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Posts on ‘September 5th, 2006’

RIA Novosti: Sakhalin II is one of Russia’s top priority projects – Kremlin aide

05/09/2006 20:08 MOSCOW, September 5 (RIA Novosti) – The Sakhalin II project in Russia’s Far East is one of the country’s top priority energy projects, a Kremlin aide said Tuesday, against the backdrop of an ecological dispute.

“Russia considers the Sakhalin II project as one of its most serious projects,” Igor Shuvalov said.

Russia’s environmental protection agency, Posprirodnadzor, said earlier in the day it is taking legal action to overturn the conclusions of a state ecological probe, conducted in 2003 into the project off the country’s Pacific coast.

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Associated Press: Russian environmental regulator files lawsuit against Pacific island oil project led by Shell

Tuesday September 05, 2006

MOSCOW (AP) Russia’s environmental regulator said Tuesday it had filed suit seeking to revoke approval for a $20 billion international oil project led by Royal Dutch Shell on the Pacific island of Sakhalin.

The Federal Service for the Supervision of Natural Resources had signaled for several weeks that it planned to ask the Natural Resources Ministry to withdraw its approval for the Sakhalin-2 project in Russia’s Far East.

The service said in a statement that the suit was filed due to “unfulfilled recommendations, details of which are included in the state ecological review, and multiple digressions,” along with the project operators’ failure to take necessary anti-erosion measures.

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BBC News: Sakhalin gas project under fire

Tuesday, 5 September 2006, 11:45 GMT 12:45 UK

“The project complies fully with Russian and international environmental standards”: Royal Dutch Shell

Russian regulators are trying to block a $20bn (£10.5bn) foreign-financed energy project on the Pacific island of Sakhalin, led by Royal Dutch Shell.

An environmental watchdog will attempt to have approval for the huge project – the world’s largest integrated oil and natural gas scheme – revoked.

The Federal Service for the Supervision of Natural Resources said environmental recommendations had been “unfulfilled”.

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UpstreamOnline: Premier boss rejects takeover talk

By Upstream staff

Premier Oil has not received a takeover approach from Shell, Premier’ boss Simon Lockett said today, despite a report the supermajor was eyeing the UK oil explorer.

“I have no knowledge of any talks ongoing with Shell. We have not received any approach from Shell,” Simon Lockett told Reuters. A spokesman for Shell said the company did not comment on market speculation.

Earlier, a Dow Jones Newswires report said that Shell was seeking bank advice regarding a possible bid for Premier, citing people familiar with the matter.

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The Scotsman: Russian watchdog pressures Shell project

MOSCOW (Reuters) – Russia’s environmental watchdog stepped up pressure on the Royal Dutch/Shell-led Sakhalin-2 project, saying on Tuesday it would seek to overturn its own decision to recognise the project as ecologically safe.

The watchdog said in a statement it had asked a Moscow court to recognise that the world’s biggest liquefied natural gas (LNG) project was not complying with ecological rules.

“If the demands of the Rosprirodnadzor suit to cancel the ecological report are satisfied, then work and other activities as part of the Sakhalin-2 project will be forbidden until the receipt of a new ecological report and the elimination of all the breaches of ecological legislation,” the watchdog said.

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MarketWatch: SEC Petitioned to Issue ‘BP Rule’;

EXTRACT: Other foreign corporations that would be subject to the rule include Sony Corp., Toyota Motor Corp, Honda Motor Corp., Royal Dutch Shell, and Deutsch Telekom.


SEC Petitioned to Issue ‘BP Rule’; U.S. Investors Should Have Traditional Shareholder Rights in Foreign Companies That Lobby or Have Significant Social Impacts, Free Enterprise Action Fund (Ticker: FEAOX) says

Last Update: 9:11 AM ET Sep 5, 2006

WASHINGTON, Sept 05, 2006 /PRNewswire via COMTEX/ — Action Fund Management, LLC (AFM), investment advisor to the Free Enterprise Action Fund (Ticker: FEAOX), announced today that it has petitioned the U.S. Securities and Exchange Commission (SEC) to commence a rulemaking that would enable U.S. investors in certain foreign corporations — those that advocate on public policy or significantly impact national security, the economy and the environment — to vote in director elections and to submit shareowner proposals.

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MarketWatch: Russian gov’t reportedly sues to block Sakhalin-2 project

By Steve Goldstein
Last Update: 8:09 AM ET Sep 5, 2006

LONDON (MarketWatch) — Russia’s Federal Service for the Supervision of Natural Resources has sued to block the $20 billion Sakhalin 2 project, citing “unfulfilled” environmental recommendations, wire services reported Tuesday.

The project is being led by Royal Dutch Shell with partners Mitsui and Mitsubishi.

Dow Jones Newswires: BG Shares Up On Renewed Shell Bid Talk

Tuesday, September 05, 2006

0804 GMT [Dow Jones] BG (BRG) +1.5% at 694p on renewed speculation in the market that Royal Dutch Shell (RDSA) may be making a bid, say traders, with one trader citing talk of a price of 800p a share. However, an analyst dismisses the talk, saying nothing has changed since the last time the story made the rounds. Shell declines to comment.

Meanwhile, 800p/share is unlikely to be a successful takeout price, adds another trader. Shell +0.1% at 1,836p, having dipped to 1,825p earlier. (IXB/AKM)

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MarketWatch: Chevron-led group may find top U.S. oil source

Completes test to 28,175 feet in a well 270 miles offshore New Orleans

By MarketWatch
Last Update: 4:53 AM ET Sep 5, 2006

LONDON (MarketWatch) — Chevron Corp. said a production team it leads made the deepest successful well test in the Gulf of Mexico, potentially unearthing a reservoir of oil that could make it the top domestic source.

Chevron said Tuesday that it successfully drilled at the Jack #2 well at Walker Ridge Block 758 to a total depth of 28,175 feet, with more than 20,000 feet of that below the sea floor.
The well, 270 miles southwest of New Orleans, sustained a flow rate of more than 6,000 barrels of crude oil per day, the company said.

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AFX News Limited: Australia’s North-West Shelf LNG project Phase 5 costs rise 21 pct – UPDATE

09.05.2006, 02:44 AM

SYDNEY (XFN-ASIA) – Woodside Petroleum Ltd said costs for the planned phase five expansion of its North-West Gas liquefied natural gas project are estimated to have risen by 21 pct to 2.42 bln aud because of higher labor charges.

The company, 34 pct owned by the Royal Dutch Shell group, said the spike in costs is largely due to a sharp rise, internationally, in labor charges in the construction industry.  Woodside operates the project and is a one sixth owner alongside Royal Dutch Shell.

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The Tampa Tribune: Gulf Refiners Gearing For Expansion

EXTRACTS: …the 3,600-acre Motiva refinery is planning an expansion that the facility’s general manager says will double its production by 2010 and make it the largest U.S. refinery.  Motiva, a Houston-based joint operation between Saudi Refining Inc. and Shell Oil Co., is preparing land parcels while it awaits permits and final approval from parent companies on the $4.5 billion expansion proposal.


By STEVE QUINN The Associated Press

Published: Sep 5, 2006

PORT – ARTHUR, Texas – Stark reminders of damage wrought by last year’s hurricanes emerge while entering this Gulf Coast refinery town about 110 miles east of Houston.

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The Wall Street Journal: BP Hires Former Judge To Be U.S. Ombudsman

September 5, 2006; Page A2

BP PLC has retained former U.S. District Judge Stanley Sporkin as its ombudsman to hear worker complaints from Alaska and elsewhere in the U.S., in a move to stem the tide of criticism over the British oil titan’s operations.

BP officials and Mr. Sporkin said BP has given the former jurist free rein to report to the company whatever he hears from workers in the field. Although he will be a contractor paid by BP, “I’ll call them as I see them,” Mr. Sporkin, 74 years old, said in an interview.

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