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Tarnished Shell seeks to be born again

From our October 2004 Shell News Archive

The Independent On Sunday (UK): Tarnished Shell seeks to be born again

Tim Webb on the oil giant’s attempts to put scandal behind it and give itself a facelift: “Shell directors have spent the last year reading the newspapers about how bad they are,” he says. “The last thing they want to read is that they have failed again.”

24 October 2004

Shell is expected to outdo its rival, BP, when it announces higher third- quarter earnings this week. In fact, it has already earned more than BP this year, which isn’t bad for such a “troubled” company.

It underlines the fact that the Anglo-Dutch company has continued to perform financially despite spending most of the year mired in controversy. This is the same Shell which in the past six months has seen its chairman, exploration chief and finance director leave after a fifth of its proven oil and gas reserves were found to be wrongly booked. And it is the same company whose new chairman, Jeroen van der Veer, vowed last month at its annual strategy meeting: “Much more needs to be done. We are driving Shell to be a different company.” 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 raises $1bn from InterGen sale

Financial Times: Shell raises $1bn from InterGen sale

“The sale of InterGen, which operates power plants in several territories across the world, is part of Shell’s plan to raise as much as $15bn through the disposal of non-core assets in the period of 2004 to 2006.”

Saturday 6 August 2005

By Michael Kavanagh

Published: August 6 2005

Royal Dutch Shell has raised $1bn (£564m) following the completed sale of its InterGen power generation co-venture. InterGen, which has been sold to AIG and the Ontario Teachers’ Pension Plan for $1.75bn, was majority owned by Shell with the remainder held by Bechtel, the US engineering services and construction company.

The sale of InterGen, which operates power plants in several territories across the world, is part of Shell’s plan to raise as much as $15bn through the disposal of non-core assets in the period of 2004 to 2006. 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.

Reuters: Shell, Bechtel complete Intergen sale

Reuters: Shell, Bechtel complete Intergen sale

Friday 5 August 2005

AMSTERDAM (Reuters) – Oil group Royal Dutch Shell Plc and U.S. construction firm Bechtel said on Friday they had completed the sale of their InterGen power generation joint venture to a partnership between AIG Highstar Capital II L.P. and Ontario Teachers’ Pension Plan for $1.75 billion.

Shell also said in the statement that it had agreed to divest InterGen’s U.S. and remaining Turkish assets, although it had previously said they would be retained. 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.

Tarnished Shell seeks to be born again

From our October 2004 Shell News Archive

The Independent On Sunday (UK): Tarnished Shell seeks to be born again

Tim Webb on the oil giant’s attempts to put scandal behind it and give itself a facelift: “Shell directors have spent the last year reading the newspapers about how bad they are,” he says. “The last thing they want to read is that they have failed again.”

24 October 2004

Shell is expected to outdo its rival, BP, when it announces higher third- quarter earnings this week. In fact, it has already earned more than BP this year, which isn’t bad for such a “troubled” company.

It underlines the fact that the Anglo-Dutch company has continued to perform financially despite spending most of the year mired in controversy. This is the same Shell which in the past six months has seen its chairman, exploration chief and finance director leave after a fifth of its proven oil and gas reserves were found to be wrongly booked. And it is the same company whose new chairman, Jeroen van der Veer, vowed last month at its annual strategy meeting: “Much more needs to be done. We are driving Shell to be a different company.” 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.

AUSTRALIA PRESS: Shell Considers Queensland Power Exit

AUSTRALIA PRESS: Shell Considers Queensland Power Exit

Tuesday September 14, 6:24 AM

MELBOURNE (Dow Jones)–Energy giant Royal Dutch/Shell (RD) is considering selling its interests in two coal-fired power stations in Queensland, as part of a global overhaul of its energy infrastructure portfolio, the Australian Financial Review reports Tuesday.

Shell-controlled vehicle InterGen owns a 54% stake in the Millmerran power station and a 50% stake in the Callide C facility. Both generate 840 megawatt hours of electricity and are fired by black coal, the report 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.

Shell to sell power arm for USD6 bn?

Business World: Shell to sell power arm for USD6 bn?

“World number three oil firm Shell is expected to put its worldwide power venture InterGen up for sale with a multi-billion dollar price tag as part of a drive to put its house in order.”

Friday, September 03

World number three oil firm Shell is expected to put its worldwide power venture InterGen up for sale with a multi-billion dollar price tag as part of a drive to put its house in order.

The sale of the electricity generating business could lift the embattled firm’s group-wide profitability, by dumping an operation that underperforms the core oil and gas portfolio.

InterGen, 68pc held by Shell in a joint venture with US building firm Bechtel, runs capacity that bankers say is worth around USD6bn including debt. 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.

Yukos freeze sends oil prices surging

Daily Mail: Yukos freeze sends oil prices surging

“The pace of disposals at Shell is accelerating. In what would be a radical move, it may put Intergen, its global power venture with 20 plants, on sale.”: “Shell… is unloading petrol stations and refineries to focus on finding oil and gas.”

Brian O’Connor

Sep 03, 2004

Crude oil prices soared again as the price war moved to the Russian front.

Moscow’s public prosecutor won the right to freeze UKpound 1.5 billion funds of oil giant Yukos. The company warned: “The arrest paralyses our productive capacity.”

A pipeline bombing in Iraq renewed supply worries. US crude went up more than $1 to over $45 a barrel in New York. North Sea crude rose to $42.50.

Yukos produces 1.7m barrels daily and exports 1m. But with its bank accounts frozen the taps may be turned off. President Putin apparently assured George W Bush last month that Russia’s oil would keep flowing. 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.

London Evening Standard: Shell mulls £2.2bn power stake sale

London Evening Standard: Shell mulls £2.2bn power stake sale

“TROUBLED oil major Shell is said to be considering selling its share of global power venture InterGen for an estimated $4bn (£2.23bn).”

Tom Nicholls,

2 September 2004

TROUBLED oil major Shell is said to be considering selling its share of global power venture InterGen for an estimated $4bn (£2.23bn).

‘We are continually reviewing our portfolio of assets, including our shareholding in InterGen, to meet changing market conditions and to release capital to fund growth opportunities,’ the company said.

Under the leadership of Jeroen van der Veer, who took over from Sir Philip Watts as chairman of the committee of managing directors in March following the oil and gas reserves reporting scandal, the company has been selling off underperforming and non-core assets. 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.

Reuters: Shell weighs mega sale of power venture

Reuters: Shell weighs mega sale of power venture

“SULLIED REPUTATION”: “Shell’s reputation as a blue chip multinational was dragged through the mud this year after it revealed a 20 percent overbooking of its oil and gas reserves.”

By Charlie Zhu

Thu 2 September, 2004

SINGAPORE (Reuters) – Royal Dutch/Shell is expected to put its worldwide power venture InterGen up for sale with a multi-billion dollar price tag as part of a drive to put its house in order, bankers say.

The sale of the electricity generating business could lift group-wide profitability at the world’s third-largest oil firm, by dumping operations that underperform the core oil and gas portfolio.

InterGen, 68 percent held by Shell in a joint venture with U.S. building firm Bechtel, is operating or building capacity that bankers say is worth around $6 billion (3.3 billion pounds) including debt. 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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