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Posts on ‘March 17th, 2009’

Shell reveals $6bn pension hole as exec pay rises sharply

The filing also showed that Shell’s senior executives received sharply higher remuneration last year, even though its performance in terms of shareholder returns was the worst among the leading western oil companies.

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Shell goes cold on wind, solar, hydrogen energy

LONDON (Reuters) - Oil Major Royal Dutch Shell Plc doesn't plan to make any more large investments in wind and solar energy in the future and does not expect hydrogen to play an important role in energy supply for some time.

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Poor market delays completion of refinery expansion

Motiva Enterprises is delaying by more than a year the target date for completing a $7 billion expansion of its Port Arthur refinery due to poor market conditions, a company spokesman said today. Motiva, a joint venture between Shell Oil and Saudi Refining Inc., had planned to finish the project by late 2010, but now is aiming for the first quarter of 2012, Motiva spokesman Stan Mays said today.

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Shell to Start Clyde Refinery in ‘Next Few Months’

March 17 (Bloomberg) -- Royal Dutch Shell Plc, one of Australia’s four oil refiners, expects its Clyde plant near Sydney to start operations in the “next few months” after being closed since November for maintenance.

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Shell To Pay $10 Bln Of Dividends; Production Not Replaced

Separately, Shell in a 20-F filing said Van Der Veer's total pay, including salary and bonus, was $8.34 million in 2008. Brinded earned $4.14 million, Cook earned $3.87 million, the retiring Rob Routs earned $5.16 million and CFO Peter Voser earned $3.59 million.

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Shell bribery probe overshadows plans to lift divi

Separately, Royal Dutch Shell said it was under investigation by US authorities about allegations it has breached overseas bribery rules. ‘Shell is currently under investigation by the United States Securities and Exchange Commission and the United States Department of Justice for violations of the US Foreign Corrupt Practices Act,’ the company said in its 2008 annual report. Lawyers at Haynesboone who specialise in the Foreign Corrupt Practices Act said that companies that violate the act may be required to pay a fine of up to $25 million, or twice the gain obtained from the violation. 'The company may also be required to disgorge profits obtained from the violation. Additionally, settlement agreements with the government have commonly required companies to maintain, at their own expense, a corporate monitor to supervise the company’s FCPA compliance program and report observations to the government,' according to a report from the law firm. It said a violation of the act can also lead to a company’s debarment from future government contracts and a company may have its export license rescinded.

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Shell offers reassurance on dividend policy

Shell also admitted in its annual report that it is under investigation by the US Securities and Exchange Commission (SEC) and the US Department of Justice (DoJ) for "violations of the US Foreign Corrupt Practices Act". The company said it is undertaking an internal investigation, but highlighted the risk of fines and additional costs. In the same report, Shell states that its Business Principles forbid, amongst other things, bribery, fraud and anti-competitive behaviour.

In July 2007, 11 oil and oil-service companies received a letter from the DoJ criminal fraud section asking them to detail their relationship with Panalpina, a Swiss-based logistics group.

A Shell spokesman said: "The Panalpina investigation disclosed on form 20-F is the same investigation that was disclosed in our last filing and we are co-operating with the DoJ and SEC."

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Shell gearing up for difficult environment

A very interesting line from van der Veer: he has revealed that Shell does not plan any further investment in wind and solar power. Shell is focusing its renewables efforts on biofuels, where it is investing quite a lot in research into “second generation” fuels, so far without any commercial success.

More on the US Department of Justice investigation, which Shell was first made aware of in 2007. “We have started an internal investigation,” says Mr Voser. He adds that the DoJ is “looking at payments done by Panalpina [a global freight forwarding company] to customs in Nigeria on our behalf.”

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Shell investigated by SEC over bribery claims

The probe relates to alleged payments made on its behalf to customs in Nigeria.

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Shell wants to produce five times more oil from tar sands

The oil company admitted yesterday that it had been contacted about potential violations of the US Foreign Corrupt Practices Act, which could lead to fines. The issue surrounds the use of a freight-forwarding firm, Panalpina, and involves suspected bribery in Nigeria, Kazakhstan and Saudi Arabia.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Shell shares hit by news of US inquiry

guardian.co.uk home

Shares in Royal Dutch Shell are under pressure after it said it was being investigated by US authorities for possible breaches of bribery rules.

Coinciding with a strategy update, the company’s annual report reveals on page 16 that “Shell is currently under investigation by the US Securities and Exchange Commission and the US Department of Justice for violations of the US Foreign Corrupt Practices Act.

“Shell has an ongoing internal investigation and is co-operating with the US DoJ and the SEC investigations. While these US investigations are ongoing, Shell may face fines and additional costs.” read more

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Shell says being investigated in US bribery probe

"Shell is currently under investigation by the United States Securities and Exchange Commission and the United States Department of Justice for violations of the US Foreign Corrupt Practices Act," the company said in its 2008 annual report.

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March 2009 strategy update: building new heartlands, managing recession challenges

17/03/2009

As part of its annual review of strategy, Shell said it is continuing with plans to build new upstream and downstream capacity, while managing the near-term challenges of the global economic slowdown.

Shell is taking a prudent approach. Long-term oil and gas fundamentals remain positive, but the industry is facing a sharp downturn in energy prices at a time when costs are high by historical standards.

Jeroen van der Veer, Royal Dutch Shell’s Chief Executive, commented: “These are testing times in the oil and gas industry. Whilst short-term measures are important, we keep our long-term perspective, and continue to believe that energy needs over the long term provide a positive context for Shell’s investment programmes today.“ read more

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Falling revenues likely to put Shell’s plan for share buyback in limbo and debt into orbit

Gordon Gray, an oil analyst for Collins Stewart, said that a big increase in Shell's debt was inevitable while share buybacks were “completely off the agenda”. He predicted that Shell's net debt would rise from $8 billion in 2008 to as much as $23.9 billion this year - from a gearing level of about 6 per cent of its equity to nearly 17 per cent. He projected that Shell's net debt could peak next year at more than $30 billion, depending on how long oil prices remained depressed.

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BG Gains on Deal for Pure Energy

While Arrow didn't say what it plans to do with its 20.3% stake in the group, analysts expect the Australian firm -- which is backed by Royal Dutch Shell PLC -- to sell its stake into BG's offer. Arrow wasn't available for comment.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Nigeria: Expatriates Take Over Sacked Local Workers’ Jobs in Shell

Last week, no fewer than 1,500 workers, consisting both regular staff and contract hands working for all affiliates of the group from its locations in Port Harcourt, Warri, Lagos and the Federal Capital Territory (FCT), Abuja, were served letters terminating their appointments.

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Hackers target Shell customers

ONLINE hackers have stolen personal information from almost 6000 Shell customers in Australia and New Zealand.

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Shell Perdido platform ‘topside’ erected in US Gulf

Floating in waters about 8,000 feet (2,400 meters) deep, Perdido, run by Shell for partners BP Plc (BP.L) and Chevron (CVX.N), is the deepest such project in the world, Shell said in a news release.

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