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From our Shell News Archive 1 November 2005

From our Shell News Archive 1 November 2005

Kommersant: Russian President Did Not Bow for Queen: “However, the main intrigue of that day was opened during the meeting with business circles of the Netherlands — the head of Shell raised the question about the participation of this company in the project Sakhalin-2.”: Shell sometime ago signed an agreement with Gasprom, and now Mr. Van Der Veer offered to reconsider the conditions.”: Wednesday 2 November 2005: READ

Reuters: Putin slams Shell’s Sakhalin costs – paper: “President Vladimir Putin told executives of major oil company Royal Dutch Shell Russia would not approve Shell’s request to let it double costs at its huge Sakhalin project to $20 billion”: “…Putin had spent more than 30 minutes criticising the cost overruns at the Shell-led Sakhalin-2. Putin’s criticisms come as a big blow for Shell…”: Wednesday Nov 2, 2005 7:20 AM GMT: READ

Kommersant (Russia): Shell Doesn’t Reach $20 Bln: “Visiting the Netherlands, Russian President Vladimir Putin lambasted the efforts of Shell to drive the budget of the Sakhlin-2 project up to $20 billion from $12 billion.”: Wednesday 2 November 2005: READ

MosNews: Putin Slams Sakhalin-2 Operators for Project Cost Overruns — Paper: “Putin’s criticisms come as a big blow for Shell…”: Wednesday 2 November 2005: READ

Energy Intelligence Group: Sakhalin-2 Comes Under New Pressure: “The Royal Dutch Shell-led Sakhalin-2 project on the Russian Pacific shelf has run into fresh controversy.”: Russia’s Audit Chamber, a parliamentary watchdog, supported by Sakhalin deputies, has called for cancellation of the scheme’s production sharing agreement (PSA) and the appointment of new investors.”: Posted Wednesday 2 November 2005: READ

Moscow Times: President Talks Trade in Holland: “Royal Dutch Shell has invested heavily in developing oil and gas fields around Sakhalin Island, a project that has been plagued by cost overruns. “: Wednesday, November 2, 2005. Issue 3287. Page 1.: READ

Financial Times: Elusive skills that give Shell hope: “Royal Dutch Shell, once considered one of the best managed companies in the world, has had a seriously bad patch lately.”: “At the moment, Shell is a long way from becoming the company that would beat its rivals in the environment Mr Van der Veer outlines.”: Wednesday 2 November 2005: READ

FINANCIAL TIMES: Sky-high profits see oil chiefs called to Capitol Hill: “Lee Raymond, Exxon Mobil’s chairman and chief executive, James Mulva of ConocoPhillips, and Shell USA president John Hofmeister have agreed to testify before two Senate committees next Wednesday, a Senate spokesperson confirmed.”: Wednesday 2 November 2005: READ

Houston Chronicle: Congress wants to query oil executives: “Among executives who may be questioned at a Senate hearing are Lee Raymond, chairman of Irving-based Exxon Mobil Corp.; Jim Mulva, chief executive of ConocoPhillips in Houston; and John Hofmeister, president of the U.S. unit of Royal Dutch Shell, congressional and industry officials said.”: Wednesday November 2, 2005, 12:58AM: READ

The New York Times: Oil Execs to Be Asked to Justify Profits: Posted Wednesday 2 November 2005: READ

The WALL STREET JOURNAL: Exxon, ConocoPhillips, Shell To Testify at Senate Hearing: “The top executives of Exxon Mobil Corp., ConocoPhillips and Royal Dutch Shell PLC will be asked to justify record-high quarterly earnings when they testify at a Senate hearing next week, industry sources said Tuesday.”: Posted Wednesday 2 November 2005: READ

The New York Times: Republican Wants Big Oil to Share 10 Pct Profits: “Exxon Chief Executive Lee Raymond, ConocoPhillips Chief Executive Jim Mulva, and John Hofmeister, president of Royal Dutch Shell Plc.’s U.S. unit will testify at the Senate energy and commerce committees’ hearing on Wednesday…”: Posted Wednesday 2 November 2005: READ

FINANCIAL TIMES: UNDER PRESSURE FROM THE NEW KINGS OF OIL: “Like other “oil majors”, Royal Dutch Shell is facing renewed pressure on its business model.”: Published: November 2 2005: READ

The Independent: Market Report: Takeover fever lifts BG, Prudential and RSA: “Among the blue chips, BG Group, up 21p to 517p, was a favourite to lose its independence in the near future. Gossips talked of a move on the oil and gas explorer from Royal Dutch Shell…”: Wednesday 2 November 2005: READ

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