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Posts on ‘September 22nd, 2006’

International Herald Tribune: U.S. says Russian actions against Shell’s projects violate summit commitments to G-8

The Associated Press
Published: September 22, 2006
 
WASHINGTON The United States is very concerned by recent Russian government actions threatening the revocation of permits granted to Royal Dutch Shell PLC for oil and gas projects, the State Department said Friday.
 
Spokesman Tom Casey said the actions cast doubt on Russian commitments, including those made at the G-8 summit this summer in St. Petersburg, Russia.
 
At the summit, Russia agreed to “transparent, efficient and competitive energy markets, as well as specific obligations to uphold contracts,” Casey said.
 
He urged Russia to abide by the commitments.
read more

Dow Jones Newswires: U.S. Raps Russia for Obstructing Shell

Published: September 22, 2006 2:45 PM  

WASHINGTON (AP)–The U.S. is very concerned by recent Russian government actions threatening the revocation of permits granted to Royal Dutch Shell PLC (RDSA) for oil and gas projects, the State Department said Friday.

Spokesman Tom Casey said the actions cast doubt on Russian commitments, including those made at the Group of Eight summit this summer in St. Petersburg, Russia.

At the summit, Russia agreed to “transparent, efficient and competitive energy markets, as well as specific obligations to uphold contracts,” Casey said. read more

Reuters: US says “very concerned” by Russian steps on Shell

Fri Sep 22, 2006 6:24 PM BST

WASHINGTON (Reuters) – The U.S. State Department said on Friday it was “very concerned” by Russia’s threat to revoke the environmental permit at Royal Dutch Shell’s Sakhalin-2 oil and gas filed project.

“The United States is very concerned by recent Russian government action threatening the revocation of Shell’s environmental permit for the Sakhalin-2 oil and gas project,” State Department spokesman Tom Casey told reporters. read more

The Australian: Sakhalin row risk to energy alliance

David Pilling, Tokyo
Saturday September 23, 2006

RUSSIA’S withdrawal of a permit for the $US20 billion ($26billion) Sakhalin-2 liquefied natural gas project could be a “massive blow” to Tokyo’s plans to secure a strategic energy partnership with Russia, a senior Japanese official said.

The official, who did not want to be identified, said: “If this contract is eventually cancelled, it will demonstrate how vulnerable LNG contracts are to the geopolitical intentions of host nations.” read more

Bloomberg: Russian Ministry Renews Attempt to Annul Shell Permit (Update3)

By Garfield Reynolds and Torrey Clark

Sept. 22 (Bloomberg) — Russia’s Natural Resources Ministry resubmitted a request to revoke Royal Dutch Shell Plc’s license for its Sakhalin-2 oil and gas project, maintaining a government threat to halt construction work at the $20 billion venture.

Rostekhnadzor, the federal industrial safety service, said today it wasn’t authorized to grant the Natural Resources Ministry request. It then retracted the comment, saying in an e- mailed statement that the earlier declaration had been sent because of a technical error. read more

Financial Times: On London: Tough times for resource stocks

By Chris Brown-Humes
Published: September 22 2006 18:09 | Last updated: September 22 2006 18:17

Times are tough for the bulls on oil and commodity stocks. The sharp falls in oil prices since July have coincided with fresh bouts of troubles for sector heayweights BP and Shell. That has raised doubts about one of the biggest and most successful trades of the last few years – overweight oils and miners. But the the bulls should hold on. The story is not yet over, even if the ride is going to get bumpier. read more

Bloomberg: Shell Faces Sakhalin Grab; Putin Seeks Energy Control (Update1)

By Lucian Kim and Garfield Reynolds
Sept. 22 (Bloomberg) — First Russian President Vladimir Putin attacked OAO Yukos Oil Co. Now it’s Royal Dutch Shell Plc.

This week’s threat to shut down Shell’s $20 billion Sakhalin Island project, the country’s biggest foreign investment, is another maneuver to force companies in Russia to share more profits with the state, analysts said. It’s a reminder of the tactics used in Putin’s dismantlement of Yukos, whose assets ended up at state-run OAO Gazprom and OAO Rosneft after the government filed $30 billion in tax claims against the company. read more

Reuters: Dutch PM wants answers on Sakhalin

Fri Sep 22, 2006 2:21 PM BST 
By Tom Miles

MOSCOW (Reuters) – Dutch Prime Minister Jan Peter Balkenende phoned Russian President Vladimir Putin late on Thursday to demand an explanation for Russia’s tough line on a project run by British-Dutch major Royal Dutch Shell (RDSa.L: Quote, Profile, Research).

Russia withdrew ecological permits for Shell’s Sakhalin-2 venture this week because the firm doubled the estimate of costs for the project to $20 billion (10.5 billion pounds), infuriating the Kremlin and gas monopoly Gazprom (GAZP.MM: Quote, Profile, Research), which wants to join Sakhalin-2. read more

Daily Mail: Shell’s Russia row reaches United Nations

Margaret Beckett

Margaret Beckett

By Sam Fleming
Friday 22 September 2006

THE crisis over Royal Dutch Shell’s Sakhalin-2 oil and gas project has erupted into a diplomatic row between Britain and Russia.

Foreign Secretary Margaret Beckett challenged her counterpart Sergei Lavrov over the issue at the United Nations in New York, it emerged yesterday.

The UK is said to be making ‘high-level’ representations amid fears that the Western energy industry is under concerted attack by the Kremlin.

Relations between the countries were strained earlier this year after Russia threatened to turn off gas supplies to the Ukraine and expressed interest in buying British Gas owner Centrica. read more

This is Money: Shell buys into Chinese lubricants firm

22 September 2006

Energy giant Royal Dutch Shell secured third spot in the world’s fastest growing consumer market for lubricating oils today.

Shell bolstered its position in China by acquiring 75% of Tongyi, which sells lubricants for cars, motorcycles, trucks and industrial customers through a network of 2,000 distributors and 90,000 retailers.

The move for China’s leading independent brand will increase Shell’s finished lubricants volume by 8% and give it the third largest share of a market expected to grow by 10% a year at least until 2010. read more

The Scotsman: S.Korea in talks for extra LNG if Sakhalin delayed

By Moon Hae-won
Fri 22 Sep 2006

SEOUL (Reuters) – South Korea’s dominant liquefied natural gas importer is in talks to secure alternate supplies in case its shipments from Royal Dutch Shell’s $20 billion (10.6 billion pound) Sakhalin LNG project are delayed, a company source said on Friday.

Importers in Japan, which is counting on Sakhalin-2 to meet some 6 percent of the country’s growing gas demand, said they were considering their options after Russia revoked key environmental permits and Shell warned of potential further set-backs. read more

Dow Jones Newswires: Russia Agency: Sakhalin Statement Was Released In Error

Friday September 22nd, 2006 / 14h45 
 
MOSCOW -(Dow Jones)- A statement saying a government agency wouldn’t agree to cancel a key environmental permit for a $20 billion oil and gas project led by Royal Dutch Shell PLC (RDSA.LN) was mistakenly released and doesn’t reflect the agency’s position, a spokesman for the state body said Friday.

The spokesman for the agency, known as Rostekhnadzor, said: “This press release was sent out by mistake, and it does not reflect the official position of Rostekhnadzor.” read more

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