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Shell News Archive Tuesday 23 November, 2004

Shell News Archive Tuesday 23 November, 2004

Tuesday 23 November, 2004

Asia Times: Shell plans to source LNG for sale in India: “Royal Dutch/Shell is planning to source liquefied natural gas (LNG) from Oman, Qatar, Malaysia and Australia for sale in India from the first quarter of 2005. (ShellNews.net) 23 Nov 04

Financial Times: New accounting rules will cut Shell’s assets: “Royal Dutch/Shell will be forced to cut the value of its net assets by $4.7bn (£2.5bn) this year to bring its pensions reporting into line with radical accounting guidelines being introduced across Europe.”: “However, analysts separately raised concerns about Shell’s decision to change the way it reported on its Dutch exploration and production joint venture.” (ShellNews.net) 23 Nov 04

Lloyds List: Exxon and Shell Sakhalin projects nearly half way to production: Two integrated oil and gas projects run by two consortia of oil companies in Sakhalin, eastern Russia, are more than 40% completed and first production is due in mid-2005, writes Martyn Wingrove (ShellNews.net) 23 Nov 04

Daily Telegraph (UK): Shell shock: “Shell said a planned adoption of new international financial reporting standards next year will knock $4.9billion off its pension assets…” (ShellNews.net) 23 Nov 04

THE WALL STREET JOURNAL: Shell To Divest 59 Retail Service Stations In Romania: “The divestment includes a network of 59 retail service stations geographically spread across Romania and the Aviation, Lubricants, Commercial and Marine businesses.” (ShellNews.net) 23 Nov 04

THE WALL STREET JOURNAL: Shell In Talks With China Jilin Govt On Oil Shale Project: “Royal Dutch/Shell Group is in talks with the provincial government of Jilin to develop oil shale deposits in the northeastern China province.” (ShellNews.net) 23 Nov 04

THE WALL STREET JOURNAL: International Accounting Rules To Cut Shell ‘s Reported Assets: “Royal Dutch/Shell Group Monday said the adoption of international financial reporting standards starting next year will have no impact on the oil giant’s cash flow, but its net assets are expected to decrease by $4.7 billion and total debt to increase by $200 million” (ShellNews.net) Posted 23 Nov 04

Houston Chronicle: Shell’s books to undergo major overhaul: “The Royal Dutch-Shell Group of Companies, Europe’s second-largest oil company, said Monday it will adopt international accounting standards in 2005, a change that will cut its assets by $4.7 billion, in part because of changes in its pensions.” (ShellNews.net)

The Guardian (UK): New account rules cost Shell $5bn: “Shell has been forced to cut $4.9bn (£2.6bn) from its retained earnings for 2004 as a result of adopting new reporting standards.”: “Meanwhile, the scale of investment needed to pursue Shell’s plan to export gas from Iran was outlined for the first time yesterday.” (ShellNews.net) 23 Nov 04

The Age (Australia): Woodside rises on Shell sell-off talk: “Woodside Petroleum shares shot back above $20 yesterday amid fresh speculation that major shareholder Royal Dutch-Shell may be looking to sell its $4.4 billion stake. The potential buyers could include China National Offshore Oil Corp, China’s biggest offshore oil and gas company. Analysts said Shell was on a “divesting spree”, lending credence to talk of a sale of its 34 per cent stake in Perth-based Woodside, which is valued at about $13.2 billion based on yesterday’s closing price. (ShellNews.net) 23 Nov 04

Geelong Advertiser (Australia): Shell hopes to shed bad tag: “SHELL hopes to go from environmental felon to marvel under a new $28 million water plan to eliminate the refinery’s dependency on Corio Bay.” (ShellNews.net) 23 Nov 04

Yahoo! News: Malaysia’s Shell Refining 3Q Net At Record-High MYR185M: “For the third consecutive quarter, we have delivered record profitability,” Chairman Jon Chadwick said in a press statement. (ShellNews.net) Posted 23 Nov 04

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