April 16th, 2007:

Tuesday, April 17, 2007. Issue 3638. Page 5.
Bloomberg

PricewaterhouseCoopers remains an auditor of Sakhalin Energy Investment Company, the operator of Gazprom’s Sakhalin-2 liquefied natural gas project in Russia, PwC said Monday.

Interfax reported Thursday that Russia plans to dismiss PwC as an auditor, citing Industry and Energy Minister Viktor Khristenko in a report to the government.

The Russian arm of PricewaterhouseCoopers, the world’s largest accounting firm, has been Sakhalin Energy’s external auditor for over 10 years “and continues to enjoy a professional relationship” with the company, PwC said in a statement. read more

Mon Apr 16, 2007 7:56 PM BST
(Adds talks broken off, agreement expected on Tuesday)

MOSCOW, April 16 (Reuters) – Russia’s gas monopoly Gazprom is expected to agree on Tuesday a $7.45 billion deal to buy half of the Sakhalin-2 project from Shell and its partners, industry sources said on Monday.

The sources had earlier said a deal was likely on Monday but talks broke off late in the evening without it being finalised.

A preliminary deal was agreed in December after months of pressure on the project by Russian environmental authorities and was interpreted by analysts as yet another step in the Kremlin’s drive to win more control over Russia’s huge energy sector. read more

04.16.07, 12:41 PM ET

AMSTERDAM (Thomson Financial) – Royal Dutch Shell PLC has reached an agreement with Conoco for the acquisition of 100 pct of Conoco Jet (Malaysia) Sdn Bhd, the company announced.

The wholly-owned ConocoPhillips (nyse: COP – news – people ) subsidiary operates the ProJet retail marketing assets in Malaysia and the deal comprises 44 ProJet branded retail service stations and 14 vacant land sites, primarily in Kuala Lumpur, Selangor and the State of Jorhor in the southern part of the country. read more

Mon Apr 16, 2007 4:19 PM BST

MOSCOW, April 16 (Reuters) – Russia’s gas monopoly Gazprom will on Monday close a $7.45 billion deal to buy half of the Sakhalin-2 project from Shell and its partners, industry sources said on Monday.

A preliminary deal was agreed in December after months of pressure on the project by Russian ecological authorities and was interpreted by analysts as yet another step in the Kremlin’s drive to win more control over Russia’s huge energy sector.

Gazprom will pay cash to Royal Dutch Shell and its Japanese partners Mitsui and Mitsubishi, becoming the leader of the project. read more

Apr 16, 12:31 PM (ET)
By SUE LINDSEY

BLACKSBURG, Va. (AP) – A gunman opened fire in a dorm and classroom at Virginia Tech on Monday, killing 21 people and wounding another 21 before he was killed, police said.

On the Web site, Tech reported the shootings at opposite sides of the 2,600-acre campus at West Ambler Johnston, a co-ed residence hall that houses 895 people, and said there were “multiple victims” at Norris Hall, an engineering building.

All entrances to the campus were closed and classes canceled through Tuesday. read more

AP REPORTS 22 DEAD, 21 WOUNDED BY HEAVILIY ARMED GUNMAN (who is also dead).

Latest details on the Chicago Tribune front page:

http://email.chicagotribune.com/cgi-bin1/DM/y/eBNJR0Ss3bN0G2E0FtVa0Ap

Apr 16, 2007, 13:11 GMT

Nicosia – The schedules for Irans two most advanced liquid natural gas projects – Pars LNG in partnership with Total and Petronas, and Persian LNG in partnership with Shell and Repsol – are expected to slip further, the Middle East Economic Survey reported Monday.

The Cyprus-based weekly publication said that Total had announced that sharply rising cost estimates and geopolitical concerns could delay Pars LNG, while Shell and Repsol remain at least 12 months away from a final investment decision. read more

Monday, April 16, 2007
VOLUME 1 ISSUE 292

Royal Dutch Shell (Shell) today announced the signing of an agreement with ConocoPhillips for the acquisition of 100% of shares in its wholly owned subsidiary, Conoco Jet (Malaysia) Sdn Bhd, which operates the ProJet retail marketing assets in Malaysia.
 
Royal Dutch Shell (Shell) today announced the signing of an agreement with ConocoPhillips for the acquisition of 100% of shares in its wholly owned subsidiary, Conoco Jet (Malaysia) Sdn Bhd, which operates the ProJet retail marketing assets in Malaysia. read more

Something makes more sense than the Dodd/Lantos bill. Cut off ALL of Iran’s oil income.

The consuming world can deal with replacement of Iran’s 2-3 million barrels per day in a number of ways. The most effective, but not the only way, is mandatory reduction of demand in the US (rationing) and price action that prevents a crude price run-up. (One has to understand the mechanism of oil pricing to do this. It’s time someone in government developed this knowledge.)

If you wish to learn the mechanics of how to use the “Oil Money Weapon” against Iran, then you should give me a call. read more

16/04/2007 – 7:43:31 AM

The state body charged with protecting the environment will today open a public hearing into objections to the contentious Shell gas refinery in Co Mayo.

The Environmental Protection Agency (EPA) has already given the oil giant its seal of approval by proposing to issue a pollution control licence for the operation, but strong opposition to the decision means it must hold an oral hearing into the objections.

Among those who will outline their concerns are parish priest Fr Michael Allen, An Taisce, Erris Inshore Fisherman’s Association and local residents. read more

April 16 2007

ROYAL Dutch Shell Plc has agreed to buy the 44 gasoline stations in Malaysia operated by ConocoPhillips, expanding its retail network in the country.

Shell will buy the 44 ProJet stations and 14 vacant land sites in Kuala Lumpur, Selangor and Johor states, the company said in an e-mailed statement today.

“Investing in fast growing eastern markets is crucial to business success,” said managing director of Shell Malaysia Trading Mohzani Wahab.

The acquisition will add to Shell’s 830 retail stations in Malaysia. read more

MOSCOW, April 16 (RIA Novosti) – Russia’s environmental watchdog has coordinated with Sakhalin Energy that operates the Sakhalin II oil and gas project off Russia’s Pacific Coast a schedule for fixing damage caused by the project, the natural resources ministry said Monday.

Sakhalin Energy submitted a plan of measures to remedy environmental damage March 20.

The ambitious project, formerly led by Anglo-Dutch oil major Shell, was subjected to months of intense pressure last year from Russian authorities, who accused it of causing serious environmental damage to Sakhalin Island, including deforestation, toxic waste dumping and soil erosion. read more

Posted by Ashby Jones

Here in Gotham, the news today is Imus, Imus, and more Imus. Good stuff, but at the Law Blog, news of a shift in procedure at the SEC does just as much to make our hearts beat faster.

According to a WaPo story today, the commission is changing how it negotiates settlements with companies. The shift could reportedly reduce the number and size of financial penalties that businesses pay.

Under the change, which has not been made public, SEC enforcement lawyers will have to seek approval from all five commissioners before they begin settlement talks that involve fining corporations. Currently, staff members have the authority to negotiate with businesses before they take the deals to the agency leaders for final approval. read more

By Lucian Kim

April 16 (Bloomberg) — Russia’s Natural Resources Ministry approved a plan from Royal Dutch Shell Plc and OAO Gazprom to remedy environmental violations at their Sakhalin-2 venture.

“Work to remedy the majority of violations must be undertaken now, since we signed off on this document in a short period of time,” Natural Resources Minister Yuriy Trutnev said in an e-mailed statement today.

Project operator Sakhalin Energy presented the ministry with a plan on March 20. Trutnev said it was “satisfactory” and in compliance with Russian law. read more