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Royal Dutch Shell News Sunday, 3 April 2005

Royal Dutch Shell News Sunday, 3 April 2005

Mail on Sunday (UK): Auditors clean up at Shell: “AUDITORS who failed to spot the massive overstatement of reserves at Shell raked in record fees from the oil giant last year. KPMG and Pricewaterhouse-Coopers earned £22m for preparing Shell’s accounts… the highest amount ever paid by a British company for a basic audit.”: “In a series of downgrades, Shell was forced to slash its estimate of proven reserves by a staggering six billion barrels, almost 30%, after admitting it had misled investors for years.”: “Shell still faces a criminal investigation from the US Justice Department and class action lawsuits from disgruntled shareholders over the scandal”:  “The reserves scandal shattered Shell’s reputation…”: “its ratio of reserve replacement, a key indicator, had collapsed to a paltry 19% – the lowest of any oil major. That means Shell is finding less than a fifth of what it produces. ‘It is clearly a concern,’ Shell acknowledged” ( Sunday 3 April 05

INDEPENDENT ON SUNDAY (UK): Shell and BASF risk US anger as Iranians near deal to buy Basell: “Iran’s National Petrochemical Company (NPC) is close to sealing a politically sensitive $4.4bn (£2.3bn) deal to buy Basell, the polymer business jointly owned by Shell and BASF, the German chemical giant.”: “The difficulty for NPC comes because of the US government embargo resulting from the row about the Iranian nuclear programme, which the US alleges is being used to develop weapons.” ( 3 April 05

The Observer: Shell moves Sakhalin pipeline but faces new destruction row: “…concerns remain outstanding regarding location, oil spill response, ship-whale collisions, sedimentation, noise and cumulative impacts…” ( Sunday 3 April 05

Oil & Gas Journal: Shell Transport and Trading Company: Filing of the 2004 Form 20-F: “It is believed that the expectations reflected in these statements are reasonable, but may be affected by a variety of variables which could cause actual results, trends or reserves replacement to differ materially, including… …potential litigation and regulatory effects arising from recategorisation of reserves” ( Posted 3 April 05 (United Arab Emirates): Three Shell experts to present key addresses at Middle East Petroleum & Gas Conference ( Posted 3 April 05 and its sister websites,,,,, and are all owned by John Donovan. There is also a Wikipedia article.

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