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The Times: Need to know: Saturday September 27, 2008

Times Online
September 27, 2008

Natural resources

Shell Oil The president of Shell Oil, Marvin Odum, said that he expected the majority of the company’s oil production in the Gulf of Mexico that was shut as a precaution against hurricanes Gustav and Ike to be back on line within two weeks. He said that Shell did not need emergency oil supplies for its refineries from the US Strategic Petroleum Reserve.

Vale Roger Agnelli, the chief executive of Vale, the Brazilian miner, said that his company would be able to manage the world financial crisis and push ahead with price negotiations with Chinese steel mills. The credit crunch was likely to continue “for a long period, but it is nothing that cannot be managed”, Mr Agnelli said at a news conference.

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