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Posts on ‘December 17th, 2008’

Opec agrees record oil output cut

The oil producers' cartel Opec has agreed to make a record cut in output, slashing 2.2 million barrels per day (bpd) from its current supply.

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Shell Least Among Super-Majors

Royal Dutch Shell, Plc (RDS.A) does not compare favorably with its peer group in terms of upstream growth prospects, returns, and costs. The group also remains exposed to production problems, continued instability in Nigeria, and political interference in Russia.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Oil giant’s fuel ads misleading says watchdog

Shell's Fuel Economy Formula, a fuel additive it claims gives better economy than untreated fuel, went on sale in 2006. Its advertising campaign said it was "designed to take you further". But after a 2 -year investigation, the commission has decided to charge Shell with breaches of the Fair Trading Act. It says the advertisements were misleading.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Madoff ‘fraud’ reaches Shell pension fund

Shell, the Dutch oil giant, has emerged as the latest victim of the $50 billion (£32.23 million) fraud allegedly perpetrated by Wall Street trader Bernard Madoff, who is set to appear in court later today to meet the conditions of his bail.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

New twists in Corrib route

Shell consultants, RPS, said yesterday that ‘a revised application will now seek minor realignments to part of the proposed route for the Corrib onshore pipeline, in order to avoid more sensitive habitat, including bog pools, in the Rossport commonage, identified during recent surveys’. However, spokesman for community group, Pobal Chill Chomáin, John Monaghan, questioned how such surveys had been undertaken since there was a District Court order preventing Shell from carrying out such invasive works in the commonage.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Big Drilling Issues Await Salazar

The Colorado senator has also been in favor of trying to force oil companies such as ChevronCorp., ConocoPhillips and Royal Dutch Shell PLC to renegotiate Gulf of Mexico leases signed in 1998-99 that omitted royalty-price thresholds that government auditors say have cost the U.S. billions in uncollected revenue.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

OPEC Closes In on Making Biggest Cuts in Decades

ORAN, Algeria -- Saudi Arabia opened the door for OPEC's most dramatic output reduction since the 1970s, calling for the group to slash world oil supplies by at least another two million barrels a day to keep abreast of faltering demand.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell pension fund may lose €45m via Madoff

Shell pension fund may lose €45m via Madoff

Wednesday 17 December 2008

Royal Dutch Shell announced on Wednesday afternoon that its pension fund may have lost $45m from its indirect involvement in the massive securities fraud allegedly perpetrated by American trader Bernard Madoff.

‘The investment will do no material damage to the financial position, even if the whole amount has to be written off,’ the company said in its statement.

© DutchNews.nl

ARTICLE

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Dutch Shell pension fund has $45 mln exposure to Madoff

AMSTERDAM, Dec 17 (Reuters) - The Dutch pension fund of Anglo-Dutch oil giant Royal Dutch Shell said on Wednesday it has a $45 million exposure to the alleged $50 billion fraud by prominent Wall Street trader Bernard Madoff.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell confirms Dutch Shell Pension Fund may be impacted by Madoff fraud

SHELL PENSION FUND EXCEPTIONAL STATEMENT

WEDNESDAY 17 DECEMBER 2008

In principle the Pension Fund does not comment on specific strategies or investments. In view of the seriousness of the spurious allegations made by Mr. Kaland on NOVA television last night, exceptionally, the Pension Fund wishes to publish this correction statement.

The Dutch Shell Pension Fund has made some indirect investments that may be affected by the Madoff affair. The originally invested amounts, in total some USD 45 million, are many times lower than the amount of EUR 1 billion that Mr. Kraland repeatedly mentions. Even when these investments would have to be written off in their entirety, the impact thereof on the financial position and the funding status of the Pension Fund would be very limited.   read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Iraq signs $3bn power deal with GE

Royal Dutch Shell, Europe’s biggest oil company, has signed a deal with Iraq to collect that “associated” gas and make productive use of it, including for power generation, but the agreement has been politically controversial.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Oil glut leaves 50m barrels in supertankers

Oil companies and traders are storing at least 50m barrels of oil in supertankers - the equivalent of France's oil imports for a month - in a clear sign of supply outstripping demand as the global economy slows.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Sour gas leak prompts rejection of Shell expansion plans

Alberta's energy regulator has denied an application by Shell Canada to drill a new well near Beaver Mines, citing a sour gas leak in the area that forced 10 families to flee their homes

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Oil traders dancing to the contango

Bruce Kahler, a ship broker at Lone Star, R.S. Platou, told Bloomberg News that Royal Dutch Shell is paying $86,000 a day for two to three months for the Leo Glory, a 2-million-barrel supertanker in the Gulf of Mexico.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell Arranges Fuel Supplies to Replace Shut Sydney Production

Dec. 17 (Bloomberg) -- Royal Dutch Shell Plc, one of four refiners in Australia, is sourcing fuels from its own and other companies’ plants both within the country and in Asia to replace output at its Sydney unit, which is closed for maintenance.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell Pension Fund in Deficit an Investor in Madoff $50 billion fraud Fund?

I just saw on Dutch TV that a financial advisor claimed he KNEW that the Shell pension fund had invested in this Madoff fund in the recent past. He did not know whether they still are invested in this fund and phoned them. They would not say. Apparently they have borrowed 500 mln Euro at 4% with Fortis and bought into the Madoff fund which ‘guaranteed’ 7%. They also invested 500 mln Euro of ‘their own’ money. Since the Pension Fund had no comments, it presumably is true.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.
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