September 4th, 2006:

Monday September 4th, 2006 / 18h39 
 
LONDON -(Dow Jones)- A decision by the European Bank for Reconstruction and Development to lend money to the Royal Dutch Shell PLC (RDSB.LN)-led Sakhalin II project won’t take place before October, an EBRD spokesman said Monday.

The bank has previously set a deadline for September but the spokesman said the date was for a recommendation to the board, which he still expects in September.

The board would still then have 30 days to make a decision on the loan for the oil and gas venture on Russia’s Pacific coast, a debt which people involved in the talks say would be in the region of $500 million. read more

Monday 4 September 2006

BP is facing further embarrassment over its Texas refinery explosion, after a lawyer acting for some of the injured workers alleged that the oil firm tried to make an improper settlement offer.

A court document filed in the US by Anthony Buzbee says that Greg Alexander, the attorney who referred the case to him, was offered a $10m donation to a charity of his choice if the case was settled.

Buzbee says the offer, allegedly made by BP lawyer Kenneth Tekell, violates Texas rules on ethics. read more

HOUSTON, Sept 1 (Reuters) – A lawyer for workers hurt in the 2005 BP Plc Texas refinery explosion that killed 15 people has asked the judge to sanction BP for an alleged improper settlement offer, according to a court document filed on Friday.

In the motion filed in Galveston, plaintiffs’ lawyer Anthony Buzbee said the attorney who referred the case to him was offered a $10 million donation to his favorite charity, in his name, if the case settled.

Buzbee charged in his motion that the offer violated Texas rules of ethics for lawyers by attempting to create a conflict of interest between the lawyer and his clients, whose cases are set for trial Sept. 18. read more

AMIT BHANDARI AND SHIVOM CHAKRAVARTI

[MONDAY, SEPTEMBER 04, 2006 12:08:08 AM]
 
The Foreign Hand has featured some of the leading economists to bring you a flavour of the global economy. This week, Sunday ET spoke to Mattia Romani, senior economist, Royal Dutch Shell, the world’s second largest oil company.

He obtained his MSc from the London School of Economics and his PhD from the University of Oxford, where his research focused on the role of innovation in enhancing productivity in agricultural commodity markets. Mr Mattia says that the energy market has changed fundamentally because of the growing demand and rising cost of the marginal barrel. read more

There is a saying that we are masters of our own destiny. Moreover, we reap what we sow. So if we fail to be diligent, perhaps cut corners in some manner or lack competence, then we deserve what’s coming. If you’re a big corporation and something goes wrong that puts your reputation on the line, the chances are that deficient management lies at the root of whatever happened. Right now, we have two of the biggest names in European corporate history being given the “third degree” in the glaring light that only the media are capable of – BP and Shell. read more

08:50 – 04 September 2006
 
Filling stations were thrown into chaos at the weekend after the chip and pin debit and credit card payment system at petrol giant Shell crashed.

Filling stations across Scotland put up “cash only” signs to alert hundreds of drivers who rolled up to the pumps to refuel. Garages which had cash machines on site ran out of money forcing motorists to continue to other stations.

It is believed the whole country may have been affected by the fault, but a spokesman for Shell yesterday said he was unable to say how many stations were involved. read more

Published: Sep 03, 2006

Text of report by Chido Okafor entitled “Ijaw Buries Negotiators, Warns Oil Firms” published Nigerian newspaper The Guardian website on 3 September

It was a pathetic scene yesterday at the Warri Central Hospital when the Ijaw removed the nine corpses of their kinsmen who were killed a fortnight ago near Letugbene in Bayelsa State by soldiers of the joint task force (JTF).

The dead men had gone to negotiate the release of a Shell Petroleum Development Company staff, Nelson Ujeya who also died in still unknown circumstance. read more

Published: Sep 04, 2006

CHANGCHUN, Sept 4 Asia Pulse – China and Shell signed an agreement one year ago to jointly develop oil shale resources in Northeast China’s Jilin Province, and substantial progress has thus far been made on the project, with five exploration wells drilled in Nongan, Shulan and Yitong of the province, sources of Shell (China) Group Company disclosed at the Second Northeast Asia Fair held here recently.

Liu Xiaobing, executive of Shell (China) Group Company briefed the major events of Shell concerning the project in the past year: Jilin-Shell Oil Shale Development Co. Ltd announced establishment in March this year; Jilin-Shell oil shale project officially kicked off in May, with the first exploration well drilled in Caigang Town of Nongan County. read more

EXTRACT: As a proportion of the total, the reserves cut was bigger than that of Shell, the Anglo-Dutch oil group that has also been sued by shareholders.

THE ARTICLE

By Mark Mulliganin Madrid

Published: September 4 2006 03:00 | Last updated: September 4 2006 03:00

Repsol YPF faces a potentially damaging lawsuit by shareholders in the US, who allege the Spanish oil group misled regulators and investors over the level of its oil and gas reserves.

An amended class action complaint filed in a New York district court on Friday alleges that company executives “knowingly or recklessly made numerous false and misleading statements concerning the company’s business and financial results”. read more

Monday, September 04, 2006

ONE of the world’s major oil players has developed products that will help local governments implement road projects.

Shell Bitumen, a member of the Shell group of companies, launched the Instapave and Flexopave products and technology last Friday at the Cebu City Marriott Hotel.

The technology—which was developed in a joint venture with Asphalt Vrock Corp. and Philippine Asia Resources Inc.—is meant to protect government funds and taxpayers’ money, most of which are spent on roads, said Shell Bitumen project coordinator Ed Dalisay. read more