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Posts from ‘July, 2005’

The Independent on Sunday: The week that was: Investors get the jitters as lenders are hit by bad debts

The Independent on Sunday: The week that was: Investors get the jitters as lenders are hit by bad debts “Meanwhile, Royal Dutch Shell unveiled half-year profits of £5.8bn, or £1.3m an hour. But it doesn’t plan to stop there. Shell plans to increase the money spent on exploring for oilfields to £1bn both this year […]

The Observer: The marketing of Blairism

The Observer: The marketing of Blairism “You could be forgiven for thinking that think-tanks exert more influence on the Prime Minister than business and unions combined.”: “There is lingering suspicion that think-tanks are skewed by the financial backing of big business. The SMF has a business group that companies like pharmaceuticals giant GlaxoSmithKline and oil […]

The Observer: And they call this the silly season?

The Observer: And they call this the silly season? “Corporate giants like Vodafone, Rolls-Royce, BP, Shell, and AstraZeneca all came out with results that were – with the exception of beleaguered Shell – rather better than the market had a right to expect.” Sunday July 31, 2005 Frank Kane Whoever called it the silly season? […]

End of an Auto Sale

THE WALL STREET JOURNAL: End of an Auto Sale Exxon Mobil and Shell said earnings climbed more than 30% amid soaring oil prices, but both saw production decline Sunday July 31, 2005 THIS WEEK GM Discount Ends: General Motors plans to end its successful “employee discounts for everyone” promotion this week. The company also signaled […]

Yuppies mark Rossport card

The Sunday Times: Yuppies mark Rossport card “A city-centre rally in support of the Rossport Five, the jailed Shell pipeline protesters, was heckled by a counter-demonstration staged by four young crusaders styling themselves as “pro-capitalists”. “…the impertinent interlopers really seemed to annoy the various Green, Labour, Sinn Fein and independent TDs who have leapt aboard […]

The Sunday Times: And Finally … If Shell is driven away who else will invest in Mayo?

The Sunday Times: And Finally … If Shell is driven away who else will invest in Mayo? “THE people of Mayo know all about boycotts, having coined the word in 1880…”: “In all the fuss surrounding the jailing of the so-called Rossport Five it is easy to lose sight of the fact that Shell is […]

Mayo council ‘to get Shell windfall’

The Sunday Times (UK): Mayo council ‘to get Shell windfall’ “Supporters of the Rossport Five — the local landowners who have spent the past month in jail — want Shell to move its operations offshore, but it has emerged that the council, which granted planning permission for an inland terminal, has a strong vested interest […]

Gulf Times: Shell loses appeal to restore LNG jetty approval

Gulf Times: Shell loses appeal to restore LNG jetty approval “The Royal Dutch Shell Plc-led venture on Russia’s Sakhalin Island may face delays on plans to sell liquefied natural gas to Asia after losing an appeal to reinstate an environmental approval”: “Talks with the European Bank of Reconstruction and Development about funding for the project […]

ROYAL DUTCH SHELL NEWS HEADLINES JULY 2005

ROYAL DUTCH SHELL NEWS HEADLINES JULY 2005 Gulf Times: Shell loses appeal to restore LNG jetty approval: “The Royal Dutch Shell Plc-led venture on Russia’s Sakhalin Island may face delays on plans to sell liquefied natural gas to Asia after losing an appeal to reinstate an environmental approval”: “Talks with the European Bank of Reconstruction […]

Further delays and soaring expenditure in big energy projects emerge at Royal Dutch Shell

The Times (UK): That was the week: “Further delays and soaring expenditure in big energy projects emerge at Royal Dutch Shell after the oil group admits that the start-up of Bonga, a giant offshore Nigerian oilfield, has been pushed back until late this year.” Saturday 30 July 2005 Further delays and soaring expenditure in big […]

Daily Telegraph: Not bad results this half but UK plc could do better

Daily Telegraph: Not bad results this half but UK plc could do better “… Jeroen van der Veer, chief executive of Shell, whose sums have given so much trouble recently, admitted: “It is clear we must improve our project management.” Saturday 30 July 2005 (Filed: 30/07/2005) Although company figures are encouraging, economists know the truth, […]

Daily Telegraph: A summary of this week’s main business stories

Daily Telegraph: A summary of this week’s main business stories “Shell declared a 27pc increase in first-half profits to $10.17billion (£5.8billion) but admitted that its oil and gas production had fallen by 129,000 barrels a day over the period.” Saturday 30 July 2005 • Sir Tom McKillop, chief executive of Astrazeneca, said he would step […]

RTE (Ireland): Shell announces 56 more Corrib lay-offs

RTE (Ireland): Shell announces 56 more Corrib lay-offs read more

Irish Examiner: Shell axes 56 jobs as a result of pipe protests

Irish Examiner: Shell axes 56 jobs as a result of pipe protests “Mark Carrigy, operations manager for Shell EP Ireland, claimed protesters had been obstructing non-pipeline work and as a result the sub-contractors were forced to cut employee numbers.”: “The job losses come as five men jailed over their protests against the pipeline brothers Philip […]

Irish Examiner: Shell axes 56 jobs as a result of pipe protests

Irish Examiner: Shell axes 56 jobs as a result of pipe protests “Mark Carrigy, operations manager for Shell EP Ireland, claimed protesters had been obstructing non-pipeline work and as a result the sub-contractors were forced to cut employee numbers.”: “The job losses come as five men jailed over their protests against the pipeline brothers Philip […]

Irish Independent: Pipe protests are costing fuel giant 100,000 a day

Irish Independent: Pipe protests are costing fuel giant 100,000 a day “Last week, Minister Noel Dempsey said he believed that the company had breached the permissions it was granted and had asked Shell for an immediate response, which is currently being considered by the minister.” Saturday July 30, 2005 PROTESTS over the laying of a […]

Daily Telegraph: Fish protest forces Shell to delay oil terminal

Daily Telegraph: Fish protest forces Shell to delay oil terminal “Shell ran into another obstacle on its Sakhalin project yesterday after a Russian court ruled against the construction of a quay on the island.”: “The European Bank for Reconstruction and Development is mulling over whether to continue lending money to the project, in the face […]

Daily Telegraph: The Sakhalin Island indicator to oil prices

Daily Telegraph: The Sakhalin Island indicator to oil prices Protest forces Shell delay: “Sakhalin is already 100pc over budget at $20billion and contractors are demanding more and more cash. Given that one of them was found stabbed in his apartment last week, they probably deserve it.” Saturday 30 July 2005 Let us hope that the […]

Shell’s woes mount as it admits cost overruns and delays

THE TIMES (UK): Shell’s woes mount as it admits cost overruns and delays “FURTHER delays and soaring expenditure in big energy projects emerged at Royal Dutch Shell yesterday when the company admitted that the start-up of Bonga, a giant offshore Nigerian oilfield, had been pushed back until late this year.“: “Bonga’s budget has already swelled […]

The Guardian: Shell meets its match in the Rossport Five

The Guardian: Shell meets its match in the Rossport Five “Suddenly, the issue became one of the biggest news stories of the year and, as the Irish Examiner called it, “a major public relations disaster for the Shell corporation”: “The “Rossport Five” were jailed at the specific request of the company, which had obtained compulsory […]

Shell’s first results as a single group disappoint

Financial Times: Shell’s first results as a single group disappoint “Shell, which this month united its Dutch and UK holding companies, is struggling to keep up. It lags behind competitors in production growth, faces lawsuits in the US over false reserves statements and announced a $10bn cost overrun at Sakhalin-2, the flagship Russian project. There […]

THE NEW YORK TIMES: High Energy Prices Boost 3 Oil Companies

THE NEW YORK TIMES: High Energy Prices Boost 3 Oil Companies “Repeated restatements of its oil reserves last year cost Shell, one of the world’s largest oil producers with BP PLC and Exxon Mobil, almost $150 million in fines imposed by U.S. and British regulators and led to the dismissal of three senior executives.” Friday […]

Exxon, Shell Profits Climb Sharply

The Wall Street Journal: Exxon, Shell Profits Climb Sharply “The company, which earlier this month disclosed budget overruns and a half-year delay at its massive Sakhalin II gas project in Russia, said yesterday that production at its giant offshore oil field in Nigeria, Bonga, would be delayed once again, though just by a few months.” […]

Daily Mirror: GROTESQUE: Union blasts Shell’s £372 a second profit

Daily Mirror (UK): GROTESQUE: Union blasts Shell’s £372 a second profit “SHELL sparked outrage yesterday by revealing profits of £372 a second.”: “Union Amicus called the profit “grotesque” and accused Shell of putting cash before staff safety. The company was fined £900,000 in April for health and safety lapses over the deaths of two Scottish […]

The Guardian (UK): Shell’s big profits fail to impress City

The Guardian (UK): Shell’s big profits fail to impress City “The City was less than impressed with yesterday’s figures, which were below expectations. “Shell has a relatively weak competitive position, limited organic growth opportunities, poor reserve replacement record and its project management is poor,” according to Barclays analyst Andrew Fisher.” Friday July 29, 2005 Mark […]

Daily Telegraph: Shell gushes to $10bn in face of Sakhalin costs

Daily Telegraph: Shell gushes to $10bn in face of Sakhalin costs Friday 29 July 2005 By Malcolm Moore (Filed: 29/07/2005) Shell yesterday declared a 27pc increase in first-half profits to $10.17billion (£5.8billion) but admitted that its oil and gas production had fallen by 129,000 barrels a day over the period. Shares in the newly-restructured Royal […]

Lloyds List: Investment concern as Shell earnings soar

Lloyds List: Investment concern as Shell earnings soar Capital expenditure figure for year of $15bn excludes cost overruns on Sakhalin II, writes Martyn Wingrove: “STRONG oil prices have sent unified Royal Dutch Shell’s earnings into a 26% rise in the second quarter, but there are concerns over rises in capital investments on Russian projects.” Friday […]

Lloyds List: Shell LPG sale process gains momentum

Lloyds List: LPG sale process gains momentum “Shell is about to take a step forward in the oil major’s efforts to sell its liquefied petroleum gas business, writes Tony Gray. The group will soon open a ‘data room’ to allow serious potential bidders access to all the information needed to assess the business’ value.” Friday […]

EBRD Raps Sakhalin 2 Gas, Oil Project Over Environmental Concerns

RedNova News: EBRD Raps Sakhalin 2 Gas, Oil Project Over Environmental Concerns “The so-called Sakhalin 2 natural gas and oil development project involving Japanese trading houses has suffered a fresh setback after the European Bank for Reconstruction and Development said the project lacks environmental awareness.” Posted Friday 29 July 2005 Jul. 28–TOKYO — The so-called […]

Reuters: Iran: Door open to foreign investors

Reuters: Iran: Door open to foreign investors “Legislators have accused oil giant Royal Dutch Shell, which operates Iran’s 200,000 barrels per day offshore Soroush and Nowruz oilfields, of “cultural imperialism”.”: Posted Thursday 28 July 2005 Iran’s incoming President Mahmoud Ahmadinejad will be open to foreign investors and Western companies should not take fright, Foreign Ministry […]

Irish Times: Court rules out challenge to Shell planning permission

Irish Times: Court rules out challenge to Shell planning permission Posted Thursday 28 July 2005 The High Court has refused to permit a local man bring a challenge to An Bord Pleanala’s granting of planning permission to Shell E&P Ireland Ltd to develop a gas terminal in connection with the off-shore Corrib gas field. Martin […]

Chicago Daily Herald, IL: Shell settles suit over tainted landfill soil

Chicago Daily Herald, IL: Shell settles suit over tainted landfill soil Thursday 28 July 2005 By Patrick Waldron Daily Herald Staff Writer Shell Pipeline Co. LP has agreed to pay $155,000 worth of fines — including $50,000 to go to a Kane County recycling program — as a penalty for dumping benzene-tainted soil at Settler’s […]

BBC TV NEWS: Shell rides on soaring oil prices

BBC TV NEWS: Shell rides on soaring oil prices “The Anglo-Dutch group was finally unified last week in a bid to rebuild investor confidence after last year’s oil reserves debacle. Previously the company had been co-owned by British and Dutch holding firms.” Thursday 28 July 2005 Rocketing oil prices have helped Royal Dutch Shell to […]

Reuters: Royal Dutch Shell profits soar on high oil

Reuters: Royal Dutch Shell profits soar on high oil Thu Jul 28, 2005 7:46 AM BST LONDON (Reuters) – Royal Dutch Shell, the world’s third-largest oil firm by market capitalisation, reported a more than 20 percent jump in second quarter profits on Thursday on the back of high oil prices. Shell said in a statement […]

MosNews (Russia): Sakhalin-2 LNG Project Under Fire From Environmentalists, Lenders

MosNews (Russia): Sakhalin-2 LNG Project Under Fire From Environmentalists, Lenders Thursday 28 July 2005 Sakhalin Energy, the operator of the Sakhalin-2 oil and gas project, was compelled to suspend the construction of a liquefied natural gas (LNG) plant because of strong protests from environmentalists. The information was reported on Wednesday, July 27, by Russian Nezavisimaya […]

The Guardian: Shell announces £5.8bn profits

The Guardian: Shell announces £5.8bn profits Thursday 28 July 2005 Mark Tran Thursday July 28, 2005 Royal Dutch Shell today reported half-year profits of £5.8bn in its first results as a unified company. The oil giant’s profits – equivalent to £1.3m an hour – were in line with the figures released by its rival BP […]

BLOOMBERG: Shell 2nd-Qtr Profit Misses Estimates as Output Falls (Update4)

BLOOMBERG: Shell 2nd-Qtr Profit Misses Estimates as Output Falls (Update4) Thursday 28 July 2005 July 28 (Bloomberg) — Royal Dutch Shell Plc, Europe’s second- biggest oil company, posted lower-than-expected profit for the second quarter as production fell. The report was the first since Shell’s British and Dutch parent companies combined. Profit excluding gains or losses […]

Financial Times: Case of ex-Shell chief could make life complicated for FSA

Financial Times: Case of ex-Shell chief could make life complicated for FSA Thursday 28 July 2005 By Barney Jopson Published: July 28 2005 The Financial Services Authority and headstrong business executives do not mix. Following a clash with Sir David Prosser, chief executive of Legal & General, at a tribunal earlier this year, the FSA […]

Shell says asset swap with Gazprom to proceed despite Sakhalin cost overruns

AFX Asia (Focus): Shell says asset swap with Gazprom to proceed despite Sakhalin cost overruns “Van der Veer told reporters in a conference call that Shell and Gazprom are currently engaged in “detailed negotiations” on the terms of the swap following the signing of a framework agreement on July 7.”: “He was commenting on newspaper […]

Irish Times: Mayo gas pipeline controversy

Irish Times: Mayo gas pipeline controversy “Shell now tells us it has been meticulous in observing environmental regulations. Would this be the same Shell oil giant which has removed billions of dollars worth of oil from the Niger delta while flouting environmental regulations for decades? Thursday, July 28, 2005 Madam, – Shell now tells us […]