An investigation of oil trading by the U.S. Commodity Futures Trading Commission will likely target evidence that traders intended to manipulate markets rather than just schemed to make money, former officials of the agency said.
Posts from ‘May, 2008’
More than 500 truck drivers who work at Royal Dutch Shell Plc terminals across Britain may go on strike…
PARIS, May 31 (Reuters) – Russia’s Prime Minister, Vladimir Putin, said he had warned BP about the risks of setting up a venture with a group of Russian billionaires when he blessed its creation as Russian president in 2003.
The proposed “fat cat tax” has provoked anguished protests from large Dutch companies, who say that it will ruin their ability to compete on the European, and international, market. Some companies, including Royal Dutch Shell, have warned that they might move their headquarters to another country.
HSBC’s stormy annual meeting is the latest high water mark in the tide of shareholder discontent. Add it to the experiences of Royal Dutch Shell, BP and GlaxoSmithKline over recent weeks and the message is clear: investors are fed up with being seen as weak. The French government is threatening to curb “perfectly scandalous” pay packets for executives in underperforming companies, while the Dutch want to tax executive bonuses and severance packages.
Last year was another fabulous year for Exxon Mobil. It made a record $40.6 billion in profits. It replaced its reserves, no easy task with oil so hard to find and extract these days. Its safety record was stellar. Its return on capital was an astounding 32 percent, another record. It spent $21 billion in capital investments while also paying out $36 billion on a combination of dividends and stock buy backs. It share price rose 22 percent.
In 2006,Royal Dutch Shell was pressured into selling a controlling stake in its $20 billion Sakhalin-2 oil project to Gazprom at a below-market price after environmental regulators threatened it with billions of dollars in fines.
Oil prices ended a volatile week almost $10 below their record $135 levels as the Financial Services Authority joined a worldwide investigation into the price manipulation of crude.
All around the world, in a multitude of ways, the soaring price of oil is hurting rich and poor alike. For the lucky ones, it is simply a matter of changing their lifestyle. But those most vulnerable to the price of oil have been driven on to the streets in angry protests, which raise a fundamental question: what can we do to survive in a world where a barrel of oil costs $127 (£64)?
The Kremlins campaign against foreign ownership of Russian energy resources forced Shell to cede control of the $20 billion (£10 billion) Sakhalin-2 oil and gas project to Gazprom last year. As the only big energy company not under Russian control, TNK-BP is firmly in its sights.
Yesterday shares in Arrow Energy, Australia’s number four producer of coal-seam gas, were still halted as it worked on an agreement to sell an interest in its projects. Shell was rumoured to be the likely partner.
Yesterday, Arrow Energy the fourth-largest producer was in a trading halt as energy majors, rumoured to include Shell, circled. Analysts say that BP, ENI and Total are interested.
WASHINGTON – A U.S. unit of Royal Dutch Shell PLC spent more than $587,000 to lobby the federal government on chemical site security, energy taxes and other issues in the first quarter of the year.
The UK company said it was “considering its next move”, and there is growing speculation that others are talking to Origin, including Royal Dutch Shell.
May 30, 2008: 4:41 PM EDTSANTO DOMINGO, Dominican Republic (AP) — The Dominican Republic has bought out Royal Dutch Shell PLC’s share of a jointly owned oil refinery in a bid to stabilize fuel prices, the government said Friday.
CAMERON PARISH, La. The cost of a gallon of gas gets all the headlines, but the natural gas that will heat many American homes next winter is going up in price as fast or faster.
Mounting state pressure on the firm, including the arrest of an employee on an industrial espionage charge, a raid on its Moscow offices and a court injunction to stop it using BP specialists, are signs the time to sell is approaching, analysts say.
Until you get close enough to notice these Canada geese are covered with a black, oil-like discolouration. “It’s a sad sight,” said Shell Sarnia refinery spokesperson Kristina Zimmer.
Editor’s note: this is a statement given to Chevron’s annual shareholders’ meeting by Larry Bowoto, a lead plaintiff in Bowoto v. Chevron, which will come to trial in federal court in San Francisco in September. See here for background.
Shell would use the link to transport crude from the Kashagan field in Kazakhstan, the Cyprus-based weekly newsletter said, without saying where it got the information. Shell and Eni are major shareholders in the Kashagan development, due to come on stream in 2012 or 2013, according to MEE
May 30 (Bloomberg) — The U.S.Commodity Futures Trading Commission, the watchdog for commodity transactions, is investigating U.S. crude oil trading to determine whether the surge to record prices is the result of manipulation or fraud.
“The law states that that money belongs to the Nigerian National Petroleum Corporation,” Yar’Adua said, adding that he had found out that the oil firms had reached agreements with previous governments that exempted them from paying tax in breach of the law.
Shell is undertaking a major refit at the site and work on the column is being delayed until the chicks leave. It could be another three months before they fly the nest.
The complaint calls for immediate action by the company to redress the social and environmental harms caused to the community and to the local environment by the refinery at the Polo Petroquímico Dock Sud during decades of abuse and irresponsible corporate behavior.
The move Thursday by the Commodity Futures Trading Commission, including its unusual announcement of an investigation in progress, comes after crude-oil prices topped $130 a barrel last week and tested all-time highs.
Despite an urgent need to replenish reserves, Anglo-Dutch oil giant Royal Dutch Shell PLC and Spanish-Argentine Repsol YPF said they wouldn’t sign a $10 billion contract to enter South Pars, the Iranian side of a giant natural-gas field shared with Qatar. Instead, the two oil giants are considering entering later phases of the project.
In 2006, Shell sold control of a major project in Russia to Gazprom after Russian environmental regulators threatened to shut it down. The regulatory problems, which were widely seen as a pressure tactic by the Kremlin, cleared up within weeks after Gazprom took over.
Crucial talks between BP and its Russian partners in TNK-BP, the Russian oil venture, broke down as the Russian billionaire shareholders failed to attend a scheduled board meeting in Cyprus amid a stand-off for control of the company, two people familiar with the situation said.
Groups that had expressed an interest in the Gladstone project included Royal Dutch Shell, ConocoPhillips of the US, Eni of Italy, Repsol of Spain, andSempra, owner of the largest US natural gas utility.
NEW YORK (Reuters) – A U.S. regulatory probe into potential oil-market trading abuses is focusing on possible short-term manipulation of benchmark crude prices and the use of information related to important oil storage tanks to influence prices, the Wall Street Journal reported on Friday.
Shell has pulled out of the world’s biggest offshore wind farm, the London Array, off the Kent and Essex coasts, amid soaring costs;
He does accept that Shell’s decision to concentrate on the US, where the biggest and most attractive opportunities in the wind business exist, is part of a wider trend.
The rising cost of foods is widely being blamed on the use of grains for biofuels, and the case for the prosecution is simply made.
America’s leading commodities regulator has launched an unprecedented investigation into possible market manipulation in the US crude oil market amid record prices which continue to cripple various parts of the global economy.
Royal Dutch Shell recently had to acknowledge a large protest vote, after a third of investors opposed plans to give three directors 1m (£785,000).
Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) yesterday warned that, it would mobilise the 15,000 workforce in the oil and gas industry for a prolonged mass action against Shell Petroleum Development Company (SPDC) if it should go ahead with its plan to sack 2000 of its 7000 workers.
Shell Oil Co., which made pesticides and other chemicals at the Rocky Mountain Arsenal, will provide $21 million in cash and land under an agreement announced Thursday to settle a 25-year-old state lawsuit. The Army and the federal government are providing the rest.
Shell Oil and the U.S. Army which produced all manner of nasty chemicals from 1942 until 1982 at the arsenal, northeast of downtown Denver have agreed to pay the state $35 million in damages for polluting groundwater at the arsenal, state Attorney General John Suthers said today.
Shell Oil Co. and the federal government have agreed to a $35 million payout to settle the state of Colorado’s quarter-century-old lawsuit over pollution at the Army’s former Rocky Mountain Arsenal on the outskirts of Denver.
Okah may be in prison, but the organization he leads, Movement for the Emancipation of the Niger Delta (MEND) continues to wreak havoc on international oil companies operating in the Niger Delta, sabotaging facilities and kidnapping personnel. And that limits Nigeria’s output, and keeps global oil prices climbing.
Those with long memories will recall that in December 2006, Gazprom secured a majority stake in the Sakhalin-2 Russian oil and gas field formerly led by Royal Dutch Shell; at the time, Medvedev was chairman of Gazprom’s board of directors. Sakhalin-2 contains estimated reserves of 1.1 billion barrels of oil and 500 billion cubic meters of natural gas; the “friendly” buyout left Royal Dutch Shell with a 27.5-percent stake.