November 17th, 2006:

The Associated Press
Published: November 17, 2006
 
MOSCOW: BP PLC, which entered the Russian energy market three years ago with the blessing of President Vladimir Putin, has become the latest foreign producer to feel the icy power of the Kremlin as the state increases its control of oil resources.

The company’s joint venture TNK-BP, Russia’s third-biggest oil and gas producer, has been hit with back-tax bills, threatened with license annulments and last week prosecutors opened a criminal investigation against a TNK-BP executive. read more

17.11.2006 
 
YUZHNO-SAKHALINSK, November 17 (Itar-Tass) – Russian enviromnmental requirements for the Sakhalin-2 oil and gas project are not fully met, the Sakhalin Region’s Governor Ivan Malakhov said on Friday during the meeting in Yuzhno-Sakhalinsk with British government representatives who arrived in Sakhalin to study the Sakhalin-2 problems.

The project is important for the regional administration, Malakhov noted.

Very serious, including environmental, requirements are set for it, but regrettably, they are not met in full measure, he said. read more

Published: Nov 17, 2006

Pat Ruane of Loughrea, Co Galway , says “Shame on you Bellanaboy” over the Corrib project protest (Letters, November 13).

We feel it is past time the public were made aware that the Bellanaboy residents are not engaged in the present protest.

We exercised our democratic right through the planning process and were widely criticized for doing so.

We never apologised to anyone for objecting to the building of the Bellanaboy bridge terminal and we’re not going to apologise now for abiding by the law. read more

Letter: Briefly… – Ethical investments

By: CANON CHRISTOPHER HALL
Published: Nov 17, 2006

Sir

The wife of the BBCs “Mr Ethical”, Justin Row Latt, is wrong to think that owning petroleum shares is wrong in itself (Pandora, 16 November).

It is ethical provided the holders use them to put pressure on the company to respect local communities and the environment. Shell shareholders have done so twice in 1997 and this year, when pounds 10bn-worth of shares defied the Board’s advice. read more

By Vanessa Houlder

Published: November 17 2006 02:00 | Last updated: November 17 2006 02:00

The attempt to forge a better relationship between business and the Revenue rests in the hands of Sir David Varney, who has just stepped down as the organisation’s chairman, writes Vanessa Houlder.

Sir David, who was previously chairman of mmO2 and chief executive of the BG Group, is now a senior adviser to the chancellor. Viewed as influential and prepared to listen to business’s concerns, he is no stranger to effecting change. After proving himself as the head of Shell’s downstream operations in the UK and helping the company cope with a backlash from environmentalists over its attempt to dismantle the Brent Spar oil storage facility he went on to play a big role in the British Gas break-up. read more

November 17, 2006

Vladimir Putin’s dream of reclaiming what he considers to be Russia’s rightful place in the world just got closer, thanks to a bilateral deal with the U.S. that boosts Moscow’s hopes of joining the World Trade Organization. Now it’s up to Moscow to show that it intends to adhere to global trading norms.

To date, Mr. Putin has failed on that count, using trade policy to punish irksome neighbors and showing little regard for commitments to foreign investors. The U.S. deal, which American and Russian officials are expected to sign this weekend in Hanoi, is a reminder of both how far Russia has come and how far it has to go. read more

THE WALL STREET JOURNAL ONLINE
November 16, 2006 6:40 p.m.

Crude oil was pressured by falling natural-gas prices and an upcoming expiration of the front-month contract. Here is Thursday’s roundup of oil and energy news:

* * *
CRUDE FUTURES TUMBLE: Crude oil hit the lowest closing level in a year, pressured by a drop in natural-gas prices of more than 4% following the first climb in U.S. natural-gas supplies in three weeks. The upcoming expiration of the front-month contract also likely added to volatility. Crude for December delivery slumped $2.50, or 4.3%, to $56.26 a barrel on the New York Mercantile Exchange, the biggest drop in percentage terms since last August. read more

November 17, 2006
By Carl Mortished, International Business Editor
 
EUROPE’S oil refining industry is poised for a big upheaval as Royal Dutch Shell puts its French refineries up for sale. The Dutch multinational is pulling out of the refining market in France, seeking buyers for its three plants at Petit Couronne, Reichstett and Berre l’Etang. 
 
Shell’s move to reduce its European refining capacity follows BP’s decision in June to put its Coryton refinery in Essex up for sale. Shell has already taken steps to reduce capacity with the closure of Shell Haven. read more