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Posts on ‘September 18th, 2013’

Europe sets out plans to stop benchmark rigging

The Commission’s antitrust chief continues to investigate benchmarks including Libor and has also raided offices of oil majors Shell, BP and Statoil in an investigation of suspected manipulation of oil prices.

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By John O’Donnell and Barbara Lewis: BRUSSELS | Wed Sep 18, 2013 6:51pm IST

(Reuters) – European Union regulators proposed new rules on setting commodity and interest-rate benchmarks on Wednesday that backed away from their earlier plans for sweeping EU oversight of the multi-trillion-euro markets.

The draft law would regulate benchmarks for the first time at the European level and aims to prevent scandals such as the rigging of the London Interbank Offered Rate (Libor), used to price some $300 trillion of products including home loans and credit cards globally. 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.

Montepeque of Platts Caught in Battle Over Oil Assessments

Screen Shot 2013-05-17 at 01.06.41The oil-market investigation became public in May when European Competition Commissioner Joaquin Almunia, who is also pursuing price-fixing allegations related to the London interbank offered rate, or Libor, sent investigators to seize computer records and documents from Platts offices, and raided BP Plc (BP/), Statoil ASA and Royal Dutch Shell Plc (RDSA), three of Europe’s largest oil companies,

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By the time Jorge Montepeque came to London in January 2002 to revamp Platts energy-price benchmarks amid a series of manipulation scandals, he’d already earned a reputation as the company’s troubleshooter.

During a decade in Singapore leading the company’s Asian editorial operations, Montepeque brought more transparency to the $6 trillion global energy market. He ordered reporters to stop using anonymous tips to determine fair values of fuels, pushed traders into a system that sent bids and offers to subscribers around the world and made it more difficult to manipulate prices of Dubai crude. 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.

Royal Dutch Shell has potential for constructive change under new boss, says JP Morgan

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September 18 2013, 11:57am

Royal Dutch Shell (LON:RDSB) has the potential for constructive change under soon-to-be appointed chief executive Ben van Beurden, according to analysts at JP Morgan.

The investment banking major does, however, retain an ‘underweight’ rating for the stock.

Shell caught the market off guard when it hired BvB, promoting the 30 year company man from within, from his position as director of downstream operations – before that he was executive VP of the chemicals division. 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.

OSSL emails to Shell and Irish Police 18 Sept 2013

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Screen Shot 2013-09-18 at 13.41.10By John Donovan

More OSSL emails have been sent today to Shell and the Garda.

One includes an email exchange between OSSL and Supt Patrick Diskin in January 2012 under the subject heading:

“Supply of alcohol to Garda on Corrib project.”

I note that Supt Diskin did not take issue with what was stated in the subject heading.

If anyone sent me an email with false information in the subject heading, I would definitely point that out in my reply.

Supt Diskin did not do so because he knew that it was a valid subject, not a figment of someones imagination. 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.

Horrible business practices of Shell in the Niger Delta

Screen Shot 2013-09-06 at 16.45.38FROM PROFESSOR RICK STEINER: I wanted you to have two letters sent by the Movement for the Survival of the Ogoni People (MOSOP) in the past few days regarding the horrible business practices of Shell in the Niger Delta…

From: Richard Steiner <[email protected]>
Subject: MOSOP letters re: Shell in Nigeria
Date: 17 September 2013 18:47:38 GMT+01:00
To: John Donovan <j[email protected]>

Dear John,

I wanted you to have two letters sent by the Movement for the Survival of the Ogoni People (MOSOP) in the past few days regarding the horrible business practices of Shell in the Niger Delta, as well the unwitting support to these damaging corporate behavior by an international environmental organization, IUCN. 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.

Police liquidity – Corrib

Screen Shot 2013-08-28 at 00.03.05I am glad to notice that Superintendent Murphy is in civilised touch with you. No doubt he will do a thorough investigation of the- booze- from-Shell- for-the-Gardai issues in spite of his representing the same county police as most of those specifically mentioned by OSSL as being in receipt of large deliveries of spirits courtesy of Shell. We are all of us aware of the difficult job he has to do: spirits are delivered to be consumed and there goes the evidence…

Comment supplied by Micheál ÓSeighin

Hi, John,

I am glad to notice that Superintendent Murphy is in civilised touch with you. No doubt he will do a thorough investigation of the- booze- from- Shell- for- the- Gardai issues in spite of his representing the same county police as most of those specifically mentioned by OSSL as being in receipt of large deliveries of spirits courtesy of Shell.

We are all of us aware of the difficult job he has to do: spirits are delivered to be consumed and there goes the evidence: as a good policeman, Superintendent Murphy will know that lack of a body does not necessarily mean the lack of a crime and he will act accordingly. He will no doubt try to establish the credibility of OSSL by investigating carefully the other allegations by OSSL of gifts delivered by OSSL on behalf of Shell to named local people and if these allegations are well founded (physical evidence existing) he, the Superintendent, must then find the allegations of OSSL regarding alcohol for Gardai to be an established case requiring a more substantial answer  than a bleated ”we never got any, we never got any”. He will then no doubt investigate some other allegations of attempted bribery of prominent local people by other Shell functionaries apart from OSSL, even in the media, to establish if there is indeed a pattern of behaviour, of bribery, towards which Shell minor operatives tend. At this point he will, no doubt, examine the history of Shell and other companies in the extractive industries, to establish for himself whether such bribery or attempted bribery is and/or has been a distinguishing factor of the activities of such companies vis a vis the members of the police forces serving the communities in which they are established. 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.

Shell starts Prelude drilling

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By Rick Wilkinson: OGJ Correspondent: MELBOURNE, 09/17/2013   

Royal Dutch Shell PLC has started drilling the first of its seven development wells in Prelude natural gas field in the Browse basin offshore Western Australia. It is using the Noble Clyde Boudreaux drilling vessel.

The drilling campaign is expected to last 2 years with the vessel serviced out of Broome on the Kimberley coast.

The Prelude project is expected to be the world’s first floating LNG (FLNG) facility. It will tap into an initial reserve base of 3 tcf of gas and condensate contained in the Prelude and nearby Concerto fields. 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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