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October, 2004:

OCTOBER 2004 ROYAL DUTCH SHELL NEWS

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All the worst Shell traits – secrecy, haughtiness, inertia

From our Shell News Archive Sunday 31 October, 2004

The fallout from the Shell reserves fraud continues…

The Independent On Sunday (UK): Business View: Shell’s real location problem is finding more black stuff: “The misreporting of reserves scandal showed all the worst Shell traits – secrecy, haughtiness, inertia.”: “So what’s the hurry? Was it because Shell had to admit that it had uncovered another 900 million barrels of doubtful crude in its reserves and was likely to uncover 600 million more?”

Sunday Express (UK): Shell boardroom changes backfire on reserves news: “ONE OF the world’s most influential financial firms has given the thumbs down to an announcement from Shell it is to end its 97-year-old dual board structure.”: “…financial ratings agency Standard & Poor’s said it had adjusted Shell’s investment rating downwards to “creditwatch negative”, a status which implies there may be more bad news to come from the company.”

Mail on Sunday (UK): Shell bosses in a charm offensive: “The Board, headed by Jeroen van der Veer, will see thousands of staff to explain the proposed changes and shore up the mood of the employees damaged by scandals over Shell’s inflated oil reserves.”: “Last week, Shell was forced to downgrade its estimates of proven oil reserves for the fifth time this year. Reserves are now a third lower than originally thought” read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

From our Shell News Archive: Saturday 30 October, 2004

From our Shell News Archive: Saturday 30 October, 2004

Financial Times: Look under the Shell: “One conspiracy theory doing the rounds yesterday was that those Dutch chaps now running Royal Dutch/Shell were more cunning than they first appear, in spite of the company’s inability to count reserves over several years.”

FINANCIAL TIMES: Shell’s credit rating goes back under review: “Standard & Poor’s yesterday put Royal Dutch/Shell’s AA+ credit rating under “negative” review because it may have to restate its proved reserves yet again.”: “Concerns were also raised about whether Shell tried to bury the bad news on reserves yet again by announcing its restructuring at the same time. “The information was found on page three, line 15 in one of the longest paragraphs I have ever seen,” said one London-based broker.” read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

DREADFUL DAY FOR SHELL SHAREHOLDERS, ESPECIALLY UK SHELL SHAREHOLDERS

FROM OUR OCTOBER 2004 SHELL NEWS ARCHIVE

Friday 29 October, 2004 – A DREADFUL DAY FOR SHAREHOLDERS IN SHELL TRANSPORT AND TRADING COMPANY PLC

The Times (UK): The Hague for head office: “ALTHOUGH it maintains otherwise, Shell is effectively going Dutch…”: “From May, the big decisions will be taken by a new board in The Hague, which has seven Dutch members and only four Britons.”: “…from 2006 it will hold AGMs only in The Hague.”

The Times (UK): Fear of new Shell reserves downgrade: “ROYAL Dutch/Shell yesterday raised fears that it may have to write down its reserves by more than 1.5 billion barrels…”: “With less than 60 per cent of its reservoir audit completed, Shell was unable yesterday to put a ceiling on the potential downgrade of its reserves…”

Daily Telegraph (UK): Dutch chiefs take helm of merged Shell: “The radical move, which needs to be approved by shareholders, is likely to be seen as a Dutch takeover of the energy giant…”: “The news was overshadowed by yet more revelations about the company’s “proven” reserves…” read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell stuns City with revamp

From our October 2004 Shell News Archive

London Evening Standard: Shell stuns City with revamp

“The troubled group wants to draw a line under its devastating oil and gas reserves crisis earlier this year by creating a new £100bn holding company, Royal Dutch Shell Plc.”: “Buried deep in the results statement, Shell said it was considering yet another downgrade after a review of 8bn barrels of reserves for the year to December.”

Steve Hawkes,

28 October 2004

ANGLO-DUTCH giant Shell stunned the City today by unveiling plans to scrap its century old corporate structure and create ‘one company, one board and one chief executive.

The troubled group wants to draw a line under its devastating oil and gas reserves crisis earlier this year by creating a new £100bn holding company, Royal Dutch Shell Plc.

It will effectively take over the British and Dutch arms, which came together in a joint venture in 1907 with Royal Dutch owning 60%. The new group will be based in the Netherlands but listed in London. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Royal Dutch/Shell to merge

From our October 2004 Shell News Archive

Royal Dutch/Shell to merge

Netherlands HQ ‘not a victory for the Dutch’: “Yet Shell’s governance scheme wasn’t without a few surprises, chiefly that the headquarters will be based in The Hague, Netherlands along with two of the group’s three main businesses.”

By Emily Church,

Oct. 28, 2004

LONDON (CBS.MW) — Oil major Royal Dutch Shell on Wednesday said it plans to merge its Dutch and U.K. companies, breaking close to a hundred year tradition as a dual Anglo-Dutch group.

The move was expected and follows shareholder outrage after a shock downgrade of proven oil reserves in January. Yet Shell’s governance scheme wasn’t without a few surprises, chiefly that the headquarters will be based in The Hague, Netherlands along with two of the group’s three main businesses. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell grant of $800,000 will fund informational materials on Louisiana wetlands

Press release from Shell Oil Company (USA)

Shell Partners With The America’s WETLAND Campaign And The State Of Louisiana To Support ‘Eco-Cultural’ Tourism Initiative: Grant of $800,000 will fund informational materials on Louisiana wetlands

27 Oct 04

(CSRwire) NEW ORLEANS – Shell Oil Company last week announced that it has partnered with the America’s WETLAND Campaign to Save Coastal Louisiana and the State of Louisiana to support a statewide initiative to promote the Louisiana wetlands as an attractive ‘eco-cultural’ tourist destination.

Shell has granted $800,000 to fund the production and distribution of informational materials for the initiative called “A Place Called America’s WETLAND.” The goals are to make residents and visitors more aware of the natural and cultural riches found in the wetlands region of Louisiana and to foster greater public awareness of the impacts of wetlands loss. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell chairman deeply ashamed about reserves fraud

London Evening Standard: Market Report: SPEAKING OUT

“All of us are deeply ashamed about what happened about the reserves, but we are determined to regain our position. — Shell chairman Jeroen van der Veer on the oil giant’s attempts to put its misdemeanours behind it” read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

BLOOMBERG: BP Third-Quarter Profit Rises 53% on Higher Prices

BLOOMBERG: BP Third-Quarter Profit Rises 53% on Higher Prices

BP has overtaken Royal Dutch/Shell Group to become the second- largest oil company by market value, by making more than $100 billion of takeovers since 1999. Shell also lost its status after a January disclosure that it had overstated its oil and gas reserves for years.”

October 26, 2004

Oct. 26 (Bloomberg) — BP Plc, the world’s second-largest publicly traded oil company, reported profit rose 53 percent in the third quarter because of record crude prices.

Net income increased to $3.46 billion, or 18 cents a share, from $2.26 billion, or 13 cents, a year ago, excluding costs of holding inventories, the London-based company said in a statement on the Regulatory News Service. Profit was $3.94 billion excluding amortization and other costs, compared with analyst estimates of $4.17 billion in a Bloomberg survey. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell in PR push for Sakhalin 2

Financial Times: Shell in PR push for Sakhalin 2

“The publication mirrors efforts by the embattled Shell elsewhere to stress its role as a responsible corporate citizen…”: “”The more a company does, the more it’s in trouble,” said an executive for a rival western energy group based in Moscow, commenting on the Sakhalin Energy document”

By Andrew Jack in Moscow

October 25 2004

Royal Dutch/Shell, the Anglo-Dutch petroleum group, and its Japanese partners are gearing up to launch a “charm offensive” to explain the benefits to Russia of their $12bn Sakhalin 2 project at a time of growing concern over attitudes to foreign investment in the country.

In a glossy 36-page booklet obtained by the FT and designed for widespread distribution, Sakhalin Energy, the partnership between Shell, Mitsubishi and Mitsui developing oil and gas in an offshore field off Sakhalin Island in Russia’s far east, argues that federal authorities will receive $45bn in direct income in the coming years from the project. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Tarnished Shell seeks to be born again

From our October 2004 Shell News Archive

The Independent On Sunday (UK): Tarnished Shell seeks to be born again

Tim Webb on the oil giant’s attempts to put scandal behind it and give itself a facelift: “Shell directors have spent the last year reading the newspapers about how bad they are,” he says. “The last thing they want to read is that they have failed again.”

24 October 2004

Shell is expected to outdo its rival, BP, when it announces higher third- quarter earnings this week. In fact, it has already earned more than BP this year, which isn’t bad for such a “troubled” company.

It underlines the fact that the Anglo-Dutch company has continued to perform financially despite spending most of the year mired in controversy. This is the same Shell which in the past six months has seen its chairman, exploration chief and finance director leave after a fifth of its proven oil and gas reserves were found to be wrongly booked. And it is the same company whose new chairman, Jeroen van der Veer, vowed last month at its annual strategy meeting: “Much more needs to be done. We are driving Shell to be a different company.” read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Ogoni is No Priority – Shell

allAfrica.com: Ogoni is No Priority – Shell

“Shell Petroleum Development Company (SPDC) said yesterday it is not in a hurry to resume oil production in Ogoniland”

This Day (Lagos)

Mike Oduniyi

Port Harcourt

Posted 23 October 2004

Shell Petroleum Development Company (SPDC) said yesterday it is not in a hurry to resume oil production in Ogoniland, more than a decade after it pulled out of the area located in the heartland of Rivers State. The company stopped production in Ogoni in 1993 at the height of the crisis in the area based on agitations by the indigenes who were complaining of neglect and deprivation.

US oil major ChevronTexaco, however, said it had re-opened two of its oil fields in the swamp of Warri, in Delta State, which now cuts the company’s production losses down to 130,000 barrels per day (bpd) from 140,000 bpd. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell apologises for bitumen meetings in Brussels probe

From Our October 2004 Shell News Archive

Financial Times: Shell apologises for bitumen meetings in Brussels probe

Royal Dutch/Shell said it regretted attending meetings with roadbuilders and bitumen suppliers. The apology came as it responded to charges from the European Commission of possible price-fixing in the Dutch bitumen market.”: Rein Willems, chairman of Shell in the Netherlands, said: “We are concerned about this matter. We should not have been in these meetings and we regret our involvement in this case.”

By James Boxell

Published: October 22 2004

Royal Dutch/Shell said it regretted attending meetings with roadbuilders and bitumen suppliers. The apology came as it responded to charges from the European Commission of possible price-fixing in the Dutch bitumen market.

Rein Willems, chairman of Shell in the Netherlands, said: “We are concerned about this matter. We should not have been in these meetings and we regret our involvement in this case.”

The Anglo-Dutch energy group, which is seeking to restore its reputation after overbooking 23 per cent of its oil reserves, said it had received a “statement of objections” from the Commission, along with 13 other bitumen market participants. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Nigeria Grp Threatens Protest, Says Army Guards Shell Site

THE WALL STREET JOURNAL/DOW JONES NEWSWIRES: Nigeria Grp Threatens Protest, Says Army Guards Shell Site

“LAGOS (AP)–Nigerian activists Thursday accused oil giant Royal Dutch/Shell Group of backing new military deployments in the Niger Delta, threatening protests and giving the company a seven-day ultimatum to “stop further acts of hostility.”: The hanging of nine Ogoni leaders by late dictator Gen. Sani Abacha in 1995 led to the isolation of his military government and worldwide protests against Shell.”

DOW JONES NEWSWIRES

Posted October 22, 2004

LAGOS (AP)–Nigerian activists Thursday accused oil giant Royal Dutch/Shell Group (RD,SC) of backing new military deployments in the Niger Delta, threatening protests and giving the company a seven-day ultimatum to “stop further acts of hostility.”

Shell and the military denied the accusation.

A spokesman for the Movement for the Survival of Ogoni People said Nigerian soldiers and paramilitary forces had recently deployed around abandoned Shell pipeline facilities in Ogoni territory. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Flexibility and diversity keep Shell LNG up to the challenge

Lloyds List: Flexibility and diversity keep Shell LNG up to the challenge

“Shell is a partner in, and advisor to, six export plants which account for almost 40% of world LNG production. The group is playing a similar role in several new export projects under development, not least Sakhalin in Russia, and with a number of existing liquefaction plants being expanded, notably those in Oman, Nigeria and Australia.”

Oct 21, 2004

The Shell LNG shipping pedigree is one of the most diversified and durable among oil and gas companies worldwide.

Methane Princess , the first LNG carrier to deliver a commercial cargo, some 40 years ago, was managed and operated by Shell. Today, the company holds an equity stake in 28 LNGCs in service and six on order, while a further 34 LNGCs are on charter, either directly or through Shell joint ventures.

The specialist shipping services provided by Shell International Trading and Shipping Co (Stasco) to Shell Gas and Power are an essential element in the many LNG supply chains the group maintains worldwide. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell’s Nuclear Past

Corporate Watch: Shell’s Nuclear Past

“So close was their relationship with the nuclear establishment that the Division of Atomic Energy at the erstwhile Ministry of Supply was based at Shell-Mex House”: “Shell’s press department has been singularly reluctant to help us with this research.”: “They cannot tell us why they still own a share-holding in Ultracentrifuge Nederland BV, the holding company that owns 33% of the uranium enrichment company, Urenco.”

Posted 21 Oct 04

Corporate Watch has some new findings to report on Shell’s past involvement in the nuclear industry.

Documents from the Public Records Office at Kew filled in more of the early history. File AB16/1856 is a series of letters and documents concerning Shell’s early nuclear ambitions from the early to the late 1950s. It shows that Shell successfully negotiated deals to supply heavy water and nuclear grade graphite to the UK’s nuclear industry. It also reveals Shell’s ambitions to develop nuclear reactors for ship propulsion and that they sent at least one scientist to the UKAEA’s “Reactor School” at Harwell as part of that project. So close was their relationship with the nuclear establishment that the Division of Atomic Energy at the erstwhile Ministry of Supply was based at Shell-Mex House. AB 16/1856 details some of their activities from 1950 to 1959. The file is suggestive of ongoing programmes, but we have no information on activities between 1959 and 1973 (when they took a 50% share in reactor manufacturer General Atomic – see CW Newsletter 16). read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
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