Published: September 24 2007 03:00 | Last updated: September 24 2007 03:00
As much as Paolo Scaroni tries to keep investors focused on Eni’s opportunities elsewhere, talk keeps coming back to Kashagan, the giant oil field in Kazakhstan. The chief executive of Italy’s big oil company is battling to persuade the Kazakh government that delays and cost overruns at the Eni-led project need not lead to a radical rewriting of terms or, worse, the end of the road for Eni’s involvement. He has until October 22 to reach a friendly agreement or the gloves come off.
Mr Scaroni is in a tight spot. Kashagan is Eni’s biggest current development project. What’s more, this is no simple outbreak of resource nationalism from a state emboldened by high oil prices. There have been mutterings since operation of this vast project – reckoned to be the world’s most technically demanding field – was handed to Eni in 2001, ahead of other, larger majors such as Royal Dutch Shell and ExxonMobil, also members of the consortium. And every glitch puts off the day when the government begins realising its share of the project’s value – especially galling when oil prices are so high.
The worst-case scenario for Eni – losing its lead position on the project – seems remote, however. Other consortium members have tut-tutted from the sidelines but are probably reluctant to push for Eni’s removal.
The best outcome Mr Scaroni can probably hope for is a tweak to the profit-sharing agreement to allow more cash to flow to the government at an earlier stage. He will probably also have to accept a larger role in the consortium for state-controlled KazMunaiGaz. The fact he’s not alone in feeling the Kazakh authorities breathing down his neck – witness recent grumblings about a giant Chevron-led natural gas project – is only thin consolation.
Copyright The Financial Times Limited 2007
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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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