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Royal Dutch Shell News Thursday, 17 March 2005

Royal Dutch Shell News Thursday, 17 March 2005

Houston Chronicle: Shell proposes dropping stock options for executives: “Shell has been under heavy scrutiny since it admitted last year it had overstated its proven oil reserves and reduced the figure several times”: “The oil reserves scandal cost the company almost $150 million in fines imposed by U.S. and British regulators and led to the sacking of three senior executives.” (ShellNews.net) 17 March 05

The Scotsman: Shell Directors Lose Stock-Option Grants: “overshadowed by the fifth downgrade to the company’s oil and gas reserves of 10%, or 1.4 billion barrels. In addition, Shell said it only replaced between 15% and 25% of oil used in 2004. The string of reserves downgrades sparked the biggest crisis in the company’s history, leading to the departure of three senior executives, regulatory fines and prompting moves to merge Shell’s UK and Dutch parent firms after nearly 100 years of separate operations.” (ShellNews.net) 17 March 05

Reuters: Shell sets tougher executive remuneration policies: “Oil major Royal Dutch/Shell has announced more stringent remuneration policies for executives, as it continues to try to win back investor confidence after a reserves scandal last year” (ShellNews.net) 17 March 05

THE WALL STREET JOURNAL: Royal Dutch Shell To Revise Directors Renumerations (ShellNews.net) 17 March 05

Reuters: Shipping law may hit Shell’s LNG plan: “The Indian unit of Royal Dutch/Shell plans to commission its liquefied natural gas (LNG) terminal next month but is concerned Indian shipping rules may hurt its operations, government and company officials said” (ShellNews.net) 17 March 05

Los Angeles Times: Shell Oil’s Bakersfield Refinery, Once Set to Close, Changes Hands: “Shell Oil Co. has quietly handed its Bakersfield refinery, once slated for closure, to new owner Flying J Inc., a Utah truck stop operator.” (ShellNews.net) 17 March 05

FINANCIAL TIMES: Advancing payments may affect oil companies’ cash flow: “While not entirely happy about another clever tax grab by the Treasury yesterday, oil companies put on a brave face over the decision to bring forward their tax payments on North Sea revenues.”: “Royal Dutch/Shell said: “We pay the same amount of tax, all it means is we pay it sooner.” (ShellNews.net) 17 March 05

The Guardian (UK): Clawback reaped from booming oil sector: “Oil companies were hit by a £1.1bn tax surprise yesterday…”: “Shell, which produces 22% of North Sea output along with its partners, played down the impact of the changes.”: “…consumers are angered by firms such as Shell which made a £9.4bn profit.” (ShellNews.net) 17 March 05

DAILY TELEGRAPH (UK): Oil Tax: Revenue takes a dip in North Sea: “This will allow HM Treasury to collect £1.1 billion extra in tax before April 5, 2006 as most large oil companies, such as Shell and BP, have December 31 year ends.” (ShellNews.net) 17 March 05

Irish Independent: Bid to halt gas works adjourned: “AN application by environmentalist Peter Sweetman for an order to stop works on a proposed terminus for the Shell gasfield on the Mayo coast was adjourned in the High Court yesterday until April 4.” (ShellNews.net) 17 March 05

THE WALL STREET JOURNAL: Flying J Closes Deal To Purchase Shell Calif Refinery: “Flying J Inc., completed its purchase of the Bakersfield, Calif., refinery from Shell Oil Corp. on Wednesday, according to a Shell spokesman (ShellNews.net) Posted 17 March 05

PoliticsNI.com, Ireland: How can we be sure of Shell ask Greens: “The High Court today ruled that Shell must permit an independent inspection of its Bellanaboy gas terminal site.”: ““It is remarkable that Shell refused the application for a site visit; one wonders what they have to hide. Global corporations such as Shell have a particular responsibility to apply the best codes of corporate governance. That responsibility starts with them being fully open and transparent in their dealings with the public.” “Thankfully the High Court refused Shell’s arguments…” (ShellNews.net) Posted 17 March 05

Yahoo! News: Shell and Motiva Join American Red Cross’ Circle of Humanitarians: Shell’s and Motiva’s Donation to Tsunami Relief Efforts Is Largest of Any Houston Company: Press Release Source: Shell Oil Company (ShellNews.net) Posted 17 March 05

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