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Posts from ‘April, 2007’

Financial Times: Urals Energy sure on reserves report

By Ed Crooks in London and Catherine Belton in Moscow
Published: May 1 2007 03:00 | Last updated: May 1 2007 03:00

Urals Energy, the oil and gas company, has said it is confident it will not run into trouble with the Russian government, in spite of its report yesterday of a 400 per cent increase in its proven and probable reservesto 577m barrels of oilequivalent.

Russia’s environmental watchdog agency said yesterday it was waiting for the results of a probe by the FSB, the security service, into whether several London-listed companies operating in Russia, including Urals Energy, were misreporting their reserves.

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FT REPORT – GRADUATE RECRUITMENT: Industry builds new image

By Miranda Green, Financial Times
Published: May 01, 2007

When it comes to attracting those graduates who want to work in engineering, the traditionally glamorous areas of automobile, aerospace and defence still seem to hold the trump card.

“It’s the boys’ games,” says Oliver Viel of Trendence. “Aeroplanes, rockets and cars still interest them the most.” According to the researchers who conducted the survey, these companies attract potential recruits in their droves because of long-established brands.

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Financial Times: Tigers’ homemade air force delivers new threat to Colombo

By Joe Leahy in Mumbai
Published: May 1 2007 03:00 | Last updated: May 1 2007 03:00

An attack by the fledgling air force of Sri Lanka’s Tamil Tiger separatists has thrown the island’s international airport into disarray, with foreign carriers suspending or altering flights for fear of being caught up in an escalating air war.

In a blow to the island’s tourism industry, Hong Kong’s Cathay Pacific Airways and Emirates Airlines suspended services to Col-ombo, while Singapore Airlines stopped night flights.

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CNN.com: Europe up on merger activity

POSTED: 1841 GMT (0241 HKT), April 30, 2007

LONDON, England (Reuters) — European shares rose on Monday on a fresh wave of merger activity, including a proposed tie-up between Germany’s Deutsche Boerse and U.S. equity options market International Securities Exchange.

Cable & Wireless Plc — one of the top gainers among UK stocks — rose 4 percent although the British telecoms group played down reports it was considering a break-up, saying talk it was looking to spin off its businesses was premature. Oil stocks, including index heavyweights BP and Royal Dutch Shell, were some of the biggest percentage gainers as crude futures held just shy of $68 a barrel after rising 3.0 percent last week.

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Reuters: FACTBOX-Disputed maritime oil and gas areas in Asia

Monday April 30, 6:17 PM

April 30 (Reuters) – Maritime disputes may hold up prospective energy developments in Asia for years or decades despite high oil and gas prices, but analysts say joint development is still on the cards.

Here is a factbox on some of the disputed areas.

GREATER SUNRISE — East Timor/Australia

The $5 billion development of the Greater Sunrise gas fields in the Timor Sea may begin soon, after East Timor’s parliament ratified a pact with Australia in February to evenly split royalties. The fields are estimated to hold 8 trillion cubic feet (Tcf) of gas and up to 300 million barrels of condensate.

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WREG.com: Jiffy Lube and Pennzoil Team Up to Give Drivers More Than They Pay For

Jiffy Lube and Pennzoil Offer Drivers Free Oil Change in First-Time Buy-One-Get-One-Free Promotion

HOUSTON, April 30 /PRNewswire/ — As the busy summer driving season approaches, Jiffy Lube(R) and Pennzoil(R) are giving drivers an easier way to make an important change — to their motor oil. Between April 29 and June 4, 2007, drivers who visit any participating Jiffy Lube service center and purchase a Jiffy Lube Signature Service(R) Oil Change with any conventional, specialty or synthetic Pennzoil or Quaker State(R) product can get the next one free.

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Reuters: AmeriGas to buy US propane distribution business of Shell

April 30 (Reuters) – AmeriGas Partners L.P. said its operating partnership has agreed to acquire U.S. propane distribution business of Royal Dutch Shell.

The terms of the deal were not disclosed

The sale is expected to occur during the second quarter. The business, Shell Gas (LPG) USA, sells over 13 million gallons of propane annually to nearly 20,000 customers from twelve locations in Michigan.

(Reporting by Neetha Mahadevan in Bangalore)

© Reuters 2007. All Rights Reserved

Business Times (Malaysia): Petronas, Dutch firm in LNG pact

Kamarul Yunus,
Published: Apr 30, 2007

PETROLIAM Nasional Bhd (Petronas) is interested to participate in the development of infrastructure for liquefied natural gas (LNG) and gas storage projects in the Netherlands.

The national oil company signed a memorandum of understanding (MoU) with N.V. Nederlandse Gasunie (Gasunie) recently that will pave the way for future collaboration between the two companies in LNG and gas storage projects.

The signing was held on the sidelines of the LNG15 Summit in Barcelona, Spain last Wednesday.

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AFX Europe (Focus): Local authority pension funds oppose Shell’s remuneration report

Published: Apr 30, 2007

LONDON (Thomson IM) – The 75 bln stg Local Authority Pension Fund Forum (LAPFF), whose members own over 1 pct of shares in Royal Dutch Shell, has urged its pension fund members to vote against the company’s remuneration report at its annual general meeting on May 15.

The Forum is recommending an opposing vote on grounds that the company has failed to link directors’ management of non-financial issues such as health and safety with long-term pay awards.

The body said that, currently, such a linkage only exists to the annual bonus. It added the sustainable development component of the bonus, which covers a range of non-financial factors including safety, represents a maximum of only 5 pct of a director’s potential package.

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The New York Times: Jazz Festival Gets Support

Monday April 30, 2007

The New Orleans Jazz & Heritage Festival has attracted its first long-term corporate sponsor, The Associated Press reported.

Organizers said the sponsorship of Shell Exploration and Production, an energy development company, would keep the event from being scaled back as New Orleans recovers from the devastation of Hurricane Katrina.

“It changes a lot of things,” Quint Davis, the producer and director of the festival, said. “We’re able to make long-term plans for the festival now.”

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Vanguard (Nigeria): NNPC, Shell dares CBN on Forex transactions

By Babajide Komolafe
Monday, April 30, 2007

The Nigerian National Petroleum Corporation (NNPC) and Shell Development Petroleum Comapny are on a collision path with the Central Bank of Nigeria (CBN) over foreign exchange transactions rules.

The two companies,  it was gathered, have been flouting the directives of the apex bank that firms selling foreign exchange in the interbank foreign exchange market disclose the volume of forex been offered to the market.

Forex dealers had complained that the two firms particularly Shell are found of not disclosing the volume of forex been offered. This practice they say is anti market as it does discourages transparency in foreign exchange transactions.

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Hemscott.com: Local authority pension funds oppose Shell’s remuneration report

LONDON (Thomson IM) – The 75 bln stg Local Authority Pension Fund Forum (LAPFF), whose members own over 1 pct of shares in Royal Dutch Shell, has urged its pension fund members to vote against the company’s remuneration report at its annual general meeting on May 15.

The Forum is recommending an opposing vote on grounds that the company has failed to link directors’ management of non-financial issues such as health and safety with long-term pay awards.

The body said that, currently, such a linkage only exists to the annual bonus. It added the sustainable development component of the bonus, which covers a range of non-financial factors including safety, represents a maximum of only 5 pct of a director’s potential package.

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