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Natural Resources: Monday July 21, 2008

Times Online

Monday July 21, 2008

Natural resources

BG Group, the natural gas producer, is expected to report strong second-quarter earnings on Thursday, benefiting from the global surge in oil and gas prices and robust growth in its liquefied natural gas business. Analysts are forecasting that its net profit before disposals and one-off items will rise to £787 million, compared with £409 million last time.

BP, the oil and gas group, has blocked a $1.8 billion (£901 million) dividend payment due to be paid from TNK-BP, its Russian joint venture, in an attempt to regain the advantage in its fight with its billionaire partners. ( The Sunday Telegraph)

Royal Dutch Shell, the Anglo-Dutch oil group, has agreed to sell its stake in the £2.5 billion London Array, the world’s largest offshore wind farm, to E.ON and Dong Energy, its former partners. The utilities have agreed to divide Shell’s one-third stake evenly between them. E.ON and Dong will each now own 50 per cent of the company. ( The Sunday Times)

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