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From our Shell News Archive Sunday 21 November, 2004

From our Shell News Archive Sunday 21 November, 2004

THE BUSINESS (EU): Shell’s sale plans hit resistance: “ROYAL Dutch/Shell’s plan to sell $12bn (£6.5bn, €9.4bn) of assets to fund its recovery is stumbling in the face of opposition from local managers, according to a consultant working with the company.”: The source said: “There are big fights between the country managers and the exploration heads. There are all these assets being hawked around the market by bankers that the local managers don’t really want to sell.”: “”Shell has changed dramatically as a company. It’s not the culture that I once knew…” ( 21 Nov 04

Daily Times (Pakistan): Shell ripe for Woodside stake sale to CNOOC: “Shell’s $3.5 billion stake in Australia’s top oil firm, Woodside, could be up for grabs, and bankers see China’s CNOOC as a likely buyer in a deal sweetened by more access for Shell to Chinese natural gas markets.”: “Royal Dutch/Shell has said it wants to raise up to $12 billion from asset sales over the next two years to focus on major exploration and production projects — part of its bid to recover investor confidence knocked by January’s scandal over inflated reserves bookings.” ( 21 Nov 04

BUSINESS WEEK (EU): Italian oil giant Eni tipped as only Western Yukos bid: “ITALIAN oil giant Eni this weekend emerged as the only western oil company tipped as a possible bidder for the main asset of doomed Russian oil firm Yukos.”: “BP and Shell have ruled out bidding, along with other leading US oil companies” ( 21 Nov 04

Sunday Herald (Scotland): Goldeneye for the big opportunity: “Kieron McFadyen left school at 15 with no qualifications. Now he’s overseeing a multi-billion pound project full of whizz-bang Bond-like technology.”: “Goldeneye was a very important project and an excellent example of sustainable development in action,” says McFadyen, who is responsible for Shell’s technical developments across eight European countries.”: “He has established a reputation as a problem-solver in his 20-year career with Shell, which has included innovations in Oman where he introduced horizontal drilling for the first time, and thinking on his feet as regional business adviser for Shell in Nigeria. Shell has had a troubled existence in Nigeria, becoming embroiled in politically sensitive land disputes and beset by incidences of sabotage and violence and clashes with human rights and environmental activists.” ( 21 Nov 04

The Observer (UK): Unilever to ‘do a Shell’ in management shakeup: “Unilever, the Dove to Domestos consumer products group, is considering abandoning its long-standing practice of having joint chairmen following questions from shareholders in the wake of the Royal Dutch/Shell scandal.”: “That follows the decision of Royal Dutch/Shell to move to single ownership – ditching its dual company status and adopting a single board – in the wake of the scandal of its overbooking reserves. While Unilever has had a run of poor results this year, culminating in a profits warning in September, there is no suggestion that Unilever is in as weak a position as Shell…” ( 21 Nov 04

The London Free Press (Canada): Shell favouring Mackenzie gas line plan: “Shell Canada still believes a $7-billion plan to build a natural gas pipeline down the Mackenzie Delta in the Northwest Territories could be used to access even larger deposits of gas westward in neighbouring Alaska.” ( Posted 21 Nov 04

Daily Telegraph (UK): Russia orders destruction of Yukos: “Yukos’s chief executive Steven Theede said: “What we are witnessing is, simply put, a government-organised theft to settle a political score.”: “BP said that it had no plans to bid, while sources close to Shell also indicated that it was not likely to table an offer.” ( Posted 21 Nov 04

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