April 22nd, 2008:

THE WALL STREET JORNAL: Russia buys abroad but discourages reverse

Rules in works may
curb foreigners’ entry
to certain companies
By DOMINIC ELLIOTT
April 22, 2008

RUSSIAN COMPANIES are set to make a record number of acquisitions this year, just as the Kremlin has increased the protection afforded to its own industries from overseas predators.

For the year up to April 18, Russian companies have declared 50 overseas takeovers valued at a total of $13 billion, up from $3.4 billion via 33 deals at the same time last year, according to data provider Thomson Reuters. read more

Financial Times: Canada fears US legislation will dirty image of oil sands

By Sheila McNulty in Houston
Published: April 22 2008 03:00 | Last updated: April 22 2008 03:00

Big oil companies are to press on with the development of Canada’s oil sands, regardless of legislation passed by the US government that could bar procurement of its carbon-intensive fuel.

Jeroen van der Veer, Royal Dutch Shell’s chief executive, told the Financial Times last week that oil groups were convinced there would be people prepared to take the fuel if oil sands were developed.
read more

Financial Times: Oil surges on Saudi and Nigeria fears

By Chris Flood and Carola Hoyos in Rome
Published: April 22 2008 03:00 | Last updated: April 22 2008 03:00

Oil surged to a record of more than $117 a barrel yesterday amid concerns about the outlook for supplies from Saudi Arabia and production disruptions in Nigeria.

Nymex May West Texas Intermediate hit a record $117.60 a barrel but profit taking later dragged WTI down 50 cents to $116.19 while ICE June Brent lost 48 cents at $113.44 a barrel after touching a fresh peak of $114.86. read more

Financial Times: China lends Nigeria $2bn in exchange for oil talks

By Matthew Green in Lagos
Published: April 22 2008 03:00 | Last updated: April 22 2008 03:00

China has agreed to lend Nigeria $2.5bn for infrastructure projects in a renewed attempt to win access to markets and energy reserves in Africa’s leading oil exporter.

Beijing has extended increasingly attractive offers of financial support to Nigeria in recent months to forge a closer relationship with Umaru Yar’Adua, Nigeria’s president, who took office last May. read more

Photographs by Jim Wilson/The New York Times: Three views of what gasoline cost on Monday in San Francisco, where prices routinely run well above the national average.
THE NEW YORK TIMES: Gas Reaches $3.50, With Little Hope for Relief

By JAD MOUAWAD
Published: April 22, 2008

Gasoline prices surpassed $3.50 a gallon nationwide for the first time and oil jumped to a record on Monday as the long rise of energy prices showed little evidence of giving way to recession fears.

The national average price for regular gasoline is up 22 percent from a year earlier, according to AAA, the automobile club. Some analysts expect it to approach $4 a gallon this summer, when demand is at a peak. Diesel fuel prices reached a record $4.20 a gallon on Monday, on average, compared with $2.93 a gallon a year earlier. read more

AA tries to head off panic at pumps after oil hits record

Terry Macalister
The Guardian, Tuesday April 22 2008

Oil prices hit new records at more than $117 a barrel yesterday in the face of a string of supply problems, including a decision by one of Britain’s largest refineries to start shutting down in the face of a threatened two-day strike over pensions.

Fears of fuel shortages and higher petrol prices encouraged the business secretary, John Hutton, to promise the government would do everything it could to ensure that the dispute at the 200,000-barrels-a-day Grangemouth plant did not disrupt motorists. read more

Daily Telegraph: British business people: The top 1,000: Energy and utilities 20 to 1

15. MALCOLM BRINDED

55, director of exploration and production, Royal Dutch Shell

Arguably the most senior British-born director at the oil group, Malcolm Brinded joined the board in October 2004, after previously being a managing director of Shell Transport since March 2004 and prior to that a managing director of Royal Dutch since 2002.

He joined the Group in 1974 and has held various positions around the world including posts in Brunei, The Netherlands and Oman. read more

Daily Telegraph: British business people: The top 1,000: Energy and utilities 20 to 1

By Andrew Cave
Last Updated: 12:30am BST 22/04/2008

2. JEROEN VAN DER VEER

60, chief executive, Royal Dutch Shell

Took over the helm at Shell following the departure of Sir Philip Watts, after the company was embroiled in a scandal over the level of its reserves.

Born in the Netherlands, van der Veer now spends much of his time in the UK. He joined the group in 1971 and rose through the ranks, working around the globe. read more

Daily Telegraph: Japan warns on oil prices after pirates attack tanker off Yemen

By Russell Hotten
Last Updated: 1:00am BST 22/04/2008

Oil and gas prices have hit new highs, spelling more pain for consumers and businesses.

Oil reached a record $117.40 a barrel at one stage yesterday, dragging up the price of gas to a new peak, amid concerns about crude supplies after a Japanese tanker was attacked in the Middle East and militants blew up a Royal Dutch Shell pipeline in Nigeria.

The head of Opec dashed hopes that members of the oil producers’ cartel might help ease prices by opening the taps, telling a conference in Rome that there is no shortage of crude on world markets. read more

Bloomberg: Crude Oil Trades Near Record as Nigerian Attacks Cut Supply

By Christian Schmollinger

April 22 (Bloomberg) — Crude oil traded near a record in New York on concern that supply disruptions in Nigeria will reduce the amount of U.S. gasoline available to meet demand during the summer driving season.

Oil surged to $117.83 a barrel yesterday after Royal Dutch Shell Plc said 169,000 barrels a day were suspended because of attacks last week in Africa’s largest producer. Nigeria, the fifth-largest exporter to the U.S. last year, produces low- sulfur crude prized by refiners because of the proportion of high-value gasoline it yields after processing. read more

Associated Press: Oil steadies near overnight record

By GILLIAN WONG
Tuesday 22 April 2008

SINGAPORE (AP) — Oil prices steadied Tuesday in Asia near the previous session’s record close above $117 a barrel, supported by concerns about instability in crude supplies from some producers.

A Royal Dutch Shell PLC joint venture in Nigeria said Monday it may have to cut crude deliveries some 169,000 barrels a day in April and May because militants sabotaged a pipeline last week in the country’s south. read more