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Posts on ‘August 5th, 2005’

Financial Times: Shell to answer Venezuela tax charges

Financial Times: Shell to answer Venezuela tax charges

“Royal Dutch Shell must on Friday answer allegations by Venezuela that it has failed to pay $130m in back taxes…”

Posted Friday 5 August 2005

By Andy Webb-Vidal in Caracas

Royal Dutch Shell must on Friday answer allegations by Venezuela that it has failed to pay $130m in back taxes, a response that could have critical implications for several oil companies operating in the country.

The tax claim on Shell forms part of a campaign led by President Hugo Chávez to tighten control over private oil companies, which pump about 40 per cent of the output from the world’s fifth-largest oil exporter.

Mr Chávez and other officials have publicly claimed that multinationals owe as much as $3bn (€2.4bn, £1.7bn) in unpaid taxes, and in recent months Venezuela has increased tax and royalty rates on various types of oil ventures. read more

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RTE Interactive (IRELAND): Shell in surprise Corrib announcement

RTE Interactive (IRELAND): Shell in surprise Corrib announcement

“There has been an unexpected development in the continuing controversy over the Corrib gas project.”

Posted Friday 5 August 2005

Thursday 22.49: There has been an unexpected development in the continuing controversy over the Corrib gas project.

Shell Ireland has tonight announced that it is ‘suspending’ work on laying a key 75km offshore pipeline this summer.

On Tuesday the Marine and Natural Resources Minister, Noel Dempsey, granted Shell permission to lay the pipeline from the Corrib Field to the morth Mayo coastline.

The company now says it will not go ahead with this work until further public discussion and dialogue take place. 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.

THE NEW YORK TIMES: Gulf Hurricanes Are Latest Kink in the Oil Chain

THE NEW YORK TIMES: Gulf Hurricanes Are Latest Kink in the Oil Chain

“”The world has changed,” said Frank Glaviano, the vice president for production for North and South America at Royal Dutch Shell, the biggest oil producer in the gulf. “Given the supply and demand situation around the world, it’s true that any disruption in supplies is more important to markets than it was in previous years.”

Friday 5 August 2005

By JAD MOUAWAD

Published: August 5, 2005

Bob Squires, who was in charge of repairing Petronius, said that the platform had been built to withstand a 100-year storm.

“I was just in shock at the damage,” said Mr. Bruce, a longtime field coordinator on Chevron’s Petronius deepwater platform, which was hit by a 90-foot wave during Hurricane Ivan last September. “I had never seen anything like this. Everything was busted, dangling and messed up.”

Today, with oil prices hitting records and petroleum producers stretched to the limit to meet greater demand from not just the United States but from China, India and other developing countries as well, oil producers worry that hurricanes are as much a risk to a global shortfall in supplies as pipelines blowing up in Iraq or oil workers going on strike in Venezuela. 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.

NEW YORK TIMES: Aggressive Search by Cnooc for New Oil and Gas Seen

NEW YORK TIMES: Aggressive Search by Cnooc for New Oil and Gas Seen

The Chinese energy company Cnooc is preparing to mount an aggressive international search for oil”

Friday 5 August 2005

By DAVID LAGUE,

International Herald Tribune

Published: August 5, 2005

BEIJING, Aug. 4 – The Chinese energy company Cnooc is preparing to mount an aggressive international search for oil and gas supplies in the aftermath of its failed bid for Unocal, oil industry experts say.

In announcing on Tuesday that it would abandon its $18.5 billion offer, Cnooc, shorthand for the China National Offshore Oil Corporation, signaled that it would continue to work with foreign governments and companies in its search for overseas oil and gas reserves. 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.

Lex: Royal Dutch Shell

Financial Times: Lex: Royal Dutch Shell

“Mr Ollila’s high international standing and proven track record of running a global business make him a credible addition to Shell’s new single board. But, importantly, he is also a Finn.”

Friday 5 August 2005

Published: August 5 2005

The fact that “all major oil” is an anagram of Jorma Ollila is probably not among the reasons why Nokia’s departing chief executive has been appointed as Royal Dutch Shell’s non-executive chairman.

Mr Ollila’s high international standing and proven track record of running a global business make him a credible addition to Shell’s new single board. But, importantly, he is also a Finn. It makes sense for Shell, keen for its streamlined structure to be seen as neither too British nor too Dutch, to appoint someone from outside both cultures. 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 snaps up Nokia’s Ollila as chairman

Financial Times: Shell snaps up Nokia’s Ollila as chairman

“Investors reacted favourably to the announcement, with analysts saying that Shell had managed to make two impressive senior appointments amid a raft of bad news, from delayed projects and cost overruns to poorer-than-expected earnings.”

Friday 5 August 2005

By Carola Hoyos

Published: August 5 2005 03:00 | Last updated: August 5 2005 03:00

Shell, the world’s third largest energy group, yesterday tapped Jorma Ollila, the man who transformed Nokia from a little-known Finnish group into the world’s leading mobile phone maker, to be the non-executive chairman of its newly unified board.

Investors reacted favourably to the announcement, with analysts saying that Shell had managed to make two impressive senior appointments amid a raft of bad news, from delayed projects and cost overruns to poorer-than-expected earnings. 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.

The Scotsman (UK): Shell looks to new chairman Ollila to ring the changes

The Scotsman (UK): Shell looks to new chairman Ollila to ring the changes

“Royal Dutch Shell swept aside 100 years of history with the merger of its two boards last month – a move designed to eliminate the failings that led to a scandal about over-booked crude reserves that dogged the group through 2004.”

Friday Aug 05, 2005

Nick Bevens

OIL giant Royal Dutch Shell yesterday appointed the Finnish boss of mobile phone firm Nokia as its new non-executive chairman.

Jorma Ollila, 54, who helped to transform Nokia into one of the world’s most successful mobile phone and telecoms infrastructure companies, will step down as its chief executive next June.

His appointment follows a report last month that the group was seeking a successor for interim chairman Aad Jacobs who was neither British nor Dutch, to avoid upsetting the power balance. 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.

The Independent: Outlook: Royal Dutch Shell rings the changes as the man from Nokia gets the call

The Independent: Outlook: Royal Dutch Shell rings the changes as the man from Nokia gets the call

“With luck, the careless way in which Shell mislaid 4 billion barrels of reserves will be a dim and distant memory by the time he arrives next June and the company will have bedded down under its new unified structure. But the ‘enterprise first’ culture Shell claims to have inculcated has not stopped it from being accident-prone as the 100 per cent cost over- run on the $10bn Sakhalin project in Siberia demonstrates.”

Friday Aug 05, 2005

MICHAEL HARRISON

As one giant of the oil industry bows out, another takes his place. Well, maybe or maybe not. But Jorma Ollila, the next chairman of Royal Dutch Shell, has a long way to go to emulate Exxon’s Lee Raymond. Hindsight is a wonderful thing and with the benefit of it, Mr Ollila’s appointment as the first outsider to chair Shell really ought to have been obvious from the moment he announced on Monday that he was stepping down from top job at Nokia in a year’s time. 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.

The Independent (UK): Royal Dutch Shell names Nokia chief as next chairman

The Independent: Royal Dutch Shell names Nokia chief as next chairman

“Mr Ollila is expected to play a key role in the strategic development of Shell, which is still recovering from the reserves misreporting scandal last year which cost the previous chairman, Sir Philip Watts, his job and prompted the sweeping corporate overhaul of the company.”

Friday Aug 05, 2005

Michael Harrison

The oil giant Royal Dutch Shell is to appoint an outsider as chairman for the first time in its 100-year history after announcing yesterday that Jorma Ollila, the outgoing chief executive of the Finnish mobile phone group Nokia, will take up the post in June.

Mr Ollila, who will become the non-executive chairman of Nokia at the same time, will be paid pounds 500,000 in his new role at Shell and will be expected to work for the company for two to three days a week. 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.

BLOOMBERG: Shell Names Nokia Chief Executive Ollila as Chairman

BLOOMBERG: Shell Names Nokia Chief Executive Ollila as Chairman (Update6)

“Shell, Europe’s second largest oil company, ousted former Chairman Philip Watts and two other senior executives, paid a record fine in the U.K. and lost its top tier credit rating after announcing the restatement of its oil and gas reserves last year.”: “Cost overruns and delays at Shell projects such as its Sakhalin oil and gas venture in Russia have also spurred concern about the company’s project management and internal control, according to analysts and investors.”

Posted Friday 5 August 2005

Aug. 4 (Bloomberg) — Royal Dutch Shell Plc, seeking to restore investor confidence after overstating oil and gas reserves for three years, said it picked Nokia Oyj’s Jorma Ollila as chairman following an eight-month search.

Ollila, Nokia’s chairman and chief executive officer, will succeed Aad Jacobs in the non-executive role at The Hague-based Shell from June 1, 2006, said Bianca Ruakere, a Shell spokeswoman. Ollila, 54, who turned Nokia into the world’s biggest mobile phone company, this week said he’ll step down as CEO next year. 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 halts work on gas pipeline

Irish Independent: Shell halts work on gas pipeline

“No further work will be carried out until “public discussion and dialogue” take place, the company said in a surprise statement issued last night. It added that it could not withdraw legal proceedings which have seen five Co Mayo men jailed for objecting to construction of a pipeline near their homes. A spokesperson for the petroleum giant said it had “no wish” for the current situation with the men to continue, but added that suspension of the work would give the public time to engage in a “period of calm”.

Friday August 05, 2005

UP to 200 workers employed on construction of the controversial Corrib Gas Field plant in Co Mayo could lose their jobs after Shell announced that work is to be suspended until after Christmas.

In a statement last night, Shell E&P Ireland announced that all offshore pipeline work was to be temporarily suspended just two days after permission was granted by the Minister for Communications, Marine and Natural Resources, Noel Dempsey, for construction to begin on the 75km 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.

Irish Times: Shell delays Mayo pipeline until next year

Irish Times: Shell delays Mayo pipeline until next year

“Responding to the development, Dr Mark Garavan, spokesman for the five men in prison and the Shell to Sea campaign, called on the firm to “use this pause to reconfigure the entire project, make it safer and better with an offshore terminal, and listen to the people of Mayo”.

Friday Aug 05, 2005

Lorna Siggins, Marine Correspondent

Shell E&P Ireland says it will defer laying the offshore pipeline for the Corrib gas project until next year. The company said last night the temporary suspension “will not materially affect the project’s completion schedule”, and will “allow for a period of discussion and dialogue”.

Shell would “use this time to address remaining public concerns and is fully committed to delivering the Corrib project, which will address Ireland’s urgent need for an alternative indigenous natural gas supply”, it said. 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.

The Guardian: Nokia chief to take charge at Shell

The Guardian: Nokia chief to take charge at Shell

“His appointment, which will run for an initial period of three years, marks a further step in the restructuring at Royal Dutch Shell in the wake of the reserves over-booking scandal last year.”

Friday August 5, 2005

Mark Milner and Richard Wray

Royal Dutch Shell has chosen the outgoing Nokia chief executive, Jorma Ollila, to become its £500,000-a-year non-executive chairman.

The new chief, who will replace Aad Jacobs, will be based in the Hague and will take up his new role in June next year.

His appointment, which will run for an initial period of three years, marks a further step in the restructuring at Royal Dutch Shell in the wake of the reserves over-booking scandal last year.

Mr Ollila, under whose stewardship Nokia was transformed into the world’s leading mobile phone maker, was selected after a process which included executives from the US, Britain, the Netherlands and elsewhere in continental Europe. His appointment is understood to have been approved unanimously by both the committee set up to find a new chairman and the Royal Dutch Shell board. 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.

A Change of Leadership For Big Oil Companies

THE WALL STREET JOURNAL: A Change of Leadership For Big Oil Companies

“Under Mr. Raymond, Exxon has become industry’s tallest lightning rod in the debate over how much fossil-fuel emissions may be contributing to a warming of earth’s temperatures. Fellow oil giants BP PLC and Royal Dutch Shell PLC have taken an environmentally friendly stance with initiatives that promote the development of alternative fuels.”

Friday 5 August 2005
Raymond Turns Over Reins
To Tillerson as Exxon Hits
Height of Earnings Powers

By SUSAN WARREN and JEFFREY BALL
Staff Reporters of THE WALL STREET JOURNAL
August 5, 2005; Page A3

Rex W. Tillerson, anointed to become Exxon Mobil Corp.’s new chairman and chief executive officer at the end of the year, is going to have one of the toughest acts to follow in modern management history.

Exxon yesterday said Lee R. Raymond will retire at the end of this year, ending more than two years of speculation about when he would turn over the reins. Mr. Tillerson, 53 years old, became heir apparent in March 2004 when he was named to the position of president. Exxon said it expects its board to elect Mr. Tillerson as Mr. Raymond’s successor. 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 Names Nokia’s Ollila As Nonexecutive Chairman In Move Toward Overhaul

THE WALL STREET JOURNAL: Shell Names Nokia’s Ollila As Nonexecutive Chairman In Move Toward Overhaul

Friday 5 August 2005

By MICHAEL WILLIAMS, DAVID PRINGLE and BENOÎT FAUCON
Staff Reporters of THE WALL STREET JOURNAL
August 5, 2005; Page A3

Moving ahead with its ambitious revamp, Royal Dutch Shell PLC is turning to an outsider — departing Nokia Corp. Chief Executive Jorma Ollila — as its next nonexecutive chairman.

Shell’s appointment of the 54-year-old Mr. Ollila follows the announcement earlier this week that he is stepping down as CEO of Nokia, effective in June, upon the expiration of his contract. At Shell, Mr. Ollila will succeed Aad Jacobs upon his scheduled retirement June 1.
[Ollila] 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/Nokia

THE WALL STREET JOURNAL: Shell/Nokia

“Mr. Ollila will be paid £500,000 (€720,000) a year — the going rate at FTSE-100 firms. Compare that to what the chairman of Shell’s U.K. arm earned the year before last — a mere £55,000. Is it any wonder that after last year’s oil-reserves scandal, investors believed that Shell management was asleep on the job?”

Friday 5 August 2005

Edited by Hugo Dixon
August 5, 2005

Nokia’s former chief executive is a good choice to become Royal Dutch Shell’s first outside chairman. Jorma Ollila may not know much about oil. But he knows a lot about transforming companies, internationalizing management and listening to shareholders. These are all qualities that sleepy Shell has long lacked. He also knows a lot about returning cash to investors, managing a global firm and maintaining profitability in an increasingly competitive industry. These are qualities that Shell also needs in the ever-tougher oil world. (See related article.) 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 empire can strike back with new leadership and some glasnost

Daily Telegraph: Shell empire can strike back with new leadership and some glasnost

“The company would certainly benefit from the appointment of a serious outside financial public relations adviser…”: “If the new Ollila/van der Veer partnership really can change the culture of this introverted empire, there seems no reason why, one day, it shouldn’t be as widely admired as BP.”

Friday 5 August 2005

When Royal Dutch Shell was looking for its new chairman, the board might have mused about their ideal candidate: someone young enough to be more than a figurehead, who had done a big job supremely well, who was neither British nor Dutch, who spoke excellent English, who could understand both sums and engineering, but who wasn’t steeped in the traditions of the oil industry.

The chances of Egon Zender actually finding such a paragon must have seemed vanishingly small, but in Jorma Ollila, it seems they have got their man. We will not be told who the other five were on the short list, but none of them can have ticked quite as many of the right boxes as the man who turned Nokia from a little loss-making conglomerate into the world’s leading mobile phone maker. In his 13 years in charge, he had multiplied its value by almost 400 times, perhaps the most successful corporate transformation anywhere on the planet in the past decade. 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: Finland’s mobiles guru to head Shell

Daily Telegraph: Finland’s mobiles guru to head Shell

“Royal Dutch Shell yesterday ended its 10-month hunt for a new chairman with the surprise hiring of Finnish mobile phone guru Jorma Ollila.”: “The appointment almost completes the revamping of Shell’s board triggered by last year’s oil reserves overbooking scandal, which was partly blamed on the company’s bureaucratic structure.”

Friday 5 August2005

By Dominic White (Filed: 05/08/2005)

Mr Ollila, who announced his decision to retire as chairman and chief executive of Nokia this week, will get £500,000 a year when he becomes Shell’s non-executive chairman next June.

A corporate hero in his homeland, the 54-year-old will replace Aad Jacobs, who has been chairman of the Royal Dutch arm of the group since 2002 and is due to retire next year when he turns 70.

Mr Jacobs recently hinted at a successor who was neither British nor Dutch to avoid upsetting the oil giant’s delicate balance of power. 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 Mail: Part-time job at Shell is a nice little earner

Daily Mail: Part-time job at Shell is a nice little earner

“Ollila’s salary gives him membership of a fast-growing club of part-time chiefs earning £500,000 a year. Shell has been looking for a new chief since last October when it began reshaping itself in the wake of a humiliating oil reserves scandal that cost chairman Sir Philip Watts his job.”

Friday, August 5, 2005

By Tom Stevenson

CITY FINANCE

Deputy City Editor Ruth Sunderland

Telephone 020 7938 6000

Web www.thisismoney.co.uk

ROYAL Dutch Shell has appointed the outgoing chief executive of Finnish phone giant Nokia as its new non-executive chairman on a part-time salary of £500,000. Jorma Ollila will only be required to work two to three days a week in The Hague and stays on as part-time chairman of Nokia.

Ollila’s salary gives him membership of a fast-growing club of part-time chiefs earning £500,000 a year. Others include Sir Christopher Gent at GlaxoSmithK-line, Niall FitzGerald at Reuters and BT’s Sir Christopher Bland, who works three days a week. 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.

Reuters: Shell, Bechtel complete Intergen sale

Reuters: Shell, Bechtel complete Intergen sale

Friday 5 August 2005

AMSTERDAM (Reuters) – Oil group Royal Dutch Shell Plc and U.S. construction firm Bechtel said on Friday they had completed the sale of their InterGen power generation joint venture to a partnership between AIG Highstar Capital II L.P. and Ontario Teachers’ Pension Plan for $1.75 billion.

Shell also said in the statement that it had agreed to divest InterGen’s U.S. and remaining Turkish assets, although it had previously said they would be retained. 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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