TNK-BP board to review venture’s spending plans
By Russell Hotten
The board of BP’s Russian oil joint venture, TNK-BP, will review the operation’s capital spending plans, one of the key points of dispute in the bitter power struggle between the UK company and its billionaire partners.
Mr Dudley, the TNK-BP chief executive who left Russia last week citing “sustained harassment”, is trying to run TNK-BP, Russia’s third largest oil producer, from a secret location.
TNK-BP’s Russian investors in the 50-50 joint venture claim Mr Dudley sanctioned an increase in capital spending from $3.5bn to $4.4bn without board approval, which he denies. The Russian camp, operating under a consortium called AAR, were angry because this would reduce dividend payments.
Mr Dudley said the TNK-BP board had agreed to review the budget, which it had approved in November 2007, following a request by some directors that capital spending should be reduced by some $900m. Accordingly, he said, management had produced an analysis of the options available for cutting it back.
He said: “I continue to believe that the level of capital investment proposed to and approved by the board last November is the appropriate level for the company Until the board advises me that it wishes to reduce this, management will continue with the implementation of this programme, which is on track.”
It was unclear last night whether Mr Dudley’s comments were a small concession that might get both sides around the negotiating table, or a further entrenchment of positions.
In response, Stan Polovets, chief executive of AAR, said: “AAR’s position on capital expenditure is very clear. We believe TNK-BP is focusing too much on reserve replacement, which offers low shareholder returns, so we want to reduce this focus. However we would be ready at any time to discuss this with our partners, BP.”
AAR insists any resolution of the row must involve Mr Dudley’s dismissal, something which BP refuses to approve.
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/07/31/cntnk131.xml
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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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