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Posts under ‘John Donovan’

Investors Chronicle Tips of the Week – Better sell Shell 

Extracts from article published 13 July 2020

Global corporate debt surged to a record $8.3 trillion (£6.6 trillion) in 2019, up 8.1 per cent year-on-year and the fastest increase in at least five years. The Janus Henderson Corporate Debt Index, which covers the largest 900 non-financials in the world, predicts the overall figure to rise by a further $1 trillion in 2020.

Companies in the US and the UK are among the most indebted in the world…

In the UK, debts hit a record $539bn in 2019, growing slightly faster than the global average. Vodafone (VOD) accounted for half of the growth as it funded its acquisition of Liberty Global (US:LBTYA), while Royal Dutch Shell (RDSB) also borrowed heavily to support its $15bn dividend. read more

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.

OPL 245: looks like a bribe, smells like a bribe, had the effect of a bribe

Shell Blog Latest on Wed, 05:43 pm 08 July 2020

Bogus Group: Geert Vermeulen (Ethics & Compliance Officer) posted an article on Linkedin about the Shell OPL 45 debacle and all that surrounds it. This was a response to the article by Adam Bennett:

Geert, very easy to pass judgments without knowing full facts and in hindsight. Having previously led the business integrity department at Shell I can tell you things in Nigeria are never that clear cut. One thing I remain certain of is the moral compass of shells leadership.

Can’t be the same moral compass most of us are certain of. read more

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.

SHELL CEO: I don’t want to survive this pandemic with a company that is no longer capable of anything

English translation of an article published today by the FD.

“I don’t want to survive this pandemic with a company that is no longer capable of anything”

Bert van Dijk

The corona crisis is forcing Shell to restructure the company. At the same time, CEO Ben van Beurden must chart the course for a low-carbon future. What choices does he make and why can’t things go a bit faster? “We cannot organize ourselves anti-economically. We don’t have that mandate.”

Ceo Ben van Beurden leads Shell from home during the corona crisis. ‘The good thing about this period is that you can help with homework.’ Photo: David van Dam for FD

In brief

  • Shell CEO Ben van Beurden has to guide the oil and gas multinational through various storms.
  • In a long conversation with the FD, he explains why he couldn’t help but decrease the dividend.
  • He also outlines the dilemma of developing new revenue models, while the old revenue model cannot be immediately discarded.

Last week, Shell CEO Ben van Beurden reduced the value of Shell’s assets by nearly $ 20 billion last week. The massive write-off is necessary because the corona pandemic has hit the global demand for oil and gas heavily and uncertainty about the future has increased. read more

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.

Shell is considering moving its head office

English translation of an article published 4 July 220 by the FD: Bert van Dijk

Shell is considering moving its head office

It is uncertain whether Shell wants to keep its headquarters in the Netherlands, now that a controversial plan by the cabinet to abolish dividend tax has been definitively off the table. That says Shell CEO Ben van Beurden in an interview with the FD.

The energy giant is a British company, but has its headquarters in The Hague. Shell chose this construction on the assumption that dividend tax would be abolished, says Van Beurden. In October 2018, the government withdrew this intention after public pressure. As a result, Shell looks at its current British-Dutch structure with different eyes, according to the CEO. read more

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.

OPL 245 Malabu Scandal

Malabu Scandal: Jonathan, Etete, Aliyu, Adoke had long-standing relationships, says Italian prosecutor

The major parties mentioned in the controversial Malabu scandal were involved in sundry corrupt activities, Sergio Spadaro, the Public Prosecutor of Milan, told a Milan court on Thursday.

The prosecutor also said that major Nigerian officials named in the controversial deal all had long-standing relationships.

According to activists working with anti-corruption group, Re:Common, who were at the hearing Thursday, Mr Spadaro made this known while going through evidence against the defendants in the controversial deal in Milan. read more

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.

All parties involved in OPL 245 deal were corrupt, says Italian prosecutor

02 JULY 2020

Sergio Spadaro, the Italian deputy prosecutor, on Thursday told a Milan court prosecuting Shell and Eni over the OPL 245/Malabu affair that all parties involved in the deal were corrupt.

He said President Goodluck Jonathan, who led Nigeria from 2010 to 2015, Dan Etete, who allocated OPL 245 to Malabu Oil and Gas — a company in which he had interest as minister of petroleum — in 1998 and Diezani Alison-Madueke, who was minister of petroleum when the oil block was sold to Shell and Eni by Malabu in 2011, all had long-standing relationships. read more

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.

Climate battles are moving into the courtroom, and lawyers are getting creative

Reuters: Reporting by Matthew Green in London, Valerie Volcovici in Washington and Emma Farge in Geneva; Editing by Katy Daigle and Lisa Shumaker: JULY 3, 2020

LONDON/WASHINGTON/GENEVA (Reuters) – Climate change may be having its day in court.

With the slow pace of international climate negotiations, lawyers from Switzerland to San Francisco are increasingly filing lawsuits demanding action.

And they are getting creative — using new legal arguments to challenge companies and governments before a judge. read more

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.

The Toxic Legacy of 60 Years of Abundant Oil

Bank supervisor Johnson Banigo avoids wearing light-colored shirts to his job because they’re ruined by the dark soot that falls from the heavens.

Banigo, 34, lives and works in Port Harcourt, the center of Nigeria’s petroleum industry where the evening sky literally glows with gas flares. Half a century of oil spills has left a 27,000 square-mile region of swamps, creeks and mangrove forests in southeastern Nigeria one of the most polluted places on earth. Life expectancy is just 41 years. read more

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.

Shell to write down as much as $22 bln after coronavirus hit

Reuters: Ron Bousso: June 30, 2020: 4:43 AM EDT

LONDON — Royal Dutch Shell said on Tuesday it would write off assets worth up to $22 billion after the coronavirus crisis knocked oil and gas demand and weakened the energy price outlook.

The Anglo-Dutch company has already been preparing a major overhaul after CEO Ben van Beurden laid out plans in April to reduce Shell’s greenhouse gas emissions to net zero by 2050.

Global travel restrictions to prevent the virus spreading affected more than 4 billion people at one point, taking cars off the roads and grounding planes, driving down fuel demand. read more

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.

D.C. sues Exxon, BP, Shell, Chevron over climate

WASHINGTON – The District of Columbia sued Exxon Mobil and other large oil companies Thursday over their contribution to climate change, adding the nation’s capitol to a growing list of states seeking to punish the oil sector for its history of climate denial.

At a time large oil companies are increasingly vocal about the need to address climate change, the suit tackles a long period when despite warnings from their own scientists oil executives openly questioned claims greenhouse gas emissions from fossil fuels were warming the planet. read more

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.

Prelude S*** Storm

POSTING ON OUR SHELL BLOG 25 JUNE 2020

About Dear Rob, he is hardly departing in a blaze of glory, his mission it seems is very much unaccomplished as he departs the scene.

Who will take over the poisoned chalice and get the show on the road?

In what seems a relatively short time Prelude has gone from being the expected Real Madrid of the engineering project world to a sort of Accrington Stanley, maybe being a bit unfair on the latter.

Guess the worst of times was the export of human excrement in paper bags from the installation when the lights went out and nothing on it worked …….. read more

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.

Shell’s $12 Billion LNG Experiment Becomes A Big Headache

A series of recent events highlight the challenge Shell has ahead of it with Prelude, and plans for sister vessels which are supposed to follow.

Tim Treadgold Asia: June 23, 2020

The world’s biggest ship is on the way to becoming one of the oil industry’s biggest bloopers.

Prelude, a 600,000-ton monster which is five-times the size of the largest U.S. aircraft carrier, is designed to produce liquefied natural gas (LNG), and other petroleum liquids.

Installed atop a remote gasfield 300 miles off the north-west Australian coast, the 535-yard long Prelude is a bold experiment by the oil major, Royal Dutch Shell. read more

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.

Shell plans major overhaul around climate drive, CEO tells employees

“Over the coming months we will go through a comprehensive review of the company. Where appropriate we will redesign our organization to adapt to a different future…”

Reuters: Ron Bousso and Shariq Khan: June 23, 2020 9:45 AM EDT

LONDON — Royal Dutch Shell will announce a major restructuring by the end of the year as the energy company prepares to accelerate its shift towards low-carbon, CEO Ben van Beurden told employees according to a company source.

In a video interview published on Shell’s internal website, van Beurden said that the restructuring would involve job cuts as part of broad cost reductions, although no figures have been decided yet, according to sources who saw the interview. read more

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.

British supreme court hears Nigerians’ case in Shell oil spill claim

ABUJA, June 23 (Reuters) – Britain’s Supreme Court heard an appeal on Tuesday from Nigerian farmers and fishermen seeking to pursue claims against oil major Royal Dutch Shell over spills in the Niger Delta.

The appeal re-opens the possibility of British multinationals being held liable at home for their subsidiaries’ actions abroad. It comes after a setback in 2018 when a London court ruled that the claims could not be pursued in England.

A judgement is expected later this year or in early 2021, a court spokeswoman said. read more

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.

American Ballet Theatre Bizarre Pas de deux with British Spy Firm, Hakluyt & Co

By John Donovan

I wonder if the American Ballet Theatre is aware of the sinister background of its new benefactor, Hakluyt & Co – the corporate intelligence agency sometimes described as the commercial offshoot of MI6.

Titled Shell directors, the late Sir Peter Holmes, and Sir William Purves, were also directors, major shareholders and spymasters of Hakluyt & Company, a UK corporate espionage firm founded by former senior MI6 officers. BP directors were also involved. 

Shell used Hakluyt to engage in cloak and dagger operations against its perceived enemies, including Greenpeace, as exposed in a Sunday Times front-page lead article “MI6 ‘firm’ spied on green groups”. Continuing on to an inside page feature headlined “How agent Camus sunk Greenpeace oil protests”.  read more

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.

After BP takes a hit, investors widen climate change campaign

Reuters: Matthew Green and Simon Jessop: June 22, 2020

LONDON — Investors managing £1.8 trillion ($2.2 trillion) in assets are widening a campaign pressing oil majors to better reflect climate risks in their accounting, and will soon target other businesses with heavy fossil fuel exposure, the group said on Monday.

The investors believe their campaign is working, noting the “hugely important” news of BP joining other oil majors in lowering the value of its assets amid a global transition to cleaner energy, said Natasha Landell-Mills, head of stewardship at asset manager Sarasin & Partners. read more

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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