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Reuters Staff: JANUARY 22, 2018

SAO PAULO, Jan 22 (Reuters) – Anglo-Dutch oil company Shell has hired a former executive of U.S.-based First Solar to lead its solar energy business in Latin America, a source said on Monday, as the industry invests in renewable energy to address global concerns about carbon emissions.

Maria Gabriela da Rocha Oliveira, First Solar’s former senior manager of business development for Brazil and South America, will take on a similar role at Shell’s New Energies unit for the region, said the source, requesting anonymity to discuss the confidential matter.

Shell declined to comment and da Rocha could not be reached for comment. 

Reporting by Luciano Costa; Editing by Richard Chang

SOURCE

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Nigeria sues JP Morgan for $875 million over Malabu oilfield deal http://royaldutchshellplc.com/2018/01/18/nigeria-sues-jp-morgan-for-875-million-over-malabu-oilfield-deal/ http://royaldutchshellplc.com/2018/01/18/nigeria-sues-jp-morgan-for-875-million-over-malabu-oilfield-deal/#respond Thu, 18 Jan 2018 19:24:59 +0000 http://royaldutchshellplc.com/?p=95298 Nigeria sues JP Morgan for $875 million over Malabu oilfield deal was first posted on January 18, 2018 at 8:24 pm.
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Late last year, a Milan judge ruled that Shell and Eni must stand trial in Italy… 

A spokeswoman for JP Morgan dismissed the accusation on Thursday, saying the firm “considers the allegations made in the claim to be unsubstantiated and without merit”.

The suit filed in British courts relates to a purchase of the offshore OPL 245 oilfield in Nigeria by oil majors Royal Dutch Shell and Eni in 2011.

At the core of the case is a $1.3 billion payment from Shell and Eni to secure the block that the lawsuit says was deposited into a Nigerian government escrow account managed by JP Morgan.

The lawsuit said JP Morgan then received a request from finance ministry workers to transfer more than $800 million of the funds to accounts controlled by the previous operator of the block, Malabu Oil and Gas, itself controlled by former oil minister Dan Etete.

The lawsuit said that JP Morgan then transferred the funds to two accounts controlled by Etete, without sufficient due diligence to make sure the money did not leave accounts controlled by the Nigerian government.

Reuters was unable to reach either Etete or Malabu for comment.

MILAN CASE

The filing seen by Reuters was made in London in November on behalf of the Federal Republic of Nigeria, and says that JP Morgan acted with gross negligence by allowing the transfer of the money without further checks.

It said JP Morgan should have known that, under Nigerian law, the money should never have been transferred to an outside company.

“If the defendant acted with reasonable care and skill and/or conducted reasonable due diligence it would or should have known or at least suspected … that it was being asked to transfer funds to third parties who were seeking to misappropriate the funds from the claimant and/or that there was a significant risk that this was the case,” the filing said.

Late last year, a Milan judge ruled that Shell and Eni must stand trial in Italy, where Eni is headquartered, for a separate legal case in which Milan prosecutors allege bribes were paid to Etete and others as part of the same oilfield deal, including sums that went to Etete’s Malabu.[nL8N1OK25L]

Both Eni and Shell have repeatedly denied any wrongdoing in relation to that case. Malabu has never commented on the case and Reuters has not been able to contact it. [nL8N1HI1NA]

Shell last year said it knew some of its payment to the Nigerian government as part of the deal would go to Malabu “to settle its claim on the block”, but that it was a legal transaction. [nL8N1HJ4EN] [nL8N1OK25L]

There are also ongoing investigations regarding the deal in Nigeria and the Netherlands, where Shell is based. [nL8N1O53PS][nL5N1FG757]

The license for the offshore block was awarded to Malabu in 1998 under then-President Sani Abacha, but Shell finalised a deal for the block with the Nigerian government in 2011.

A British court, in a judgment late last year that agreed to return to Nigeria $85 million in frozen funds related to the deal, said that Malabu was controlled by Etete. [nL8N1N244M]

Additional reporting by Alexis Akwagyiram in Lagos, Writing by Libby George; Editing by Andrew Heavens

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Nigeria sues JP Morgan for $875 million over Malabu oilfield deal was first posted on January 18, 2018 at 8:24 pm.
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Shady triangle: Southeast Asia’s illegal fuel market http://royaldutchshellplc.com/2018/01/18/shady-triangle-southeast-asias-illegal-fuel-market/ http://royaldutchshellplc.com/2018/01/18/shady-triangle-southeast-asias-illegal-fuel-market/#respond Thu, 18 Jan 2018 19:16:43 +0000 http://royaldutchshellplc.com/?p=95293 Shady triangle: Southeast Asia’s illegal fuel market was first posted on January 18, 2018 at 8:16 pm.
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Shell agrees on five-year solar energy deal in Britain http://royaldutchshellplc.com/2018/01/18/shell-agrees-on-five-year-solar-energy-deal-in-britain/ http://royaldutchshellplc.com/2018/01/18/shell-agrees-on-five-year-solar-energy-deal-in-britain/#respond Thu, 18 Jan 2018 10:28:11 +0000 http://royaldutchshellplc.com/?p=95287 Shell agrees on five-year solar energy deal in Britain was first posted on January 18, 2018 at 11:28 am.
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Reuters Staff: JAN 18, 2018

LONDON (Reuters) – Shell Energy Europe and British Solar Renewables (BSR) have agreed on a five-year supply deal for power generated from Britain’s second-largest solar power plant in Bradenstoke, BSR said in a statement.

The plant consists of 269,000 panels and has a 69.8 megawatt peak capacity. On an annual basis, it generates approximately 65 gigawatt-hours of solar energy, saving over 21,000 tonnes of CO2 a year, BSR said.

Shell Energy Europe, an energy marketing and trading division of Royal Dutch Shell, is present in 14 European power markets, which includes the offtake of renewable power from wind farms and solar parks in Britain and Europe.

Shell will be taking all the power from the solar plant, Graham Harding, BSR chief financial officer, told Reuters.

No details were provided on the cost of the deal.

Reporting by Ron Bousso; Editing by Edmund Blair

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U.S. oil industry set to break record, upend global trade http://royaldutchshellplc.com/2018/01/16/u-s-oil-industry-set-to-break-record-upend-global-trade/ http://royaldutchshellplc.com/2018/01/16/u-s-oil-industry-set-to-break-record-upend-global-trade/#respond Tue, 16 Jan 2018 21:28:21 +0000 http://royaldutchshellplc.com/?p=95241 U.S. oil industry set to break record, upend global trade was first posted on January 16, 2018 at 10:28 pm.
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Liz Hampton: 16 JAN 2018

HOUSTON (Reuters) – Surging shale production is poised to push U.S. oil output to more than 10 million barrels per day – toppling a record set in 1970 and crossing a threshold few could have imagined even a decade ago. And this new record, expected within days, likely won’t last long. The U.S. government forecasts that the nation’s production will climb to 11 million barrels a day by late 2019, a level that would rival Russia, the world’s top producer. FULL ARTICLE

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