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Posts on ‘August 16th, 2007’

Financial Times: WWF pursues Sakhalin judicial review

By Ed Crooksand Michael Peel
Published: August 16 2007 03:00 | Last updated: August 16 2007 03:00

Environmental groups have applied for a judicial review of official support for Royal Dutch Shell’s Sakhalin 2 oil-and-gas project off the far eastern coast of Russia, arguing that it in effect gave the backing of the UK government to serious environmental damage.

The focus of the criticism by the WWF and The Corner House is a conditional decision by the Export Credit Guarantee Department in March 2004 to offer roughly $1bn (£499m) in guarantees to the Sakhalin 2 project to cover work being done by two British sub-contractors. read more

Financial Times: A light touch or perhaps a soft one

By Chris Hughes
Published: August 16 2007 03:00 | Last updated: August 16 2007 03:00

The Financial Services Authority likes to be seen as a light-touch regulator, but its record on bringing miscreants to book leaves it vulnerable to being labelled a soft-touch one as well.

The City regulator regularly fines companies and individuals for misdemeanours and sloppy standards, such as misleading financial adverts.

Some fines are large. In 2005, it fined Citi £14m for the “Dr Evil” trade, which caused turmoil in the European bond market to the bank’s gain. It fined Shell £17m in 2004 for mis-stating its oil reserves. read more

THISDAY ONLINE: N’Delta Crisis: Shell Loses $10.6bn

From Kingsley Nwezeh in Asaba, 08.16.2007

Following the escalating crisis in the Niger Delta region in the past few months, Shell Petroleum Development Company of Nigeria (SPDC) disclosed yesterday that it lost about $10.6 billion to the protracted kidnappings, killings and vandalisation of oil facilities which led  to the closure of its western oil production since February 2006.

The closure is also said to have accounted for Delta State’s  slip from the highest oil producing state status and share of the 13 per cent derivation fund from the Federation Account to an all time low and fourth position. read more

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