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Nigeria leaks billions from rampant oil theft

Oil firms and government say nearly 200,000 barrels of oil stolen each day from pipelines and wells by criminal gangs.

Last Modified: 03 Aug 2012 11:14  

A sophisticated criminal network has stepped up its operations in Nigeria’s Bayelsa State, costing state and oil companies as much as a billion dollars per month.

Royal Dutch Shell Oil Company’s Nigerian subsidiary said in a recent report that between 150,000 and 180,000 barrels of oil are stolen each from its pipelines and wells. Government estimates have put the number of stolen oil as high as twice this amount.

The trade in stolen oil involves international traders who provide oil at discounted prices to refineries in other parts of the world. read more

Union fury as Shell closes pension scheme despite making £18bn profit

Fuel giant Shell has been accused of “moral bankruptcy” for announcing profits of £18billion – just a month after closing its final salary pension scheme for new recruits.

Fuel giant Shell has been accused of “moral bankruptcy” for announcing profits of £18billion – just a month after closing its final salary pension scheme for new recruits.

The multinational’s haul soared 54% last year thanks to sky-high oil prices caused largely by political tensions in the Middle East. But union leaders accused the firm of raking it in while hammering workers.

Unite general secretary Len McCluskey said: “Shell reminds us of the moral bankruptcy of the corporate elite. The company is needlessly closing its final salary scheme while posting colossal profits. read more

Pensions anger as even profitable firms cut benefits

The Observer, Sunday 22 January 2012

When even successful companies such as Shell and Unilever are taking an axe to staff retirement packages, is the outlook bleak for everyone?

Unilever, the maker of everything from Pot Noodles to Dove soap, has infuriated its staff by cutting pension payouts – despite being highly profitable. Shell, another household name, has followed suit with plans to cut retirement incomes.

Unilever suffered a wave of strikes which started last week and will continue for the next five days. Much of the anger among employees at its factories and research units is focused on the company’s £6bn operating profit and the pay, bonus and pension top-ups awarded to chief executive Paul Polman. He pocketed £2.8m last year, of which £1.7m was a performance-related bonus. His pension was increased by a company donation of £352,000, according to the 2011 annual report. read more

Shell ends the ‘final salary era’

The news… was quietly posted on the Shell pensioners’ website just before Christmas… read more

Shell axes final salary pension schemes

By STEVE HAWKES, Business Editor: 6 January 2012

SHELL is to scrap final salary pensions from 2013 — despite making billions in profits.

The oil giant will close its scheme to new recruits in two years.

All existing staff will be kept on final salary benefits — for now.

The move means that every UK company in the FTSE 100 has now scrapped the generous retirement packages.

It came as the UNITE union revealed thousands of health workers had “unanimously rejected” government calls to cough up more money for their own saving pots.

Matthew Sinclair at the TAXPAYERS ALLIANCE said Shell’s action showed a huge divide between the public and private sector. While the Government is £990 billion in debt, Shell is expected to post annual profits of almost £17billion for 2011. read more

Shell closes its final-salary pension scheme

5 January 2012 Last updated at 17:18

Anglo-Dutch oil giant Royal Dutch Shell is to close its final-salary pension scheme to new employees in the UK.

From early 2013, new staff at Shell will be offered membership of a scheme without a guaranteed level of pension.

Existing members of the Shell scheme can continue contributing and building up their salary-linked pensions.

As employers look to cut costs, 90% of final-salary schemes have been closed to new members, according to the Association of Consulting Actuaries. read more

Shell Pension Fund Joins Appeal of ‘Feeder Fund’ Ruling by Madoff Judge

By Linda Sandler – Oct 10, 2011 8:30 PM GMT+0100

Shell Pension Fund, which runs pension plans for Royal Dutch Shell Plc (RDSA) companies, joined an appeal of a court ruling in the Bernard Madoff case that denied customer status to so-called feeder fund investors.

U.S. Bankruptcy Judge Burton Lifland backed the liquidator of the con man’s firm in June, saying investors in feeders can’t file claims for payment with the estate because they didn’t have accounts with the Madoff firm in their own names. More than 50 companies, pension funds and individuals — from National Bank of Kuwait (NBK) SAK and Aozora Bank Ltd. (8304) to Upstate New York Bakery Drivers & Industry Pension Fund — appealed the ruling, asking a district judge to decide whether Lifland erred in defining what a customer was. read more

FINANCIAL TIMES ARTICLES CITING THE WEBSITE: Royaldutchshellplc.com

FINANCIAL TIMES ARTICLES CITING THE WEBSITE: Royaldutchshellplc.com

ENERGYSOURCE BLOG December 3, 2009

Spot news

…French companies dismiss claims of political fix (FT) Shell critic says oil major targeting his website Royaldutchshellplc.com operator cites released emails (Reuters) Nigerians urge Yar’Adua to step down Warnings of power vacuum… Kate Mackenzie

ENERGY SOURCE BLOG February 12, 2010

Shell’s directory leak shouldn’t be taken lightly

…corporations (in western countries)” to campaign for change in corporate practices. Meanwhile John Donovan at royaldutchshellplc.com is irked , because he says Shell asked him not to make the directory public for security and personal reasons… Kate Mackenzie read more

Royal Dutch Shell Malaysian pension fund controversy

If you haven't seen the attached, it may interest you to know that the attached is a copy of Sarawak Shell Berhad/Sabah Shell Petroleum Company's internal management exchange which was leaked by one of the employees who is disgusted with Shell. You may take note that Shell cheats on paying the Retirement Benefit Fund resulting in the class action at Miri High Court by ex and current staff of Sarawak Shell Berhad/Sabah Shell Petroleum Company.

Time to take the tough decisions on oil and gas

The Irish Times – Tuesday, January 4, 2011

FINTAN O’TOOLE

WE’VE just been through a year when the unthinkable became normal. The problem is that all the unthinkables have been bad: the nationalisation of the banks and their debts, the arrival of the IMF and so on. Is it not time to consider another unthinkable that would be of potentially transformative significance – taking back control of our offshore resources.

Wishful thinking is the last thing we need, but it is not far-fetched to suggest that oil and gas finds could play a huge role in Ireland’s long-term economic and fiscal future. read more

Pension deficits threaten 1 in 10 FTSE firms

"The biggest deficit contribution was made by oil group Royal Dutch Shell, which handed £2.7bn to its pension scheme."

Shell’s Pension Fund Shies Away from Active Management

THE WALL STREET JOURNAL

By MARK COBLEY and PHIL CRAIG

The £10.5 billion ($14.3 billion) pension fund for Royal Dutch Shell PLC has become the latest big investor retreat from active fund management, in a further blow to managers already suffering from reduced market values and a poor economic outlook.

In documents posted on the pension plan’s Web site, the fund’s trustees wrote that they had placed an upper limit on the amount they would entrust to stockpickers: 40% of its equities holdings. The fund didn’t say what percentage it previously had under active management, but it didn’t previously have an upper limit. It has also upped the percentage of its investments that go to passive bond investments such as those tracking bond indexes. read more

Shell pension fund manager takes 20% of hybrid power firm

Shell Asset Management Co., the manager of Royal Dutch Shell PLC’s various pension funds, has taken its stake in hybrid electric power company Enova Systems to almost 20% following a $10 million capital raising exercise.

Pension deficits return to haunt blue-chips

A study by consultants Lane Clark & Peacock found a massive turnaround in corporate pension accounts. Royal Dutch Shell's scheme saw a surplus of £6.8 billion turned into a deficit of £5.6 billion.

Shell critic says oil major targeting his website

Reuters UK

Wed Dec 2, 2009 3:04pm GMT

By Tom Bergin

LONDON, Dec 2 (Reuters) – A prominent Internet critic of Royal Dutch Shell (RDSa.L) says the oil major has asked an anti-cyber fraud agency to target his site, which Shell admits provides better information on the group than its own internal communications.

John Donovan, who runs the Royaldutchshell.plc website, where disaffected Shell employees post company news and gossip, said the move suggests Shell has adopted more aggressive tactics in its long battle to shut him down. read more

Around $5 billion to be injected into Shell Pension Fund hit by slump

LONDON (Dow Jones)--Royal Dutch Shell PLC (RDSB.LN) will only have to top up its pension fund by around $5 billion, compared with previous expectations of $6-8 billion, because of the recovery in global equity markets, said Chief Financial Officer Simon Henry Thursday.

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