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Big Oil’s $3 Billion Homage to Nazi War Criminal

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The biggest vessel in the world, the Pieter Schelte (above) has been built by Daewoo in South Korea. Swiss company Allseas commissioned the building of the huge $1.7bn ship. Both the legs and main structure of a rig can be moved simultaneously (shown in illustration)

Article by Eamonn Fingleton published by Forbes.com: 20 December 2014

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Big Oil’s $3 Billion Homage to Nazi War Criminal

Ships don’t come bigger than the Pieter Schelte. They don’t come more controversial either. Built in Korea at a cost of nearly $3 billion, the gargantuan new ship is now sailing towards the Netherlands, where it will soon enter service in the European offshore oil industry.

A huge catamaran, it weighs 932,000 tons, a world record, and nearly 18 times the Titanic. It will lift offshore oil rigs weighing up to 48,000 tons, again a world record. So much for the technicalities – but there is, ahem, a slight political problem: the ship’s name.

Almost unbelievably, the ship has been named in honor of Pieter Schelte Beerema, a Dutch collaborator in Nazi-occupied Netherlands. An officer in the Waffen SS and a propagandist who allegedly denounced the Jews as “parasitic,” Beerema was sentenced to three years in prison after World War II. Although the sentence was later reduced (apparently because of evidence that, after a row with the Nazis, he had changed sides in 1943), he went on after release to flee to Venezuela, where he allegedly helped German war criminals escape Allied justice.

To put it mildly, Pieter Schelte  (left) hardly seems the most appropriate name for one of the world’s greatest engineering feats. But some people disagree – not least Beerema’s son, Edwin Beerema. As Edwin happens to control the Swiss-based Allseas oil services company that owns the ship, his opinion matters.

The interesting thing is that Allseas seems to be getting away with this. The Dutch government even provided a subsidy for the project. Meanwhile, after a brief flurry of interest in 2008 when the original contract to build the Pieter Schelte was signed with Korea’s Daewoo shipyard, the Dutch press has largely swept the controversy under the rug.

As for the ship’s Big Oil customers, they too seem unfazed. In the North Sea alone, important potential customers would appear to include Marathon Oil, ConocoPhillips, and Royal Dutch Shell, none of whom has responded to requests for comment. Other key potential customers include Exxon Mobil, Statoil, and BHP. As for Allseas, a spokesman stated that the company has no plans to rename the ship and said that, as a matter of company policy, it does not provide information on future projects. A request to comment on whether Pieter Schelte Beerema had used the word “parasitic” in relation to Jews went unanswered.

If Shell whistleblower John Donovan is to be believed, the Pieter Schelte’s first customer will be Netherlands-based Royal Dutch Shell. Assuming this is correct, Shell’s embrace of the Pieter Schelte will provide lesser companies with useful cover. The fact is that as of 2013 Royal Dutch Shell had surpassed Exxon Mobil to become the West’s largest oil company by revenues (though even Royal Dutch Shell these days trails behind two Chinese oil companies in the world league table). For more details on the Pieter Schelte, click here and here.

FORBES ARTICLE ENDS – LINK TO FORBES ARTICLE

ABOVE GRAPHICS AND PHOTO HAVE BEEN ADDED BY JOHN DONOVAN AND HAVE NOTHING TO DO WITH FORBES. 

Related Associated Press Article published 11/7/2008 by USAToday under the headline: Dutch outcry over naming giant ship after Nazi

Extract

Edwin Heerema, founder of the company that has commissioned the $1.7 billion vessel, wants to name it the Pieter Schelte after his late father, Pieter Schelte Heerema, who was renowned as a maritime engineer but was condemned for his service in the murderous Nazi Waffen SS.

The choice of name has provoked outcry from politicians and Jewish groups, and revived painful questions about Dutch collaboration with the country’s World War II occupiers.

“For people who know his pitch-black history, this ship should not be named for him. Not now, not ever,” said Ronny Naftaniel, director of CIDI, which monitors anti-Semitism in the Netherlands. He said Edwin Heerema’s desire to honor his father was understandable up to a point, but the choice of name was “tasteless and unethical.”

RELATED DAILY MAIL ARTICLE: World’s largest ship so big it can lift an OIL RIG takes to the seas: Empire State-length boat will begin moving structures next year

RELATED ARTICLE CONTAINING STATEMENT FROM ALLSEAS ISSUED TO JOHN DONOVAN (WITH THREAT OF LEGAL ACTION)

EXTRACTS

Any implication that Allseas is any way involved in, or supported by, a political agenda – including any reference to conspiracy, criminality and non-transparent business relationships – is completely unfounded and refuted in the strongest possible terms. While Allseas welcomes the right to freedom of expression, facts that are inaccurate or used in suggestive context can severely damage the company’s reputation and will not be tolerated. In that case Allseas will take immediate legal action against companies and/or individuals.

EXTRACTS END

IF ALLSEAS AND/OR ROYAL DUTCH SHELL PLC TAKES ISSUE WITH THE ACCURACY OF ANYTHING PUBLISHED BY JOHN DONOVAN ON THIS SUBJECT, THEN THEY ARE FREE  SEPARATELY, OR JOINTLY, TO TAKE APPROPRIATE ACTION. IT SEEMS REASONABLE TO SPECULATE THAT FORBES WENT AHEAD WITH PUBLICATION OF THEIR ARTICLE BASED PARTLY ON THE INFORMATION PREVIOUSLY PUBLISHED ON THIS WEBSITE BY JOHN DONOVAN AND THE FACT THAT ALLSEAS DID NOT TAKE LEGAL ACTION. OTHER MAINSTREAM PUBLISHERS ARE LIKELY TO BE SIMILARLY EMBOLDENED IF ALLSEAS ONCE AGAIN FAILS TO TAKE LEGAL ACTION. IT IS INCREDIBLE THAT THE SON OF THE NAZI WAR CRIMINAL IS SO ARROGANT THAT HE WENT AHEAD WITH THE NAMING OF THE SHIP IN HONOUR OF HIS FATHER, DESPITE THE LIKELY HIGHLY DAMAGING IMPACT ON THE REPUTATION OF ALLSEAS IF ANYONE DARED TO PUBLISH THE STORY, IRRESPECTIVE OF THE THREATS. AN ARTICLE PUBLISHED ON 2 DEC 2014 BY NIEUWSBLAD TRANSPORT CONFIRMS THAT THE NAZI SHIP IS STILL SCHEDULED TO REMOVE THE TOPSIDES OF THREE SHELL PLATFORMS IN THE NORTHSEA.

Shell may exit Japan

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Screen Shot 2014-06-23 at 11.37.41According to a report in the Nikkei business daily Royal Dutch Shell will likely exit the oil-refining and sales business in Japan.

Japan’s second-largest oil distributor Idemitsu Kosan is planning to acquire its smaller rival Shell Sekiyu in a deal worth an estimated $4.18 billion.

Idemitsu and Shell are expected to sign a basic agreement as early as February, with the tender offer to be launched pending regulatory approval.

Idemitsu and Showa Shell have a total of six refineries under their wings.

Showa Shell, created in 1985 through a merger of two predecessors, has more than 5,800 workers. Royal Dutch Shell is the biggest stakeholder in the Tokyo-based company, which logged a group net profit of ¥60.2 billion on sales of ¥2.95 trillion for 2013.

Oil firm Idemitsu mulls acquisition of rival Showa Shell: The Japan Times

Idemitsu May Offer $4.2 Billion to Acquire Showa Shell: Nikkei: Bloomberg

Shell drilling company guilty of environmental and maritime crimes in Alaska’s Arctic

Screen Shot 2014-12-19 at 15.36.47ANCHORAGE, Alaska — Dec 19, 2014, 3:28 PM ET: By DAN JOLING Associated Press

A drilling company has pleaded guilty to committing environmental and maritime crimes in Alaska’s Arctic.

Bernie G. Wolford Jr., president of Noble Drilling U.S. LLC, appeared in federal court in Anchorage on Friday after reaching an agreement with prosecutors earlier this month.

Wolford said the $8.2 million fine and $4 million in community service payments would be paid Friday. He declined to comment further after the hearing.

Noble operated the drill ship Noble Discoverer and the drill unit Kulluk in support of Royal Dutch Shell PLC’s offshore drilling efforts in 2012.

According to the agreement, Noble Drilling’s violations included keeping false records or failing to record details surrounding its handling of oil on the vessels. The company also failed to notify the U.S. Coast Guard of hazardous conditions aboard the Noble Discoverer.

SOURCE

RELATED: Shell may abandon Arctic drilling indefinitely

Why Shell Is Facing Problems In The Arctic

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By: MICHEAL KAUFMAN
Published: Dec 19, 2014 at 11:21 am EST

Royal Dutch Shell Plc. (ADR) (NYSE:RDS.A) is uncertain over its plans to drill in the US Arctic. The final decision regarding the company is expected to come in March, 2015. During this time the company is likely to consider various factors before taking a decision.

How crude oil prices have moved in the last six months seems will be a factor in any decision taken by management. Oil exploration and production (E&P) activities have fallen globally because of the dip in prices.

West Texas Intermediate (WTI), the US benchmark for crude oil was trading at $54.59 per barrel today, while Brent crude, the global benchmark is still below $60 per barrel mark at $59.93. However according to sources these global market fundamentals are considered a minor factor affecting the future outlook of the company in the Arctic. Arctic drilling is usually a long-term endeavor and prices are expected to stabilize over time.

What concerns the company most according to Platts McGraw Hill Financial is the outcome of potential lawsuits over environmental damage.

Shell had originally acquired leases to explore for oil in the Chukchi and Beauford seas in Alaska after receiving approval from the US Bureau of Safety and Environmental Enforcement (BSEE) and had decided to sue environmentalists in order to avoid facing any legal challenges in the future. The BSEE has also been sued for giving the approvals.

Studies by the US Bureau of Ocean Energy Management (BOEM) are currently also underway in order to assess the degree to which the environment might be affected as a result of Shell’s activities in the Arctic. The studies are expected to reveal that Shell’s operations increase the probability of oil spills.

Another issue that the company faces that is the time that the BSEE is taking to come to a decision on whether to allow an extension of five years for Shell’s leases in Arctic waters. Vice President of Shell Peter Slaiby said that BSEE’s approval was vital to Shell before deciding to increase investmentin the region. Currently Shell has spent around $6 billion and has more exposure to the region compared to any other company.

The leases that Shell owns in the Chukchi Sea are set to expire in 2020 while the leases in the Beufort sea are set to expire in 2017. If the approvals come in late then it is less likely for Shell to go ahead with its plans.

Chevron Corporation (NYSE:CVX) has decided to indefinitely suspend its program for operations in the Beufort sea. Its decision came due to the strict regulatory requirements to undertake operations there. Drilling programs recently were also put on hold by ConocoPhillips (NYSE:COP) and Statoil ASA (ADR) (NYSE:STO).

Exxon Mobil Corporation (NYSE:XOM) along with its subsidiary Imperial Oil Limited (USA) (NYSEMKT: IMO) and BP plc. ADR (NYSE:BP) however are undertaking plans to meet the regulatory requirements. Their first well is expected to be drilled in 2020.

Shell itself is to be blamed for much of the problems in the Arctic. A spokesperson for Alaska Wilderness League said, “Given the mishaps by Shell in 2012, Shell’s competency is a major factor in what happens in 2015.”

The stock price for Shell was up about 2%% at $67.92 as of 11:05 am EST.

SOURCE ARTICLE

Shell may abandon Arctic drilling indefinitely

Screen Shot 2014-12-19 at 15.36.47By John Donovan

Royal Dutch Shell is expected to announce by March if it will go forward with plans to drill for oil in Arctic waters offshore Alaska in 2015, a decision which may have more to do with the outcome of court cases and U.S. government reviews than global market fundamentals.

Shell’s decision is widely seen as a potential turning point for the company’s long-range Arctic plans, with billions already spent and rival companies putting their own Arctic drilling plans on hold; if Shell does not pursue drilling off north Alaska in 2015, it may abandon the region indefinitely.

Chevron says it is canceling plans to drill for oil in the Beaufort Sea in Canada’s Arctic because of economic uncertainty in the industry as oil prices fall. In a letter to Canada’s National Energy Board, CVX said it withdrew from a hearing into Arctic drilling rules because it is delaying indefinitely any plans to drill in the EL 481 block. ConocoPhillips and Statoil have both put an indefinite hold on their own Arctic drilling plans.

The above information is extracted from these Seeking Alpha articles

Chevron cancels plans to drill in Canada’s Beaufort Sea

Platts: Oil prices seen as minor factor in Shell’s 2015 Arctic decision

Why Shell Is Selling Its Norwegian Downstream Business

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Screen Shot 2014-06-23 at 11.37.41Royal Dutch Shell has decided to sell off of its Norwegian downstream business to Finland’s ST1 in order to improve profitability and achieve its divestment targets

By: MICHEAL KAUFMAN
Published: Dec 18, 2014 at 5:21 pm EST

Royal Dutch Shell plc. (ADR) (NYSE:RDS.A) has decided to sell its Norwegian downstream business comprising commercial fuels, retail and logistics businesses. The company is planning to sell the stake to ST1, a fuel company in Finland. No further details have been disclosed so far.

A Retail Brand License Agreement is also expected to be part of the deal. This particular agreement would make sure that the Shell brand remains highly visible in the Norwegian market through a distributor. The deal is yet to be approved by regulatory authorities and is expected to be confirmed next year. Shell will also run its Norwegian aviation business in a 50-50 joint venture with with ST1, which already operates Shell pumps in Sweden and in Finland.

Crude oil prices have fallen 45% since June and even though Shell has been experiencing lower cost of production in its downstream business segment it has been cutting back on its operations.

The main reason is to focus more on the upstream sector and reduce its concentration on the downstream sector. This is apparent from the strategy that the company has adopted recently, like the divestment of its downstream assets including refineries in Australia, France, Germany and the UK.

The strategy has seem to work for Shell and it was able to increase its overall adjusted net income to $5.84 billion in the third quarter of fiscal year 2014 (3QFY14, ending September 2014) compared to the net income of $4.73 billion last year. Net income for the upstream business segment was $3.94 billion compared to $0.9 billion last year. The downstream segment’s income fell to $1.6 billion compared to $3.2 billion income in the same quarter last year. The company wants to divest assets worth $15 billion by the end of the next year

ARTICLE

PETER VOSER JOINS ANOTHER SCANDAL RIDDEN COMPANY 

By John Donovan

A posting today on our Shell Blog…Screen Shot 2014-12-18 at 17.05.41

When Peter Voser’s departure as CEO was announced, it was explained that Peter wanted time for his family, hobbies and to give back to society. Today it was announced that he’s being proposed as Chairman of ABB (his previous employer) and he also took a directorship at a Singaporean Sovereign Invetsment house some months ago. This makes his departure story look suspicious. Maybe the board was aware that he overpaid for unconventional acreage in the USA and that his China adventures were quickly going nowhere but down. Is it time for the RDS board to be a bit more forthcoming with its justification?

POSTING ENDS

All fair comment given the controversial track record of Peter Voser. 

HIS ROLE AT THE SCANDAL RIDDEN SWISS BANK UBS

From April 2005 to April 2010 Voser served on the Board of Directors of the Swiss bank UBS AG while also CEO of Royal Dutch Shell Plc. The content of this article about the bank and his supervisory role in its downfall is self-explanatory.  

CONTROVERSIES AT SHELL

Peter Voser worked for Shell from 1982 to 2002 and returned to the company after the oil reserves scandal in 2004. 

SHELL ARCTIC DRILLING SHAMBLES

The Alaskan shambles came after Voser launched a blistering attack on BP in relation to the Gulf of Mexico disaster, claiming Shell would have included more safeguards. Two years afterwards, Shell’s own safeguards for its Arctic drilling were found to be hopelessly flawed. The then U.S. Secretary of the Interior, Ken Salazar, memorably concluded that Shell “screwed up’ in the Arctic.  Shell has invested $5 billion thus far in the Arctic without producing a thimbleful of oil.

Screen Shot 2014-06-22 at 18.53.03SHELL AND BP BOSSES MET SECRETLY TO FIX OIL PRICES?

By coincidence or otherwise, in the months running up to Voser’s early departure, Shell (and BP’s) offices were raided by EU authorities investigating crude-oil price fixing claims. The U.K. Serious Fraud Office announced that it was reviewing EU allegations and determining whether to accept the case for “criminal investigation.” The US Federal Trade Commission subsequently opened an investigation alone the same lines. Numerous class action lawsuits have been launched against Shell and its directors face up to 5 years in jail if found guilty of price-fixing.

VOSER ADMITS FAILURE OF SHELL U.S. SHALE PROJECT

Soon after his sudden departure as CEO of Royal Dutch Shell Plc, Peter Voser admitted his “regrets” about another debacle, Shell’s failed investment in US shale.

BACK TO ABB ENGINEERING

Mr Voser is now returning to the Swiss engineering group ABB where he worked as CFO for over two years. This time he is chairman of the company. The U.S. Securities & Exchange Commission fined ABB over $16 million in 2010 for involvement in bribery schemes.  ABB therefore appears to be another company like Shell, which makes pledges about ethical behaviour and then does whatever it takes, legal or otherwise, to achieve its business objectives.

Mr Voser will no doubt feel at home as he seems drawn to such companies, as they seem to be, to him.

Difficult to avoid the conclusion reached by the Shell Blog contributor, that Vosers departure story from Shell is suspicious. 

RELATED

Former Shell head Voser returns to ABB as chairman: Reuters: 18 Dec 2014

ABB Proposes Former Shell CEO Peter Voser as New Chairman: BLOOMBERG: 18 Dec 2014

5 YEARS BEFORE OIL RETURNS TO $100 PER BARREL?

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Screen Shot 2014-02-18 at 18.34.00By John Donovan

The Trefis Team has published an extensive, highly informative article under the headline:

“Where Are Oil Prices Headed In The Long Run?”

It takes many factors into account before forecasting that annual average crude oil prices are likely to continue to decline in the short to medium term and bottom out by 2017, to reach $100 per barrel again by 2020.

This expert analysis will not be well received by Big Oil, its employees or Putin.

FULL ARTICLE

We can expect to see many more news reports like this one:

Chevron Withdraws From A Multi-Billion Dollar Project In Ukraine

US energy giant Chevron has informed Ukraine about its decision to pull out of a $10 billion shale gas exploration project. This comes as a big blow to the already war-torn economy of the country. The withdrawal of the project came a few months after Royal Dutch Shell also withdrew from a multi-billion dollar exploration project in the country.

FULL ARTICLE

How could Shell have got it so wrong on oil? 

Screen Shot 2014-10-30 at 09.22.43In October of this year, just 9 weeks ago, when oil was at over $90 a barrel, Shell CEO Ben van Beurden expressed his confidence that oil would return to what he described as “very robust” pricing. He said that the oil price had been remarkably stable and that in the short term, Shell has a trading strategy to inoculate itself from the swings and “maybe even make money out of it.”

In view of the immediate subsequent slump in the oil price and the anticipated disastrous impact on Shell, he may now wish he had been less confident about the prospect of actually making money out of a downward swing. 

One of his recent predecessors, Jeroen van Der Veer, made an even bigger howler some years back. On 25 January 2008, almost exactly 6 years ago, he warned Shell staff in an internal email that demand for oil and gas would outstrip supply within 7 years.

I passed the leaked email on to the newspapers and articles were duly published by The Times and the Express, which reported his warning that “After 2015, easily accessible supplies of oil and gas will no longer keep up with demand.” In other words, he predicted that we would now be facing the prospect of *”Peak Oil” – a turning point event in world history forecast long ago by a Shell geologist Marion King Hubbert

I can only speculate that both Shell CEO’s obtained their predictions from Shell’s scenarios team, which is paid to gaze into the future.

Seems that someone needs a new crystal ball. 

*”Peak Oil” is the point in time when the maximum rate of extraction of petroleum is reached, after which the rate of production is expected to enter terminal decline.

Opec is finished – the oil crash will continue

Screen Shot 2014-02-18 at 18.34.00The Opec oil cartel no longer exists in any meaningful sense and crude prices will slump to $50 a barrel over the coming months as market forces shake out the weakest producers, Bank of America has warned. The major oil companies will have to cut back on projects with a break-even cost below $80 for Brent crude.

Extracts from an article by Ambrose Evans-Pritchard published by The Telegraph 8:01PM GMT 09 Dec 2014

The Opec oil cartel no longer exists in any meaningful sense and crude prices will slump to $50 a barrel over the coming months as market forces shake out the weakest producers, Bank of America has warned.

Revolutionary changes sweeping the world’s energy industry will drive down the price of liquefied natural gas (LNG), creating a “multi-year” glut and a much cheaper source of gas for Europe.

Francisco Blanch, the bank’s commodity chief, said Opec is “effectively dissolved” after it failed to stabilize prices at its last meeting. “The consequences are profound and long-lasting,“ he said.

The free market will now set the global cost of oil, leading to a new era of wild price swings and disorderly trading that benefits only the Mid-East petro-states with deepest pockets such as Saudi Arabia. If so, the weaker peripheral members such as Venizuela and Nigeria are being thrown to the wolves.

The bank said in its year-end report that at least 15pc of US shale producers are losing money at current prices, and more than half will be under water if US crude falls below $55. The high-cost producers in the Permian basin will be the first to “feel the pain” and may soon have to cut back on production.

Bank of America said the current slump will choke off shale projects in Argentina and Mexico, and will force retrenchment in Canadian oil sands and some of Russia’s remote fields. The major oil companies will have to cut back on projects with a break-even cost below $80 for Brent crude.

FULL ARTICLE

Worlds leading source of information about Royal Dutch Shell

Screen Shot 2014-12-18 at 10.01.10Free access to over 37,000 articles, comment, historical information and news archive relating to corporate tax dodgers Royal Dutch Shell, the worlds largest company by revenue.

A TV documentary feature about our co-founder John Alfred Donovan, has aired in many countries. A related article was published in 10 languages.

John Alfred Donovan is credited on zoominfo.com as being the founder, owner and Group Chairman of Royal Dutch Shell. In a highly reputable book published in 2014, he is unmasked as being a former employee of Shell Corporate Affairs Security. He is in fact a long term shareholder in Royal Dutch Shell Plc and its predecessor, Shell Transport & Trading Company Limited.

This website provides a global platform, on a responsible basis, for Shell whistleblowers to put confidential information, including insider information and leaked documents, into the public domain e.g. Sakhalin2

This non-profit website is tacitly endorsed by Shell

For nearly a decade, we have operated under the Royal Dutch Shell Plc top level domain name, dealing on Shell’s reluctant behalf with redirecting job applications, business proposals, Shell pension enquiries, shareholder and investment enquiries, complaints, invitations to speak at conferences, an approach from the Dutch Defence Ministry, contact on behalf of Fox Business News and CNBC, and even terrorist threats. All communications meant for Shell. A humiliation that Shell continues to endure

If confused about the relationship between John Alfred Donovan and Shell, please be assured that the same applies to Shell.

Shell's Ben van Beurden bows to Putin on Good Friday, 18 April 2014

Bootlicker: Shell’s Ben van Beurden bows to Putin on Good Friday, 18 April 2014, weeks after Russia had invaded and annexed Crimea

Shell – leveraging the climate debate

Screen Shot 2014-10-30 at 09.22.43Four of these experts were from Shell, a prominent member of history’s top 90 polluters. Shell was also paying the costs. Its logo was everywhere, cuddling alongside National Geographic’s. The event was hijacked by Shell…

Extracts from an article by Assaad W. Razzouk published by The Ecologist

The annual UN Climate Talks ended on Sunday in Lima, Peru. In case you were wondering, nothing happened.

In Lima, Shell’s top climate advisor was comfortable enough to admit that Shell enjoys its relationship with the notorious American Legislative Exchange Council (ALEC), a shadowy shop specialised in aggressive efforts to counteract emissions reductions and regulations.

This is the same ALEC which, in the words of Google executive chairman Eric Schmidt, is “literally lying” about climate science.

Big Oil is fighting a broader battle, trying to influence public opinion and governments at a national and community level.

I experienced their tactics far away from Lima last week, when I had the displeasure of attending National Geographic’s ‘Big Energy Question’ round table event in New Delhi, India. This invitation-only forum convened 40 experts on air pollution in India, to examine its causes, its impacts on the environment and health, and possible solutions.

Four of these experts were from Shell, a prominent member of history’s top 90 polluters. Shell was also paying the costs. Its logo was everywhere, cuddling alongside National Geographic’s.

Well, the predictable happened: The event was hijacked by Shell, ensuring that the Government of India didn’t hear of any solutions which did not prominently feature oil and gas.

FULL ARTICLE

Shell agrees sale of downstream businesses in Norway

Screen Shot 2014-06-23 at 11.37.41Shell has signed an agreement with ST1 for the sale of its retail, commercial fuels and supply and distribution logistics businesses in Norway. In addition, Shell’s aviation business in Norway will become a 50-50 joint venture with ST1.

The sale is subject to regulatory approval and is expected to be completed in 2015.

The transaction includes a Retail Brand Licence Agreement which will ensure that Shell’s brand remains highly visible in Norway and that high-quality Shell fuels and lubricants products, and the euroShell loyalty card scheme, will continue to be available to customers in the country.

The deal will have no impact on Shell’s other businesses in Norway – Shell Energy Europe (SEE), Gasnor and Upstream, and Shell lubricants will continue to be sold via a macro distributor.

The sale is consistent with Shell’s strategy to concentrate its Downstream footprint on a smaller number of assets and markets where it can be most competitive. Recent examples include the sale of refineries in the UK, Germany, France, Norway and the Czech Republic, and Downstream businesses in Australia and Italy.

Royal Dutch Shell Plc Plunge

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Screen Shot 2014-12-17 at 16.52.18The FTSE 100 has been dipping perilously in the past few weeks, giving up 722 points (10.5%) from its recent high of 6,905 on 4 September to Monday’s close of 6,183 — and if it can lose that much in three months it could certainly drop to 6,000 or lower by the end of December. Often such runs can be put down to individual sectors, and the big safe companies are there to offer some support and prevent a meltdown. But the crucial driver right now is oil. Brent crude crashed through the $60 per barrel level this week to reach its lowest since 2009, and as I write today it’s trading at a fraction under $59! Shell shares slumped by 17% between 21 November and close on 15 December. 

FULL MOTLEY FOOL ARTICLE BY ALAN OSCROFT 17 Dec 2014

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