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Posts from ‘July, 2009’

Shell Claims Spot as World’s Largest Company

NEW YORK — Oil giant Royal Dutch Shell replaced mass retailer Walmart as the world’s largest company, according to the latest annual survey by Fortune magazine, which ranks the largest companies by revenues, not profits.

Up two spots from last year’s global list, the magazine said Royal Dutch Shell raked in $15 billion more in sales than No. 2-ranking Exxon Mobil. And as Europe’s largest oil producer, Shell doesn’t look to be slowing down, since it made a bold move by investing up to $18 billion in a plant in Qatar that would turn natural gas into cleaner-burning diesel fuel. It hopes to bring the Pearl GTL, as the facility is called, online by 2010 and expects it to produce enough fuel to fill more than 160,000 cars per day.

Despite the steep drop in crude oil prices in the past year, oil companies dominated the latest Fortune global survey, claiming seven of the top 10 spots on the list. Besides ExxonMobil at No. 2, BP ranked fourth for another year, Chevron jumped a spot to fifth, and ConocoPhillips claimed the No. 7 spot, climbing from No. 10 in 2008.

For the first time in 10 years, the world’s biggest firm is not from the United States. There are also fewer U.S. corporations on this year’s list than at any time since Fortune started keeping records in 1995, according to media reports.

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ExxonMobil Overtakes Walmart in Sales

SMO Inc. Acquires 73 Shell Stations

LA PLATA, Md. — SMO Inc. an affiliate of Maryland-based branded wholesaler The Wills Group Inc., entered into a joint venture agreement with Motiva Enterprises LLC to form Potomac Energy Holdings LLC and subsequently acquired 73 existing Shell-branded retail locations in Maryland, The Wills Group stated.

As reported in a CSNews Online newsflash late yesterday, the stations, primarily in Montgomery, Prince George’s and Howard counties, will continue to operate under the Shell brand and sell Shell-branded fuels. SMO will provide management oversight of the locations as a part of its partnership with Motiva, according to the company. The new partnership committed more than $3 million for immediate investment in new equipment to better serve the customer transaction process, the company stated.

“This latest purchase is a new venture for us in working with Shell as our financial partner,” Lock Wills, president and CEO, said in a statement. “We are excited about the opportunity and looking forward to building the value of the Shell brand experience for customers.”

The Wills Group supplies more than 300 dealer-operated stations throughout the mid-Atlantic region, and offers Dash In Food Store franchising and 5 Cents Off Thursday’s programs.

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Shell Claims Spot as World’s Largest Company

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Nigeria’s Main Rebel Group Declares 60-Day Cease-Fire

Sabotage at Shell’s oil plants in the delta region, where it is the largest international producer, is the main reason behind an increase in worker deaths and oil spills last year, the company said at its annual general meeting at The Hague on May 19.

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Oil industry profits expected to fall sharply

For the second straight quarter, Exxon Mobil, Royal Dutch Shell and most of the world’s largest oil companies are poised to report quarterly earnings that pale in comparison to a year ago, when results were buoyed by crude prices that topped out near $150 a barrel.

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Shell set to open first cluster of hydrogen filling stations

Shell today opens its second hydrogen filling station in the greater New York City area. With a third due to open in the area later this month and one already operating there for more than a year, this is Shell’s first cluster of hydrogen filling stations.

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Hindustan Petroleum Mulls Plan To Buy Shell NZ Assets-Source

MUMBAI (Dow Jones)–Hindustan Petroleum Corp. Ltd. (500104.BY) is considering a plan to acquire most of the downstream assets of Royal Dutch Shell Group (RD) in New Zealand, said a person with direct knowledge of the matter.

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Heritage Oil jumps on Shell bid talk

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Posted by Nick Fletcher Tuesday 14 July 2009 11.53 BST guardian.co.uk

The oil exploration sector is rife with takeovers and speculation at the moment, and traders are currently hearing of another possible bid, Royal Dutch Shell for Heritage Oil.

Heritage shares have jumped 29p to 469p on the tale, valuing the company at around £1.3bn. The wrinkle here is that Heritage has already agreed to a merger with Turkey’s Genel Energy, so Shell would be breaking up that little party if it is really interested. Shell, meanwhile, has seen its A shares slip 3p to £14.62.

Another report had BP involved in a possible deal, with a suggestion it was interested in Dana Petroleum. BP is 2.1p better at 473.7p, while Dana – recently said to be in the sights of Germany’s RWE – has climbed 34p to £13.34.

While these have not been confirmed, there have been some concrete developments in the sector. Emerald Energy, down 1.5p to 630.5p today on profit taking, has admitted to a bid approach, while British Gas owner Centrica, up 0.75p to 225p, has offered 845p a share for Venture Production, down 3.5p at 825p, and China’s Sinopec recently agreed to buy Swiss group Addax Petroleum.

Guardian Article

New Brunei Oil Field To Start Production In Sep – Report

BEIJING (Dow Jones)–Brunei Shell Petroleum’s Bugan field is on track to deliver its first oil in September after completing the construction of a high-tech platform a year ahead of schedule, the Brunei Times newspaper reported Tuesday, citing a company statement

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Militant group attacks Lagos fuel facility

Nigerian militants yesterday used speedboats to attack a key fuel import facility in Lagos, killing eight navy guards and setting the facility ablaze in their first attack on the commercial capital.

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BP shows rare acumen in solar move

Having worked consecutively in Shell’s solar division and BG Group’s micro-power company, I experienced at close hand the trap of a green start-up without the focus on short-term positive cashflow, leading to its ultimate demise.

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