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Posts on ‘August 31st, 2004’

Shell waives Czech refinery share option

Reuters: Shell waives Czech refinery share option

Mon 30 August, 2004

Posted 31 August 04

PRAGUE (Reuters) – Royal Dutch/Shell says it will not exercise its option to buy extra shares in top Czech oil refinery Ceska Rafinerska, held by state-controlled group Unipetrol.

Shell is the first of three Unipetrol partners in Rafinerska — the other two are ENI’s Agip and ConocoPhillips — to react on an obligatory buyout offer made by Unipetrol in June.

Shell said on Monday it would keep its existing 16.3 percent stake in the refinery.

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Shell, Sinopec Launch Gas Station Venture

Forbes: Shell, Sinopec Launch Gas Station Venture

“Royal Dutch/Shell and China Petroleum and Chemical Corp., have launched a joint venture to operate a network of about 500 service stations in eastern China’s Jiangsu province…”

Associated Press

08.31.2004

Royal Dutch/Shell and China Petroleum and Chemical Corp., have launched a joint venture to operate a network of about 500 service stations in eastern China’s Jiangsu province, one of the country’s fastest growing regions.

China Petroleum, also known as Sinopec, and Shell inaugurated the Sinopec and Shell (Jiangsu) Petroleum Marketing Co. Ltd. in the provincial capital, Nanjing, over the weekend after receiving government approval, the companies said in statements on their Web sites.

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Shell Abandons ‘Self First’ Bonus Culture

The Scotsman.com: Shell Abandons ‘Self First’ Bonus Culture

“Shell was found by the Financial Services Authority in the UK and the Securities and Exchange Commission in the US to have committed market abuse and breached listing rules by misleading the market over the extent of its reserves.”

By Nicky Burridge, Personal Finance Correspondent, PA News

Posted 31 August 04

Oil giant Shell is changing its bonus scheme to encourage staff to focus on the whole company not just their own division, it emerged today.

The group, which has been embroiled in a crisis over its reserves, hopes the move will convert a “self first” culture into an “enterprise first” one.

The new scheme, which it hopes to have in place for 2005, will no longer pay out bonuses based on a combination of an individual’s performance and that of their division.

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Shell Sheds Refineries, Gas Stations

THE WALL STREET JOURNAL: Shell Sheds Refineries, Gas Stations

“Even after this year’s headline-grabbing scandal over its oil reserves, most people still best know Anglo-Dutch oil company Royal Dutch/Shell Group by the scallop-shell logo”: “a lot fewer people will be seeing this iconic emblem in the future”

Broad Plan Is Under Way

To Help Boost Profitability

Of Oil Products Division

By MARK LONG

DOW JONES NEWSWIRES

August 31, 2004

LONDON — Even after this year’s headline-grabbing scandal over its oil reserves, most people still best know Anglo-Dutch oil company Royal Dutch/Shell Group by the scallop-shell logo on its service stations and products.

But a lot fewer people will be seeing this iconic emblem in the future, as Shell rolls out a significant global purge of its refineries and gas stations.

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Shell EP Africa leadership to comprise 30% Nigerians…

Vanguard: Shell EP Africa leadership to comprise 30% Nigerians…New SPDC DMD appointed

“challenging security situation in the Niger Delta as well as the rising incidence of crude oil theft, currently put at 50,000 per day.”

By Hector Igbikiowubo

Tuesday, August 31, 2004

SHELL Exploration and Production (EP) Africa leadership is to be made up of 30 per cent Nigerian staff from the beginning of October this year when the headquarters is relocated from the Hague to Lagos.

The company has also announced the appointment of Mr. Mark Corner as the new deputy managing director.

Mr. Chris Finlayson, the outgoing managing director of Shell Petroleum Development Company (SPDC) made the disclosure while speaking at a diner party organised in honour of senior management staff of the company in Lagos last week.

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Sinopec denies quitting project

Financial Times: Sinopec denies quitting project

“The company also announced a $187m joint venture with Royal Dutch/Shell to operate 500 petrol stations in eastern China.”

By Enid Tsui in Hong Kong

Published: August 31 2004

Chen Tonghai, chairman of Sinopec, one of China’s big three oil companies, yesterday denied that his company had withdrawn from the controversial west-east gas pipeline project in China.

The statement, made at a press conference in Hong Kong, contradicted an August 5 filing by rival Petrochina, which claimed that the joint venture framework agreement signed by all potential investors in the project, including Royal Dutch/Shell and Exxon-Mobil, had been terminated.

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Boards beware: the road to Shell was paved with ‘good’ intentions

Daily Telegraph: Boards beware: the road to Shell was paved with ‘good’ intentions

“This being Shell, everything was systematic, and was approved at the highest level, and had been going on for years.”: “On top of all this comes the loss to Shell’s reputation – its ultimate hidden reserve.”: “It will have to be rebuilt and earned, and that takes time, if it can be done at all.”

By Chrsitopher Fildes (Filed: 31/08/2004)

Goodwill is hard to measure. Auditors prefer to write if off. Cynics define it as the difference between what you pay for something and what it proves to be worth. It can amount to a hidden reserve, until it turns out to have been overstated. Textbook example: Shell.

Everybody knew Shell, or thought they did. It was too big to miss, after all – durable, self-perpetuating and professional.

Its worst critics called it boring. That changed on the day when Shell owned up to overstating its reserves of oil, and the chairman was told to clear his desk.

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AUGUST 2004 ROYAL DUTCH SHELL NEWS

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