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Posts on ‘June 7th, 2021’

Nord Stream 2’s completion a ‘fait accompli’

Seeking Alpha

Nord Stream 2’s completion a ‘fait accompli,’ Blinken tells House panel

Jun. 07, 2021 2:25 PM ETBASFY, ENGIY…By: Carl SurranSA News Editor

  • Secretary of State Antony Blinken called completion of the Nord Stream 2 pipeline a “fait accompli” in testimony today before the House Foreign Affairs Committee, and said the U.S. is working with Germany to mitigate the damage it will cause to Europe’s energy system.
  • Sanctioning the top executive of the project’s parent company would have led to worse U.S.-German relations, Blinken said, and now Germany has expressed a desire to prevent Russian President Putin from using Nord Stream 2 as leverage to weaken European nations by increasing dependency on Russia.
  • “We have an opportunity to make something positive out of a bad hand that we inherited when we came into office,” Blinken said.
  • The Gazprom-led (OTCPK:OGZPY) project also includes Western partners Royal Dutch Shell (RDS.ARDS.B), BASF’s (OTCQX:BASFY) Wintershall, Uniper (OTC:UNPPY), OMV (OTCPK:OMVJF) and Engie (OTCPK:ENGIY).
  • Putin said last week that the pipelaying of the first line of the pipeline from Russia to Germany had been completed.
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    Forget Activism: Chronic Underperformance Is Big Oil’s Biggest Problem

    OilPrice.com

    Forget Activism: Chronic Underperformance Is Big Oil’s Biggest Problem

    By Alex Kimani – Jun 06, 2021, 7:00 PM CDT

    Just last week, some of the world’s largest integrated energy companies faced the wrath of furious investors and climate activism. Exxon Mobil (NYSE:XOM) lost three board seats to Engine No. 1, an activist hedge fund, in a stunning proxy campaign, while a good 61% of Chevron (NYSE:CVX) shareholders voted to further cut emissions at the company’s annual investor meeting a week ago.

    Engine No. 1 has told the Financial Times that Exxon will need to cut fossil fuel production for the company to position itself for long-term success, “What we’re saying is, plan for a world where maybe the world doesn’t need your barrels,” Engine No.1 leader Charlie Penner has told FT.

    Meanwhile, a Dutch court has ordered Royal Dutch Shell (NYSE:RDS.A) to cut its greenhouse gas emissions harder and faster than it had previously planned.

    Whereas climate change issues are the presumptive reasons behind the latest wave of investor revolts at the oil and gas giants, lurking beneath the surface is a growing sense of apprehension about Big Oil’s strategy and failure to generate adequate returns for shareholders in recent decades. 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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