Institutional Shareowner: Shell Doubles Cost Projections of Sakhalin II, Project Critics Redouble Opposition
“Shell is doing a very poor job on both internal governance and managing their own affairs, and communicating to their stakeholders and shareholders…”:
Published July 21, 2005
Shell Doubles Cost Projections of Sakhalin II, Project Critics Redouble Opposition
by William Baue
The largest oil and gas project in the world meets resistance over concerns about its social and environmental impacts, as well as its economic sustainability.
Last year, Shell (ticker: RD) rocked the business world when it revised its proven oil reserves by 20 percent, later revealing that top executives had foreknowledge of mistakes in reserve statements. Last week, Shell again sent out shock waves when it revised cost projections twofold for its Sakhalin II project, upping estimations from $10 billion to “the order of $20 billion” while simultaneously announcing delays to the project timeline. Sakhalin II is an oil and gas extraction project taking place off of the east coast of Russia that is already producing oil. Liquefied natural gas (LNG) deliveries will begin in the summer of 2008, and drilling will continue through 2014.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
MORE DETAILS:
A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
