian Shell Game

“It’s better for a foreign investor to stay on the good side of the Russian government. Even if you’re within your rights in turning down a “deal,” being greedy about hanging on to too good of a thing can get you YUKOSed if you’re not careful.”

Posted Saturday 9 July 2005

By Rich Smith

Investors weren’t quite sure what to make of yesterday’s news involving Russia’s Gazprom and partner Royal Dutch (NYSE: RD)/Shell (NYSE: SC). As reported on CNNMoney, Royal Dutch/Shell has cashed in nearly half of its interest in the Sakhalin-2 liquefied natural gas project (located near the island of the same name) in exchange for a 50% stake in the lower stretch of a Siberian gas field known as Zapolyarnoye.

On hearing the news, investors sold off the shares of both Royal Dutch and Shell by about 1% apiece. In contrast, Gazprom’s shares, which trade over the counter, were bid up more than 4%. The negative, though muted, reaction to the news on the part of investors in the foreign oil companies is understandable. After all, Sakhalin-2 has progressed nicely since beginning production in 1999. It’s a proven find, the world’s largest liquefied natural gas (LNG) project, and likely to turn into an all-around winner for its participants (which in addition to the companies named include nearby Japan’s Mitsubishi and Mitsui (Nasdaq: MITSY)). In contrast, it’s not yet known how well the “Lower Zapo” field project will pan out. 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 evacuates 555 workers from US Gulf before Dennis

Reuters: Shell evacuates 555 workers from US Gulf before Dennis

“NEW YORK, (Reuters) – Shell Oil Co. said Friday it evacuated 555 workers from its oil and gas operations in the Gulf of Mexico as a precaution against Hurricane Dennis, but production has not been affected yet.” 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.

China Oil Giants Crave Respectability and Power

THE NEW YORK TIMES: China Oil Giants Crave Respectability and Power

“C.N.P.C. has been crucial in developing the oil resources of Sudan, a country that Western oil companies have been forced to leave because of pressure over its poor human-rights record; in Algeria, Sinopec has won exploration and drilling rights to look for new sources of oil; in Venezuela, C.N.P.C. won operating agreements in bidding rounds that included oil giants like BP or Shell.”

Saturday 9 July 2005

By KEITH BRADSHER and JAD MOUAWAD

Published: July 9, 2005

HONG KONG, July 8 – Two years ago, the China National Offshore Oil Corporation and another Chinese state-controlled oil company seemed on the verge of capturing a large patch of foreign oil reserves with a handshake deal to pay $1.23 billion for part of a field in Kazakhstan.

But the prospect was snatched away two months later when the Western companies operating the oil field asserted their legal right to buy the stake instead. For the Chinese oil executives, it was a rude defeat that emphasized their marginal status on the global energy map. 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.

China begs fuel as Japan patrols ‘oil-rich’ islands

THE TIMES: China begs fuel as Japan patrols ‘oil-rich’ islands

“Last year Shell and Unocal withdrew for commercial reasons from a joint venture with CNOOC and Sinopec to explore the East China Sea. It was not the first time that the Anglo-Dutch company had backed out of a Chinese project. Shell, BP and ExxonMobil all withdrew from participation in China’s West-East gas pipeline, amid whispers that the 4,000km tube was a white elephant.”

Saturday 9 July 2005

By Carl Mortishead

Russia appears to be favouring Tokyo in a Sino-Japanese battle for oil supplies

A JAPANESE school in the Chinese city of Dalian will be short of geography textbooks next year and it is all because of oil and a group of tiny islands in the East China Sea.

Chinese customs officials last month impounded the books because they contained maps that were offensive, showing China and Taiwan in different colours, a graphic refutation of China’s claim to sovereignty over Taiwan. More importantly, the maps identified as part of Japanese territory eight uninhabited islands known as Senkaku to the Japanese but which the Chinese call Diaoyutai. The disputed islands and surrounding ocean in the East China Sea are said to conceal vast deposits of oil and gas, and both countries are desperate to secure new supplies of fuel. 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.

Financial Times: Tracker funds bulk up in Shell shares

Financial Times: Tracker funds bulk up in Shell shares

Saturday 9 July 2005

By Robert Budden

Published: July 9 2005

Fluctuations in the oil price will have an even bigger impact on the UK stock market come July 20 when the unification of different Shell share classes formally takes effect. The change will turn oil and gas shares into the biggest constituents of the FTSE 100 index and, following a strong recent run on its shares, Shell looks set to become the biggest company in the FTSE, narrowly beating the other UK-listed oil giant BP.

Under the changes, Shell Transport & Trading and Royal Dutch Petroleum, the London and Netherlands arms of the global oil group, will be unified into Royal Dutch shares. Shell currently makes up 4.4 per cent of the FTSE 100. From July 20, this will rise to about 10 per cent. 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: Shell paves way for merger

Daily Telegraph: Shell paves way for merger

“Shell, which is trying to merge its UK and Dutch parts, has slashed the level of acceptances for shareholders in Royal Dutch Petroleum in an attempt to get the deal done.”

Saturday 9 July 2005

By Christopher Hope (Filed: 09/07/2005)

Shell, which is trying to merge its UK and Dutch parts, has slashed the level of acceptances for shareholders in Royal Dutch Petroleum in an attempt to get the deal done.

The news comes after the Anglo-Dutch oil and gas giant was criticised by British holders of Royal Dutch stock who are facing the possibility of a £77m capital gains tax bill because of the multi-billion merger with Shell Transport and Trading into a single company called Royal Dutch Shell. 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: Van the Builder must Shell out for 3,000

Daily Telegraph: Van the Builder must Shell out for 3,000

“These shareholders have been treated shabbily. Yet Jeroen van der Veer, Shell’s chief executive, says there is nothing left in his tool-box to help them, which seems careless after spending $115m on advice.”

Saturday 9 July 2005

City comment

Edited by Neil Collins

(Filed: 09/07/2005)

Shell lowers threshold for merger to go through

More news from Shell, which is trying to merge its British and Dutch parts into a monolith called Royal Dutch Shell. The £100billion deal was proceeding smoothly until yesterday, when Shell suddenly cut the required level of acceptances for Dutch investors from 95pc to 75pc.

The company’s PR machine had no convincing explanation for this, but some of Shell’s army of observers reckon it betrays nerves, at least among the advisers. One difficulty is with the 3,000 British holders of Royal Dutch shares, who are being hit with a capital gains tax bill even though they are not selling, and rather than meekly accept and pay the tax – estimated at £177m between them – they are likely to sit on their hands and see what happens. 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.

More investors caught by Shell merger

Financial Times: More investors caught by Shell merger

Investors in Royal Dutch face further confusion ahead of the unification of the oil group’s holding companies, it emerged this week.

Saturday 9 July 2005

By Alexander Jolliffe

Published: July 9 2005

Investors in Royal Dutch face further confusion ahead of the unification of the oil group’s holding companies, it emerged this week.

As has already been reported, UK investors in Royal Dutch who accept shares in the newly unified Royal Dutch Shell are treated as if they had sold their stock, triggering a potential capital gains tax (CGT) bill. Investors in Shell Transport & Trading do not face a liability.

The Association of Private Client Investment Managers and Stockbrokers estimates that about 3,000 UK investors could have to pay about £60m in tax. Apcims says British shareholders are the only people affected by “enormous” tax bills which are “totally unfair”. 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.

Irish Times: Mayo pipeline contempt case Saturday

Irish Times: Mayo pipeline contempt case Saturday

“You conclude your Editorial with the assertion that “once binding decisions are taken by the Government and the planning authorities, the law must be obeyed”. The “must” here is a legal must, not a moral must, and that makes all the difference.”

Saturday July 09, 2005

Madam, – In an Editorial of July 5th, you describe as “too simplistic” the efforts to represent the confrontation between the Mayo protesters and Shell “in a David and Goliath light”. You then go on to support your contention by saying that, up to the time of their jailing “these men were not representative of local opinion”. 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.

Irish Independent: Shell-shocked … but defiant to the end

Irish Independent: Shell-shocked … but defiant to the end

“Justine McCarthy meets the Mayo pipeline protesters and hears tales of prison, politics and poetry”: “She also has 20% of the land Shell wants to acquire for the pipeline. She is, in fact, the only non-cooperating landowner not behind bars in Cloverhill Prison. A Shell company memo copied to the protesters indicates that a decision, redolent of Constance Markievicz’s reprieve in 1916, was taken not to jail the woman so as to avoid a public relations backlash.”

Saturday 9 July 2005

Justine McCarthy meets the Mayo pipeline protesters and hears tales of prison, politics and poetry

Strangers looking for wild, elusive Rossport should follow the signs for Nigeria. The first one appears amid a cluster of hand-made signs at the junction for the causeway. “Nigeria 3m”, it directs, alluding to the deaths in custody a decade ago of anti-gas line protesters in Africa. “Shell You’re Going Out The Same Way You Came In”, warns another, strapped to an electricity pole. 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.

Irish Times: 1,000 picket outside Shell stations

Irish Times: 1,000 picket outside Shell stations

“Over 1,000 people staged a nationwide protest last night to support the five north Mayo residents jailed for refusing to obey a court order prohibiting them from impeding the construction of the Corrib gas pipeline. The protesters picketed outside Shell garages across the country as the row over the jailing of the men deepened.”

Saturday 9 July 2005

Lorna Siggins

Irish Times; Jul 09, 2005

Over 1,000 people staged a nationwide protest last night to support the five north Mayo residents jailed for refusing to obey a court order prohibiting them from impeding the construction of the Corrib gas pipeline. 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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