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The Wall Street Journal: In Other Papers: From Russia With Cash

April 25, 2007, 11:08 am

Posted by WSJ.com Staff

Here’s a quick roundup of energy news from some other publications:

Russia will invest billions of dollars of its oil wealth in international companies for the first time, the Financial Times reports. The paper also profiles Alexei Kudrin, the man who has shepherded Russia’s flooding coffers.

Russia’s state-controlled Gazprom, already rich from selling gas to Europeans, plans to get even richer by selling carbon emissions credits to help them offset the CO2 they create by burning Gazprom gas, the New York Times reports.

Global warming has “troubling medical implications,” the Financial Times reports, increasing the risks of “greater malnutrition; deaths, disease and injury linked to heatwaves, floods, storms, fires and droughts; increased diarrhoeal disease;cardio-respiratory problems triggered by rising ozone levels; and shifts in the spread of infectious diseases.”

Deaths from bad weather due to global warming will double in the next 25 years, according to a World Health Organization report due for release soon, the busy FT reports.

Less than a week before a Washington summit designed to show U.S.-European Union unity, both sides are clashing over a statement about global warming, the FT reports.

Royal Dutch Shell is likely to appoint an insider to be its next CEO, the FT reports.

In USA Today, Evan Schwartz writes that the solution to global warming could be, paradoxically, the sun.

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Comments

Shell really is in a bad way if, as the FT report concludes, Malcolm Brinded is one of the two most likely internal candidates to take over as Royal Dutch Shell CEO when Jeroen van der Veer retires in 2009.
Brinded has a disastrous track record. He was implicated in the preventable deaths of two Shell offshore employees in an accident on the Brent Bravo platform in the North Sea in 2003.

To my certain knowledge he turned a blind eye to corrupt practices in relation to a tender process for a major contract.

He was subsequently asked to deal with the repercussions of the reserves fraud and assured the financial markets that there would be no more bad news i.e. no more downgrades. Brinded said that the company had carried out a “painstaking and thorough” review which would “draw a line” under Shell’s difficulties. He was wrong. In all Shell had to announce five downgrades wiping nearly a third from its claimed proved hydrocarbon reserves.

As Executive Director of Shell Exploration and Production and an Executive Director of Royal Dutch Shell Plc, Brinded has also been closely involved in the Sakhalin2 debacle, including the doubling of the project budget and the subsequent surrender to Gazprom/Putin which led to a further downgrading of reserves, this time by 400,000 barrels at a cost of over $26 billion if calculated at $65 per barrel.

Brinded is the last person who should be appointed as the next Shell CEO.

Posted by John Donovan
Co-owner of the website www.royaldutchshellplc.com

Comment by John Donovan – April 25, 2007 at 6:22 pm

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

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