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Shell increases stake in logen

Times Online
The Times
July 16, 2008

Need to know

Natural resources

Royal Dutch Shell, the Anglo-Dutch oil group, and Iogen, the Canadian biotech company, have agreed to extend their commercial alliance to accelerate their biofuel project, which involves cellulose ethanol. The agreement will allow Shell to make a “significant” investment in the technology development with Iogen and to increase its 26.3 per cent stake in the company to 50 per cent.

Opec, the oil producers’ cartel, has revised down its forecast for the growth of world oil demand this year to 1.2 per cent, from 1.28 per cent, citing the economic slowdown and high fuel prices.

TNK-BP Russian authorities have agreed to grant nearly 50 work permits to the foreign staff of TNK-BP, the joint venture oil company. The decision leaves open questions that top management, including Bob Dudley, the chief executive, could be forced to leave Russia, as the number of permits issued has fallen short of the total required.

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