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Shell ready to ship extra gas to Japan in wake of tsunami

*SHELL DEALING WITH THE DEVIL AGAIN:

Voser insisted the North African dictatorship was ‘still under development and is evolving into democratic structures over time’. And despite saying Libya was ‘rather small for Shell’, he refused to profess any discomfort at the firm’s cosy relationship with Gaddafi, based on a £ 375m exploration deal signed in 2005 with the blessing of former Prime Minister Tony Blair

Fuelling a growth support

By Rob Davies
Last updated at 3:35 AM on 16th March 2011

Shell boss Peter Voser said the oil supermajor stood ready to ship extra gas to tsunami-hit Japan but has refused to distance the company from the regime of Libyan tyrant Colonel Gaddafi.

Speaking as he showed off an ambitious $100bn ( £ 62.2bn) growth plan, the Swiss chief executive said Shell had diverted boatloads of liquefied natural gas (LNG) to Japan, to address the power shortfall caused by its nuclear crisis.

But he offered no firm stance on Libya, saying Shell would ‘see things unfolding … and then we’ll take a decision’ on how to proceed.

Voser insisted the North African dictatorship was ‘still under development and is evolving into democratic structures over time’.

And despite saying Libya was ‘rather small for Shell’, he refused to profess any discomfort at the firm’s cosy relationship with Gaddafi, based on a £ 375m exploration deal signed in 2005 with the blessing of former Prime Minister Tony Blair.

Voser was speaking as Shell’s annual report revealed that his annual pay and bonus package rose by 60 per cent last year  –  up from £2.8m to £4.6m. The inflated reward came as Shell beat pro-duction targets, nearly doubled pre-tax profit to £11.5bn and cut costs by £2.5bn over two years, albeit at the cost of some 7,000 jobs.

Investors revolted against directors’ pay two years ago.

But Voser can silence any fresh disgruntlement if the company makes strides towards a new production goal of 3.7m barrels of oil equivalent per day (boepd) by 2014, a rise of 12 per cent on current output.

The expansion drive will see Shell (down 19p to 2101p) invest £62bn over the next four years, around 80 per cent of it on exploration and production.


*heading added by John Donovan

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