Royal Dutch Shell Plc  .com Rotating Header Image

Posts under ‘India’

Shell proposes LNG project in AP, seeks Govt support

Screen Shot 2013-06-13 at 16.42.28 Hyderabad, June 13:  

A high powered team from Shell and Richard Hyde, British Deputy High Commissioner, Hyderabad on Thursday called on State Infrastructure Minister to discuss their plans to set up a LNG project in Andhra Pradesh.

The delegation including Roger Bounds, Shell Vice President Global LNG and Sander Stegenga, Shell Chief Executive Officer, Andhra LNG and other met with Ganta Srinivasa Rao, State Minister for Infrastructure and investment, port, airport and natural gas.

They were here to discuss plans for an LNG project proposed to be taken up at Kakinada deep water port. read more

ONGC, Shell set to split $6bn gas buy

Screen Shot 2013-06-01 at 09.39.31

MUMBAI: Oil and Natural Gas Corporation (ONGC) and Royal Dutch Shell will equally split the prized 20% stake acquisition in Rovuma basin gas block in Mozambique, after the sellers decided to court individual buyers due to difference in priorities.

The stake on offer is valued between $5-6 billion. Indian conglomerate Videocon Industries, which is selling 10% shares, wants to maximize the value. US based Anadarko Petroleum, the operator of the block, is offloading an equal stake but wants a pedigree global partner with better track record and execution skills.

ONGC is the frontrunner to pick up the Videocon stake while Royal Dutch Shell might end up buying Anadarko shares. The Videocon stake sale to ONGC may be announced next month. Anadarko sale to Shell is likely to take more time. read more

Shell challenges $1 billion tax demand in Bombay HC

Screen Shot 2013-04-26 at 08.50.01

Thursday, April 25, 2013

Mumbai: Global oil major Royal Dutch Shell Thursday said it has moved the Bombay High Court here, challenging the USD 1 billion demand made by the tax authorities on a four-year-old equity infusion.

“Shell confirms that it has filed a writ petition in the Bombay High Court challenging the draft tax order,” the Anglo- Dutch oil major said in a statement. The company “will continue to evaluate all options for redress available to resolve this tax dispute”, it said. read more

Indian arm of Royal Dutch Shell accused of tax evasion

The Indian arm of Royal Dutch Shell Plc, which has been accused by the income tax authorities of underpricing an intra-group share transfer by Rs15,000 crore and consequently evading taxes, has filed a writ petition in the Bombay high court challenging the income tax order.

Screen Shot 2013-04-25 at 14.19.21

Thu, Apr 25 2013. 05 57 PM IST

Mumbai/ New Delhi: The Indian arm of Royal Dutch Shell Plc, which has been accused by the income tax authorities of underpricing an intra-group share transfer by Rs15,000 crore and consequently evading taxes, has filed a writ petition in the Bombay high court challenging the income tax order.

The petition filed on Wednesday will come up for hearing on 3 May.

Mint reported on 3 February that following the notice, which is one of the biggest transfer pricing orders by the income tax department, Shell India Pvt. Ltd plans to challenge the assessment.
“Shell confirms that it has filed a writ petition in the Bombay high court challenging the draft tax order. Shell has always maintained that it will continue to evaluate all options for redress available to resolve this tax dispute,” the company in an emailed statement. read more

Shell misses out on £1.4bn French deal

Royal Dutch Shell is poised to miss out on a £1.4bn acquisition of French oil explorer Maurel & Prom.

Screen Shot 2013-02-01 at 22.25.42

Screen Shot 2013-02-17 at 22.12.49

Royal Dutch Shell was reported last June to have been interested in buying the Paris-listed business, which has assets in Africa and Latin America. Photo: BLOOMBERG NEWS

Ben Harrington By   Sunday 17 Feb 2013

State-backed Indonesian company Pertamina has made an indicative offer for Maurel & Prom and is in talks to buy the business, City sources claimed.

Royal Dutch Shell was reported last June to have been interested in buying the Paris-listed business, which has assets in Africa and Latin America.

However, sources said Pertamina is working with bankers from Societe Generale on a takeover and could be willing to offer up to €19 (£16) a share for the company. The Indonesian group is said to be hungry for fresh oil and gas reserves because Indonesia became a net importer in 2004 following declining production from its maturing fields and growing consumption from its own economic growth. read more

Selection of links to Shell related articles: 17 February 2013

Screen Shot 2013-01-31 at 17.38.03Selection of links to current Shell related articles kindly provided by a regular contributor

Heat on Nigeria oil industry as sector chiefs meet: Daily Nation-Major oil industry executives gather in Nigeria’s capital for an annual … by government ministers and top officials from oil majors Shell, Exxon, …

Oil and Gas Feeding Off Each Other While They are Fueling …: Forbes-Oil and natural gas are often found alongside one another, making it … Royal Dutch Shell, meantime, acquired East Resources for $4.7 billion in …

Turkish TPAO and Shell sign agreement on oil exploration in Black …: SteelGuru-Trend reported that Turkish Petroleum Corporation TPAO and the company Shell signed an agreement worth USD 150 million on oil … read more

Cameron may fly in to Shell India tax row

Screen Shot 2013-01-29 at 14.38.10

Screen Shot 2013-02-15 at 21.41.27

By Andrew Callus: LONDON | Fri Feb 15, 2013 3:18pm GMT

(Reuters) – Oil company Royal Dutch/Shell has asked the British government to raise the subject of a tax dispute with India during Prime Minister David Cameron’s visit there next week, according to a source familiar with the request.

The dispute blew up earlier this month when tax authorities revalued by $2.7 billion a 2009 transaction by Shell with a wholly-owned subsidiary, and claimed a tax payment was due.

It comes as India seeks to balance its need to shore up its finances by raising tax receipts with its desire to encourage foreign investment. read more

Shell Denies Tax Evasion in India

Screen Shot 2013-01-18 at 09.02.27

Screen Shot 2013-02-05 at 23.44.29

By NEHA THIRANI BAGRI: February 4, 2013

The Indian unit of the Anglo-Dutch oil company Royal Dutch Shell said Monday that it would challenge a notice by the Indian tax authorities alleging tax evasion through the transfer of shares.

Deepak Mukarji, a Shell India spokesman, said that the company had received an order on Friday from the income tax department of India that accused Shell India of evading taxes by underpricing a share transfer within the group by approximately $2.8 billion.

At the center of the controversy is a share sale by Shell India to Shell Gas BV, its overseas parent , in March 2009. Shell India issued shares worth 870 million rupees ($160 million) to Shell Gas BV, or 87 million shares at a value of 10 rupees per share, but the Indian tax authorities now contend that each share was actually worth 183 rupees. read more

Shell India In Talks With Tax Men Over Alleged Tax Evasion

Published February 02, 2013 by Dow Jones Newswires

The Indian unit of Royal Dutch Shell PLC (RDSA) Saturday said it is in talks with tax authorities in India over alleged tax evasion.

Earlier in the day, Mint newspaper, citing a person familiar with the matter, said that the Indian income tax department charged Shell India of under pricing a share transfer within the group by 150 billion rupees ($2.8 billion) and consequently evading taxes.

Citing television channel ET Now, the report also said that the income-tax order relates to the issue of 870 million shares by Shell India to an overseas company Shell Gas BV in March 2009. read more

Shell accused of unethical conduct against Shell retailers in India

By John Donovan

We have received a copy of an email from an irate Shell retailer in India, Sabir Mohammed, accusing Shell management in India of being cheats and liars. He also makes allegations about corruption. He claims many other Shell retailers in India share his concerns. He sent his email to Royal Dutch Shell Plc Chief Executive Peter Voser and company secretary, Michiel Brandjes. The email and associated correspondence can be viewed here.

Seems Shell may be up to it old tricks again, reminiscent in some regards to dire concerns expressed in the past by Shell retailers in the UK and the USA. Including the alleged failure of Shell senior management to honour pledges to uphold Shell’s statement of general business principles promising honesty, integrity, transparency and respect for people, in all of Shell’s dealings. In our experience, all a complete sham.
read more

Essar Energy turns around Stanlow refinery

Essar Energy plc has turned around UK’s second largest refinery Stanlow within a year of taking it over from Royal Dutch Shell, posting a pre-tax profit of USD 197 million in six month to September 30.

Essar Energy turns around Stanlow refinery

Monday, November 26, 2012, 18:31

New Delhi: London-listed Essar Energy plc has turned around UK’s second largest refinery Stanlow within a year of taking it over from Royal Dutch Shell, posting a pre-tax profit of USD 197 million in six month to September 30.

“Current price EBITDA at Stanlow rose to USD 197.2 million, compared with USD 22.2 million in the first eight months of ownership to March 2012,” the company said announcing its second quarter earnings.

Shell divested its refinery assets for not being profitable. read more

Shell’s massive investment in China

The country is sitting on huge untapped shale gas reserves, and Shell senses opportunity.

By AlphaVN.com

One of the world’s biggest energy companies, Royal Dutch Shell (RDS.A +0.12%) is planning to invest $1 billion per year in China’s massive shale gas reserves. This natural gas, which has long been considered uneconomical to produce, has in the last decade captured investor attention due to a combination of cost effective modern drilling and extraction methods, such as fracking.

Earlier this year, China’s resource ministry revealed that it had discovered 25.1 trillion cubic meters of untapped shale gas reserves, which could fuel the country’s current natural gas needs for 200 years. The U.S. Energy Information Administration has also confirmed that China has at least 50% more shale gas in its reserves than the U.S. does, officially. read more

Oil and Gas in the Crosshairs

By Jeff Moore, Muir Analytics

Energy companies are increasingly conducting up and downstream business in areas where they wouldn’t have gone 10 years ago – low intensity conflict zones (LICs), to be specific. The lure of profits is too great. But the physical, financial, and PR risks can be high. As Steve Coll’s recent book, Private Empire, points out, energy companies such as ExxonMobil have an increasingly critical need for threat intelligence and security not only to protect their people and assets in LICs, but also to make sound business decisions on where and where not to drill and refine. read more

An oil giant’s road from Rajasthan to ruin

 FROM OUR AUGUST 2004 SHELL NEWS ARCHIVE…

Michael Harrison’s Outlook: An oil giant’s road from Rajasthan to ruin

“Shell, by contrast, has endured the most humiliating, torrid and damaging period in its 100-year history. It is hard to think of a more spectacular fall from grace or a more abject example of management failure.”: “The deeper it dug itself into this hole, the more Shell was forced to lie” 

Fortunes; Failure; Scramble

14 August 2004

It is a long way from the arid deserts of Rajasthan to the Shell Centre on London’s South Bank. But two events this week provide a link.

One was the announcement by Cairn Energy that it had made yet another significant oil discovery in a region of India hitherto better known for its sumptuous pink palaces and backpacking tourists. The other was the disclosure that Shell’s former head of exploration and production, Walter van de Vijver, is to receive a £2.5m pay-off after being sacked for his part in the company’s reserves scandal. read more

Shell to shift IT jobs to India, Malaysia

From our Archives, June 2004…

Business-Standard.com: Shell to shift IT jobs to India, Malaysia

PTI / Houston June 08, 2004

In order to improve quality and save $850 million annually beginning in 2008, Shell Oil Co is cutting 600 to 800 information technology jobs in the USA and offshoring most of these jobs to India and Malaysia.

“It’s about reducing cost and improving quality,” said Anne Knisely, manager of corporate media relations for Shell Oil, which is based in Houston and is part of the Royal Dutch-Shell Group of Companies.

Currently, Shell has a total IT manpower of 9,300 personnel globally, including 2,200 in the United States. Most of the domestic IT jobs are in Houston. This cutback will be mostly among temporary staff, whose work will be transferred to low-wage countries. A Dutch IT worker costs the company $85,000 annually, compared to $20,000 for an Indian. read more

India success makes Cairn a worthy hold

FROM OUR ARCHIVES…

Combined with an oil price higher than ever, Cairn looks to be sitting very pretty. Much to the embarrassment of Shell, of course, which sold the Rajasthan field to Cairn two years ago for just £4m.

18 May 2004

The oilfields of India are proving to be more like gold to Cairn Energy, which yesterday announced yet more success in its Rajasthan site.

The second stage of drilling following its original find has not only confirmed initial expectations but led to an upgrade in its estimated reserves. The lowest hope had been for 50 million barrels from the site; now it is for 100 million barrels.

Combined with an oil price higher than ever, Cairn looks to be sitting very pretty. Much to the embarrassment of Shell, of course, which sold the Rajasthan field to Cairn two years ago for just £4m.
read more

%d bloggers like this: