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Royal Dutch Shell News Wednesday, 23 February 2005

by John Donovan.

Royal Dutch Shell News Wednesday, 23 February 2005

FINANCIAL TIMES: BP succumbs to shareholders over incentives: “Investors said Royal/Dutch Shell, BP’s rival, would come under pressure to revise its next executive incentive scheme, which has also proposed awarding half the maximum permitted shares for median performance. Shell last week met leading City investors to discuss the introduction of new executive pay and incentive schemes.” (ShellNews.net) 23 Feb 05

THE LONDON TIMES: Need to Know: “Sweden’s Market Court has more than doubled the fines issued to five oil companies, including Royal Dutch/Shell, to 112 million Swedish crowns (£8.5 million) for taking part in a 1999 price-fixing cartel.” (ShellNews.net) 23 Feb 05

THE WALL STREET JOURNAL: Swedish Court Raises Fines For Five Gasoline Companies: “The Swedish Market Court Tuesday increased the fines against five oil and gas companies convicted of price fixing in Sweden in 2003”: “The court said Statoil ASA, Shell , OKQ8, Preem and Norsk Hydro ASA should pay a combined 112 million kronor ($1=SEK6.88716) for coordinating gas prices and discounts in 1999, more than doubling an original fine of SEK52 million set by the Stockholm District Court in 2003. The verdict is final and cannot be appealed. (ShellNews.net) Posted 23 Feb 05

THE WALL STREET JOURNAL: Repsol Net Fell 38% in Quarter; Reserve Estimate Is Lowered: “Last year, Royal Dutch/Shell Group revealed that it had overstated its reserves by one-third, triggering an executive-suite shake-up, regulatory fines and investigations by U.S. and European authorities”: “…Shell have said recently that they failed to replace all the reserves that they depleted last year, as measured by the SEC’s accounting standards. Typically, oil companies try to at least replace 100% of the energy they produce” (ShellNews.net) 23 Feb 05

THE WALL STREET JOURNAL: INTERVIEW: Shell Sees Progress In Landmark Saudi Gas Deal: “Royal Dutch/Shell (RD SC) will start drilling exploratory wells for natural gas in Saudi Arabia’s Empty Quarter within 12 to 18 months, part of a deal that could one day open the door for foreign companies to search for oil as well, a Shell executive said Tuesday” (ShellNews.net) Posted 23 Feb 05

THE WALL STREET JOURNAL: US High Court Seeks Govt View Of Shell, Texaco Venture: “The U.S. Supreme Court Tuesday sought the federal government’s view on whether it should review an antitrust lawsuit over a 1998 joint refining agreement between Shell Oil Co. and Texaco Inc. The case stems from a challenge by gasoline station owners who contend the two companies illegally set the same wholesale gas prices for products made by the joint venture.” (ShellNews.net) Posted 23 Feb 05

THE WALL STREET JOURNAL: Exxon’s Reserves Fell in ’04: “A disclosure by Royal Dutch/Shell Group last year that it had hugely overstated its energy reserves prompted investors and regulators to focus anew on the details of reserve accounting. In the wake of the Shell debacle, other companies have begun reporting their reserves according to the Dec. 31 guideline” (ShellNews.net) Posted 23 Feb 05

FINANCIAL TIMES: Hot air about booming profits: “In the UK, profits at Shell, BP and Barclays prompted calls for a windfall tax on oil companies and banks.” (ShellNews.net) 23 Feb 05

AFX Asia (Focus): Shell Malaysia Trading to invest 150 mln rgt in new outlets, upgrade – report (ShellNews.net) 23 Feb 05

Business Times (Malaysia): Shell attributes contract success to Petronas (ShellNews.net) 23 Feb 05

The Independent (UK): FSA split-cap inquiry most expensive ever: “Shell’s fine of pounds 17m last August, for overstating its oil reserves, remains the FSA’s largest ever.” (ShellNews.net) 23 Feb 05

THE WALL STREET JOURNAL: Italy’s ERG, Shell Announce Italian LNG JV –Source (ShellNews.net) 23 Feb 05

THE WALL STREET JOURNAL: Shell: To Stay In Norwegian Sea For Norway’s 19th Round (ShellNews.net) 23 Feb 05

THE WALL STREET JOURNAL: Villagers Say Nigeria Troops Killed Over 30 In Oil Region: “A Shell company spokesman had no comment on the violence, calling it an internal Nigerian matter.” (ShellNews.net) 23 Feb 05

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Posted in: BP, Business Principles, Nigeria, Oil, Oil Prices, Royal Dutch Shell Plc, Shell Oil Reserves Scandal.
Tagged: BP · Oil · Price fixing · Royal Dutch Shell Plc

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