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Shell News Archive Thursday 15 December 2005

Shell News Archive Thursday 15 December 2005 Shell insider view on Sakhalin II loan news from the European Bank for Reconstruction and Development: “In spite of Shell’s attempts to spin this announcement, this does not mean that the project has been given a clean bill of health.”: Thursday 15 December 2005: 12.15 EST: READ
Accountancy Age: Shell loses UK investor court battle: “Royal Dutch Shell could be landed with as much as a £500m payout to minority shareholders, after a court ruled that it offered to buy back shares at too low a price.”: 15 Dec 2005: READ
Daily Telegraph: Shell’s merger offer ruled unfair: “Shell’s attempt to squeeze out minority holders in Royal Dutch Petroleum (RDP) will cost the oil and gas giant as much as €675m (£458m), after it lost a court case brought by a British hedge fund in the Netherlands.”: “On Tuesday, a judge ruled Shell’s offer was too low, throwing the terms of the deal into turmoil.”: “This is David versus King Kong. It’s a great result for minority share-holders.”: “This decision puts the issues of those who accepted Shell’s offer firmly back on the table. We are going back to the lawyers on behalf of the investors and we have been in contact with Shell.”: Thursday 15 December 2005: READ
The Moscow Times: EBRD to Consult Public on Sakhalin: “The European Bank for Reconstruction and Development will put off its decision on whether to support the $20 billion Russian natural gas venture led by Royal Dutch Shell for another four months, the bank’s chairman said Wednesday. “We are going to launch public consultation … this process will take 120 days,”: “Today the EBRD has risked putting its reputation beyond repair by pronouncing that Sakhalin II is fit for purpose even though key aspects of the project are beyond repair. …120 days of consultations will make little difference to the huge fundamental violations that Shell has committed already.”: Thursday 15 December 2005: READ
The Guardian: Shell gas and hot air: This project appears to have unstoppable momentum, despite the bank’s president, Jean Lemierre, insisting yesterday that the 120-day consultation process is robust and genuine.”: “…Shell is frantic to bump up its reserves, having “lost” 25% last year.:”: “Oil companies might become extinct when the oil and gas runs out mid-century, but Western Pacific whales could be gone a lot sooner.”: Thursday 15 December 2005: READ
AFX Europe (Focus): EBRD to consult public over investment in Sakhalin energy project: “The EBRD, headquartered in London, said that consultations would focus on the environmental, social, health and safety aspects of the Sakhalin II project…”: Thursday December 15, 2005: READ
Financial Times: EBRD clears way for Shell’s Sakhalin-2: “Jean Lemierre, EBRD president, stressed that the bank had not made a decision to finance the project. However, environment lobby groups were incensed about the move, accusing the bank of “caving in to Shell pressure”: Thursday 15 December 2005: READ
Financial Times: BANK PRESIDENT COUNTS COST OF REMARKS IN CONFERENCE CALL: “Jean Lemierre, president of the EBRD, yesterday stoked controversy over the cost of Sakhalin-2…”: “On a conference call to journalists, Mr Lemierre said: “The total cost of the project is estimated, not by me but by the company, to be more than $20bn [£11.3bn] – $20bn to $22bn, according to the figures given by the consortium.”: Thursday 15 December 2005: READ
Financial Times: Back to basics: “Of course, Shell has particular problems of its own after the scandal over its inflated oil reserves and it is under heavy pressure to replenish and expand its proved reserves.”: Thursday 15 December 2005: READ Email from former Shell Malaysia employee group: Thursday 15 Dec 2005: 00.05am: READ
The Times: Oil rivals team up to bid for Syria stake: “Oil and Natural Gas Corporation (ONGC) is teaming up with China National Petroleum Corporation (CNPC) to buy PetroCanada’s 38 per cent interest in Al Furat, which is controlled by Royal Dutch Shell and the state-owned Syrian Petroleum Company.”: Thursday 15 December 2005: READ
The New York Times: Senate Democrats Again Want Oil Execs: ” Investigated: “The lawmakers accused the heads of Exxon Mobil Corp., BP Plc’s U.S. unit, ConocoPhillips, Chevron Corp and Shell Oil of lying during a Senate hearing in November when they said their companies did not participate in the energy task force headed by Vice President Dick Cheney.”: Posted Thursday 15 December 2005: READ

Business Wire: Black & Veatch and Shell Puget Sound Refinery Win Prestigious 2005 Best Project Award for Sulfur Recovery Unit Expansion: “The project doubled the refinery’s capacity to remove sulfur and supports a process that results in sulfur being used in the creation of fertilizer and sulfuric acid rather than being released in the atmosphere.”: Posted Wednesday 15 December 2005: READ Oil project ‘threatens Gray Whales’: “The European Bank for Reconstruction and Development (EBRD) has announced that the environmental impact assessment for Shell’s mammoth oil and gas project at Sakhalin Island in the Russian Far East has been approved.”: Posted Thursday 15 December 2005: READ and its sister websites,,,,, and are all owned by John Donovan. There is also a Wikipedia article.

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