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Shell News Thursday 27 January 2005

Shell News Thursday, 27 January 2005

Canadian Press: Shell Canada has best-ever annual profit of $1.29B on sales of $11.29B: “The Canadian subsidiary of the Royal Dutch/Shell group said Thursday that the year’s profit gain was “driven by strong commodity prices and refining margins, and a significant contribution from the Athabasca oilsands project.” (ShellNews.net) 27 Jan 05

THE NEW YORK TIMES: Oil Prices Nudge Back Above $49 a Barrel: “I think OPEC needs to take immediate action,” said Kazunori Yamamoto, senior crude oil general manager at Japan’s Showa Shell Sekiyu K.K. (ShellNews.net) 27 Jan 05

The Detroit News:GM launches fuel-cell push with more vehicles: Automaker teams with Shell to put up refueling stations along the East Coast. (ShellNews.net) 27 Jan 05

The Guardian (UK): KPMG wins corporate booby prize: “KPMG, the accountancy and consultancy firm, has won a prize at Davos for “tax and corporate irresponsibility” from Public Eye on Davos, which has been monitoring the forum for six years. Other winners were Shell, for drilling in Nigeria; Dow Chemical, for Bhopal…” (ShellNews.net) 27 Jan 05

THE LONDON TIMES: Firms ‘ready to delist from US’ over governance rules: “UP TO 60 European companies are ready to drop their US listings, Sir Digby Jones, Director-General of the CBI, said yesterday as he called on America to unravel its stringent laws on corporate governance.”: “There are 113 UK companies with dual listings, including AstraZeneca, GlaxoSmithKline and Royal Dutch/Shell.” (ShellNews.net) 27 Jan 05

THE WALL STREET JOURNAL: Oil, Oil, Everywhere… : “The $5 billion (U.S.) Athabasca Oil Sands Project that Shell and ChevronTexaco opened in Alberta last year is now pumping 155,000 barrels per day.” (ShellNews.net) 27 Jan 05

iwon.com: Showa Shell Now Expects Fiscal Year Group Net Profit Y2.3 Billion (ShellNews.net) 27 Jan 05

THE WALL STREET JOURNAL: Shell Nigeria: Shuts In 35,000 B/D Oil In Niger Delta: “A statement by Shell on the shutdown says 10 million standard cubic feet a day of natural gas supplied by Shell to the Nigerian Gas Company and industries in Aba has also been affected.” (ShellNews.net) Posted 27 Jan 05

Friends of the Earth: Shell Wins Award in Davos: “…the first ever Public Eye Award for Irresponsible Environmental Behaviour…”: “Whether it’s the shame of its behaviour in Nigeria or the humiliation of over estimating its oil reserves, Shell is a company we can rely on for a good scandal. Shell has shown time and time again that it will get away with as much as it can – it’s time we stop trusting Shell to do the right thing and make it legally accountable for its actions” (ShellNews.net) Posted 27 Jan 05

iranmania.com: “Shell blames problems for delay”: ILNA: “…Iran will fine the oil giant Shell for the delay in implementing projects to develop Soroush and Norouz oilfields.” (ShellNews.net) Posted 27 Jan 05

LAWFUEL – The Law News Network: SPEECH AT THE LONDON SCHOOL OF ECONOMICS AND POLITICAL SCIENCE BY MR WILLIAM H. DONALDSON, CHAIRMAN OF THE US SECURITIES AND EXCHANGE COMMISSION: “For the past few years, much of the media coverage of business has revolved around financial scandals at some prominent, once-respected companies. You all know the list”: “Enron, WorldCom…”: “Over the past 18 months, we have seen many non-U.S. companies… Parmalat… Hollinger… Royal Dutch Shell… and others – accused of managerial fraud, accounting irregularities and other governance abuses.” (ShellNews.net) Posted 27 Jan 05

FINANCIAL TIMES: ANALYSTS RAISE QUESTIONS OVER POSSIBLE TAX COSTS To hear senior executives at Royal Dutch/Shell tell it, the plan to combine their Dutch and British holding companies has been met with universal approval, writes James Boxell. “Given the cost, complexity, index-buying pressure, uncertainty and continued dual-share structure raised by the proposal to create a new holding company, which we do not see adding value per se, Royal Dutch and Shell Transport shareholders should consider very carefully whether this transaction is actually what they want…” (ShellNews.net) Posted 27 Jan 05

The Independent (UK): Shell boss warns of global warming `disaster’: “He insisted last night that it was not up to the likes of Shell to reform their behaviour and reduce their supply of fossil fuels.” (ShellNews.net) Posted 27 Jan 05

msnbc.msn.com: Shell executive: Climate needs shift from oil: Governments, with public support, need to make the change: “Oxburgh’s remarks earned Shell a backhanded comment from the executive director of Greenpeace UK, Stephen Tindale, who described the company as “the least unprogressive of the oil majors” on climate change.” (ShellNews.net) Posted 27 Jan 05

DAILY TELEGRAPH: City briefs: Shell view: “Lord Oxburgh… UK chairman of Shell, said… “developed countries must shoulder responsibility for rectifying some of the environmental damage that they have inadvertently done when developing their own economies in the last century”.  (ShellNews.net) Posted 27 Jan 05

AFX Europe (Focus); DAVOS Critics brand Shell, Dow Chemicals, KPMG, Wal-Mart as ‘irresponsible’: Critics of globalisation have rounded on the “irresponsible” conduct of four top companies including the oil giant Shell…“ (ShellNews.net) Posted 27 Jan 05

The Guardian (UK): BP threatened with windfall tax: “Mr O’Neill threatened tougher regulation to prevent possible abuses by the five top gas producers who share 60% of the market. He asked why major producers such as BP, Shell and ExxonMobil believed they should be treated with kid gloves when it came to offshore controls. “Is it because you are multinational companies that [you think you] are bigger than the government?” he said.” (ShellNews.net) Posted 27 Jan 05

DAILY TELEGRAPH: Oil firms ‘must help poor pay their fuel bills’: “Some of the money needed should come from the exceptional profits that these companies – including Shell, BP, Exxon, Centrica – are making…” (ShellNews.net) Posted 27 Jan 05

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