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Posts on ‘February 6th, 2013’

Shell Denies Tax Evasion in India

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By NEHA THIRANI BAGRI: February 4, 2013

The Indian unit of the Anglo-Dutch oil company Royal Dutch Shell said Monday that it would challenge a notice by the Indian tax authorities alleging tax evasion through the transfer of shares.

Deepak Mukarji, a Shell India spokesman, said that the company had received an order on Friday from the income tax department of India that accused Shell India of evading taxes by underpricing a share transfer within the group by approximately $2.8 billion.

At the center of the controversy is a share sale by Shell India to Shell Gas BV, its overseas parent , in March 2009. Shell India issued shares worth 870 million rupees ($160 million) to Shell Gas BV, or 87 million shares at a value of 10 rupees per share, but the Indian tax authorities now contend that each share was actually worth 183 rupees. 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.

BP Cedes Top U.S. Gulf Oil Producer Spot to Royal Dutch Shell

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By BEN LEFEBVRE: February 5, 2013

HOUSTON–BP BP.LN +1.44% PLC ceded its spot as the biggest crude-oil producer in U.S. Gulf of Mexico federal waters to rival Royal Dutch Shell RDSB.LN +0.31% PLC as BP’s 2012 output declined due to major maintenance work and asset sales.

The U.K. company had been the Gulf’s most prolific oil producer since 2008, the year in which it took the crown from Shell, according to U.S. government data.

The shift underscores the lingering fallout from the 2010 Deepwater Horizon disaster, which led to a deep restructuring of the company and prompted it to sell billions of dollars in assets. 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.
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