Royal Dutch Shell Group .com Rotating Header Image

Posts on ‘July 2nd, 2020’

Exclusive: Raízen, Wilmar set to end sugar trading venture RAW – sources

Exclusive: Raízen, Wilmar set to end sugar trading venture RAW – sources

Reporting by Marcelo Teixeira and Maytaal Angel; editing by Jonathan Oatis: 02 JULY 2020

NEW YORK/LONDON (Reuters) – Brazil’s Raízen, the world’s largest sugar-making company, and Asian commodities trader Wilmar International (WLIL.SI) are set to end their partnership in the global sugar trading joint venture RAW, four sources familiar with the process said.

The joint venture, formed in 2016, was the second-largest trader of Brazilian sugar, with volumes around 4 million tonnes annually, and its dissolution will make the market more fragmented. 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.

Coronavirus Takes a Toll on Shell Imposing $15-$22B Write-Offs

Coronavirus Takes a Toll on Shell Imposing $15-$22B Write-Offs

Zacks Equity Research: Zacks Royal Dutch Shell RDS.A recently provided an update on second-quarter 2020 guidance, envisioning its post-tax impairment charges between $15 billion and $22 billion. This hefty write-down comes as the coronavirus and associated demand deceleration wipe billions off the oil and natural gas asset value. Recently, Shell’s continental rival BP plc BP management confirmed that it anticipates taking impairments to the tune of $17.5 billion in the second quarter of 2020.

What Does the Record Write-Down Imply?

The energy industry, grappling with the twin demerits of oversupply and low pricing, expects the weak macro environment to persist. Companies like Shell and BP are carrying assets on their balance sheets that were purchased/developed at a time when commodity prices were materially higher than the current figures. As the market deteriorates, the operators are ultimately forced to take write-offs. 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.

OPL 245:EFCC arraigns Malabu oil, 6 others over alleged $1bn fraud

OPL 245:EFCC arraigns Malabu oil, 6 others over alleged $1bn fraud

1 July 2020

By Ikechukwu Nnochiri ABUJA — The Economic and Financial Crimes Commission, EFCC, on Wednesday, arraigned Malabu Oil & Gas Limited, six other companies and an oil tycoon, Aliyu Abubakar before the Federal High Court on a 48-count fraud charge.

The Defendants were docked over their involvement in alleged fraudulent transfer of controversial OPL 245, considered as one of the richest oil blocks in Africa.

Other defendants in the charge marked FHC/ABJ/CR/268/2016, are A-Group Construction Company Limited, Rocky Top Resources Limited, Mega-Tech Engineering Limited, Novel Properties and Development Company Limited, and Carlin International Nigeria 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.

OPL 245: Fresh Charges Against Malabu Oil and Gas Limited

EFCC drops Adoke from key OPL 245 case, files fresh charges against Malabu

The Economic and Financial Crimes Commission (EFCC) has arraigned Malabu Oil and Gas Limited on fresh charges of money laundering in the OPL 245 deal of 2011.

July 02, 2020

Malabu, alongside Aliyu Abubakar, a businessman, and six other companies were arraigned on a 48-count charge before Iyang Ekwo, judge of a federal high court in Abuja.

The companies listed in the charge are: A-Group Construction Company Limited, Rocky Top Resources Limited, Mega Tech Engineering Limited, Novel Properties and Development Company Limited, and Carlin International Nigeria 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.

DNV GL approves Shell’s CO2 technology use at Fortum’s plant

DNV GL approves Shell’s CO2 technology use at Fortum’s plant

JULY 2, 2020 OSLO, July 2 (Reuters) – EShell’s carbon dioxide capture technology has been approved for use at Fortum’s waste-to-energy plant in Oslo, the risk management and quality assurance firm DNV GL said on Thursday.

Fortum plans to build a full scale CO2 capture facility at the plant to reduce greenhouse gas emissions by 400,000 tonnes per year, the equivalent of emissions from 200,000 cars.

The pilot project showed that Shell’s CONSOLV CO2 technology could capture more than 90% of CO2 from the flue gas, DNV GL, which certifies that technology is as described and meets existing standards, said in a statement.

“The third-party technology qualification by DNV GL gave us confidence that the project risk related to implementing the Shell technology was low,” said Jannicke Gerner Bjerkas, the head of the project at the plant. 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.
%d bloggers like this: