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Another setback for RoyalDutch/Shell

Financial Times: The Week: “And there’s been another setback for RoyalDutch/Shell. Its huge liquefied natural gas project, Sakhalin-2, off the east coast of Russia, has been hit by the rising cost of raw materials, Russian inflation and environmental concerns, and will be delayed by at least eight months. Its cost has doubled to $20bn.”

Saturday 16 July 2005

Published: July 16 2005

RESOURCES

Thunder and hurricanes don’t mix. That’s the message from the Gulf of Mexico after Hurricane Dennis proved a thorough menace to BP, battering the oil giant’s flagship deep-water platform, the vaingloriously named Thunder Horse. The world’s largest semisubmersible rig, which cost more than $1bn (£568m), was left listing by up to 30 degrees after the storm swept over it on the way to the US mainland. BP’s shares dipped 2.3 per cent on the news.

And there’s been another setback for RoyalDutch/Shell. Its huge liquefied natural gas project, Sakhalin-2, off the east coast of Russia, has been hit by the rising cost of raw materials, Russian inflation and environmental concerns, and will be delayed by at least eight months. Its cost has doubled to $20bn.

 

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