Thu Oct 25, 2007 3:07 PM BST
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LONDON, Oct 25 (Reuters) – Royal Dutch Shell Plc (RDSa.L: Quote, Profile , Research) expects to hold net capital expenditure steady at around $22 billion to $23 billion per annum, excluding acquisitions, in coming years, despite investor fears rising industry costs would boost the figure.
“You can foresee that we are spending around those levels in the medium term,” Peter Voser told a conference call with reporters on Thursday.
Citigroup said last week that Shell may yet again disappoint investors with an increase in near-term capital expenditure plans to $24-$25 billion a year from the $22-23 billion which the company forecast for 2007.
Analysts at Goldman Sachs predicted Shell’s 2008 capex could rise to $27.5-28 billion.
Voser repeated Shell’s guidance on the net capex figure of $22-23 billion, and the gross capex guidance of $24-25 billion, for 2007. Disposals account for the difference between the two figures.
Investors had feared that a higher figure would limit the cash available for dividends or share buybacks.
Voser said the precise level of capex would be affected by the timing of investment decisions and also noted that inflation in the sector was still running at around 10 percent, adding another $1 to the cost of extracting every barrel each year.
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This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
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.
