Reuters: Shell’s Sakhalin-2 financing package seen delayed
“LONDON: Royal Dutch Shell Plc looks set to miss a target to agree a $5bn financing package for its Sakhalin-2 gas project by the end of the year…”
Wednesday 19 October 2005
LONDON: Royal Dutch Shell Plc looks set to miss a target to agree a $5bn financing package for its Sakhalin-2 gas project by the end of the year, due to delays in securing a loan from the European Bank for Reconstruction and Development (EBRD).
EBRD spokeswoman Vanora Bennett said on Tuesday the lender had not yet decided when it will begin a 120-day public consultation period on its part of the package, suggesting overall approval will be in early 2006 at the earliest.
The EBRD is concerned that the project may not meet its environmental policies.
Shell said in June it had scheduled to close financing by year end.
Shell spokesman Andy Corrigan said the timing on the loan was a matter for the EBRD and declined to comment on whether Shell’s schedule had been altered.
Analysts said the Anglo-Dutch firm and its partners on the project had other financing options but the potential delay could be the latest in a series of problems for Shell’s largest single oil and gas project.
In July, the world’s third-largest oil firm by market value shocked investors when it upped its estimate of the expected cost of Sakhalin-2 to $20 billion from $10 billion and said oil and gas production would be delayed.
The Shell-led Sakhalin-2 consortium has also been forced to reroute an oil pipeline because of concerns about the impact on the rare grey whale, which the consortium describes as “critically endangered”.
The EBRD is considering whether to lend a small portion of the $5bn package but other lenders’ participation hinges on the EBRD’s involvement.
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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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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
