AFX Asia (Focus): Shell says asset swap with Gazprom to proceed despite Sakhalin cost overruns
“Van der Veer told reporters in a conference call that Shell and Gazprom are currently engaged in “detailed negotiations” on the terms of the swap following the signing of a framework agreement on July 7.”: “He was commenting on newspaper reports that Gazprom felt short-changed with the exchange, given that the cost overruns and delays at Sakhalin have effectively reduced the value of the asset.”
Thursday July 28, 2005
LONDON (AFX) – Royal Dutch Shell PLC and Russian gas monopoly Gazprom are proceeding with plans to exchange major assets in Russia despite the massive cost overruns at the giant Sakhalin II gas project, said Shell chief executive Jeroen van der Veer.
Shell announced that Sakhalin-II was 10 bln usd overbudget a few days after it signed a preliminary agreement giving Gazprom a 25 pct in the project.
Shell, in turn, will get a 50 pct interest in Gazprom’s Zapolyarnoye field in Siberia, the world’s fifth largest gas deposit.
The start up date of the project is also delayed to the summer of 2008, as against its original timetable of late 2007.
Van der Veer told reporters in a conference call that Shell and Gazprom are currently engaged in “detailed negotiations” on the terms of the swap following the signing of a framework agreement on July 7.
Discussions will take “many months” to complete, he added.
“There’s still a lot of work to be done,” he said.
The pair still share the belief that the asset exchange makes “strategic sense,” Van der Veer stressed.
He was commenting on newspaper reports that Gazprom felt short-changed with the exchange, given that the cost overruns and delays at Sakhalin have effectively reduced the value of the asset.
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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: 
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