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Posts on ‘March 5th, 2008’

Reuters: UPDATE 1-Shell reaches wage deal for Pernis refinery

Wed Mar 5, 2008 5:08am EST

AMSTERDAM, March 5 (Reuters) – Anglo-Dutch oil giant Royal Dutch Shell Plc (RDSa.L: Quote, Profile, Research)(RDSb.L: Quote, Profile, Research) said on Wednesday it had reached a wage agreement with unions for its employees at its Dutch Pernis refinery and its Moerdijk plant.

Shell said in a statement salaries will increase by 5.5 percent this year and 3.5 percent in March next year under a deal that affects 2,100 employees at Pernis, Europe’s biggest refinery, and Moerdijk, where Shell processes chemicals. read more

Oil & Gas Journal: Sakhalin-2 partners seeking swifter financing

Eric Watkins
Senior Correspondent

LOS ANGELES, Mar. 4 — Sakhalin Energy, operator of the Sakhalin-2 gas and oil project, reported it is no longer seeking loans from the US Export-Import Bank or the UK’s Export Credits Guarantee Department due to possible delays on loan decisions.

A Sakhalin Energy spokesman said Ex-Im Bank might require lengthy consultations over the loans, but that the project’s tight start-up and operating schedule dictated the need to seek a swifter financing decision, not environmental or political concerns. read more

THE WALL STREET JOURNAL: Crude Oil Falls Below $100

As Stronger Dollar Prompts Retreat
By BRIAN BASKIN
March 5, 2008; Page C5

Crude-oil futures fell sharply yesterday as speculators drawn to the market by the weak dollar bailed at the first sign that the currency was strengthening.

Light, sweet crude for April delivery settled $2.93, or 2.9%, lower at $99.52 a barrel on the New York Mercantile Exchange.

The drop at settlement was the largest percentage decline since Feb. 1, while the intraday low of $98.87 was last matched Feb. 26. Most of the losses came in the morning, when crude shed $4 in two hours, before stabilizing around $100. read more

Financial Times: BP chiefs miss out on bonuses

By Ed Crooks in London
Published: March 5 2008 02:00 | Last updated: March 5 2008 02:00

BP’s top executives, including Tony Hayward, chief executive, missed out on share bonuses last year after the UK company performed worse than its peers in terms of shareholder returns.

The company’s annual report shows that five directors failed to qualify for awards worth up to £2.7m ($5.3m) available under BP’s long-term incentive plan for 2005-07.

The report also revealed that Mr Hayward’s basic pay was significantly less than that of Lord Browne, whom he replaced last May. read more

Daily Telegraph: BP bosses miss out on £10.7m bonuses

Last Updated: 1:30am GMT 05/03/2008
By Russell Hotten

BP’s top executives have missed out on share bonuses worth a potential £10.7m after the company’s dreadful performance in 2007.

Chief executive Tony Hayward failed to qualify for up to £2.3m in share options after a troubled year in which his predecessor Lord Browne resigned and BP suffered operational problems.

According to BP’s annual report: “Performance failed to meet satisfactory levels and consequently no shares will vest in the plan for 2005-07.” read more

The Times Online: BP chiefs share £10m despite profits plunge

March 4, 2008
Dearbail Jordan

BP’s executive directors last year took home nearly £10 million in pay and bonuses after reporting a 22 per cent profit fall despite record oil prices

Lord Browne of Madingley, who resigned as BP’s chief executive at the beginning of May after lying in court, received a total £2.7 million last year. This included a £1.5 million lump sum, equal to one year’s salary, as well as £1.2 million for four months work.

The oil group’s annual report and accounts reveal that Lord Browne was awarded a package that included £531,000 in salary, a £621,000 bonus and £85,000 for a car, a driver and office administration costs. read more

The Guardian: Big energy firms play it dirty

Julia Finch
Wednesday March 5 2008

Their audacity knows no bounds. The power companies are threatening to scale down their investments in green power projects if the government introduces a windfall tax on their high earnings. Obviously, they are not putting it that bluntly – choosing instead to demand a “stable, predictable investment climate” to deliver green funding – but the message is clear.

The two companies to fire off these warnings yesterday were British Gas and Drax. At least British Gas has a few wind turbines but Drax’s sole asset – a coal-fired power station – has rewarded its shareholders handsomely while feeding more carbon into the atmosphere than any other single plant in the country. read more

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