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Monday 26 November 2007
LONDON (Thomson Financial) – Regal Petroleum PLC has confirmed the memorandum of understanding it signed with Royal Dutch Shell PLC has been terminated.
Under the MoU, announced on Nov 21, Shell was to acquire 51 pct of Regal’s gas projects in Ukraine for 50 mln usd in cash and invest a further 360 mln usd to develop the fields.
Regal, in a statement released today, said it is considering its options for the development and commercialisation of the Ukrainian assets.
Shell on Friday said it withdrew from the MoU following the sudden exit of Regal’s chief executive Neil Ritson and chairman Francesco Scolaro on Thursday, a day after the MoU was announced.
Regal said Scolaro was leaving his post so he could take care of other business commitments. He will stay on as a non-executive director.
The reason for the departure of Ritson, who took on the CEO role in October last year, was not known. Ritson began his career as a geophysicist with BP PLC before moving through senior technical roles into executive management.
David Greer took on both the CEO and chairman roles with immediate effect. He was previously the project director of the 20 bln usd Russian gas project Sakhalin-2, in which Shell was previously the operator and key shareholder.
Shell was forced to cede control of Sakhalin-2 to state-owned gas giant Gazprom late last year after Russian regulators found environmental breaches during inspections.
Sakhalin-2’s troubles began after Shell admitted the project was 10 bln usd over budget.
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Copyright Thomson Financial News Limited 2007. All rights reserved.
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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.
