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How Chris Finlayson bungled the Mother of all Projects: Sakhalin II

Chris Finlayson representing Shell and Alexander Medvedev, Gazprom’s Vice Chairman

By John Donovan

Chris Finlayson, the newly appointed Chief Executive of BG Group, held a leadership position in Shell’s Sakhalin II project in Russia from September 2005 to September 2009. The venture was described as “the Mother of all Projects” by the Financial Times.

We have already published an article about his involvement in the Royal Dutch Shell reserves scandal, providing evidence – in the form of authentic Shell internal documents – supporting my conclusion that he was either part of the cover-up, or negligent in his fiduciary duties as a senior Shell executive to protect the interests of investors. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Shell Sakhalin Project Cost Soars, Deliveries Late

FROM OUR JULY 2005 SHELL NEWS ARCHIVE…

BLOOMBERG: Shell Sakhalin Project Cost Soars, Deliveries Late

“Royal Dutch/Shell Group’s oil and gas project in Russia’s Far East may cost $20 billion, 67 percent more than originally planned…”

Thursday 14 July 2005

July 14 (Bloomberg) — Royal Dutch/Shell Group’s oil and gas project in Russia’s Far East may cost $20 billion, 67 percent more than originally planned, because of soaring metal prices and contractor fees and a declining U.S. dollar.

Deliveries of liquefied natural gas are now expected to start in the summer of 2008, the company said in a statement today, some eight months behind schedule. The project at Sakhalin island is the largest foreign direct investment anywhere in Russia. Shell shares pared gains in London after the statement. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Gazprom to Open First LNG Plant

Gazprom bought control of the $22 billion project after a prolonged crisis that forced Royal Dutch Shell, the project's former leader, and its partners to reduce their holdings. Analysts had expected that the battle would lead to delays. Shell is now a minority shareholder along with Japan's Mitsubishi and Mitsui.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Sakhalin II operator begins oil exports via new terminal

YUZHNO-SAKHALINSK, December 12 (RIA Novosti) - Sakhalin Energy launched year-round oil export deliveries on Friday via a new oil terminal as part of the Sakhalin II oil and gas project off Russia's Pacific Coast, the company said in a statement.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Russia – Tough Investment Environment

This article relates the saga of the Sakhalin II project, one of the earliest of the Russian production sharing agreements.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Gazprom, Shell Receive $5.3 Billion Loan for Sakhalin (Update1)

Sakhalin Energy Investment Co., the project operator, received $3.7 billion from Japan Bank for International Cooperation, the Japanese government's main overseas lender, and $1.6 billion from other commercial banks, the Yuzhno-Sakhalinsk, Russia-based company said today in an e-mailed statement.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Russian plans for Sakhalin-2 gas a complete surprise for Shell

Gazprom Deputy CEO Alexander Ananenkov noted that Sakhalin-3’s gas could be not enough to satisfy the region’s needs, in which case gas from Sakhalin-2 could go to the Sakhalin-Khabarovsk-Vladivostok pipeline instead of being exported. This proposal was a complete surprise for Maxim Shub, who represents Shell in Russia.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Sakhalin-2 loan secured; year-round flow to begin

The Japan Bank for International Cooperation (JBIC) and four private-sector banks are finalizing plans to provide a $5.3 billion loan for the Sakhalin-2 oil and natural gas development project.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Rosneft, Gazprom agree on splitting offshore

Gazprom is developing the huge Shtokman gas field in the Barents Sea and controls the Sakhalin-2 project offshore the Pacific island of the same name.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

THE WALL STREET JOURNAL: Shell’s Costs Soar For Russia Project

THE WALL STREET JOURNAL: Shell’s Costs Soar For Russia Project

“In a potentially big setback to its turnaround attempt, Royal Dutch/Shell Group disclosed a $10 billion cost overrun and delays at an important Russian energy project…”: “The Sakhalin delay is particularly bad news for Shell. The company last year was rocked by a scandal after it emerged that it had overstated its reserves of oil and natural gas following years of subpar performance at finding new resources”

Friday 15 July 2005

Price Tag of Sakhalin II

May Double to $20 Billion;

Half-Year Delay Expected

By BHUSHAN BAHREE and BENOÎT FAUCON

Staff Reporters of THE WALL STREET JOURNAL

July 15, 2005; Page B2

In a potentially big setback to its turnaround attempt, Royal Dutch/Shell Group disclosed a $10 billion cost overrun and delays at an important Russian energy project, becoming the latest victim of soaring development costs for the oil industry’s increasingly ambitious projects.

Shell said costs in the second phase of the massive Sakhalin II natural-gas project, which it is spearheading, may double to $20 billion, and it expects the project to be delayed by half a year. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

THE TIMES: Shell forced to admit Russian costs have doubled

THE TIMES: Shell forced to admit Russian costs have doubled

“The doubling of costs and an anticipated half-year delay to the construction schedule is a blow to Shell’s reputation as a project manager and it will lead to further embarrassment with Shell’s partners, including Gazprom, the Japanese investors Mitsui and Mitsubishi, and the Russian Government.”

Friday 15 July 2005

By Carl Mortished, International Business Editor

SHELL has been forced to admit that the cost of Sakhalin Energy, a vast liquefied natural gas project in Eastern Siberia and a pillar of the company’s future expansion, has ballooned from $10 billion to $20 billion (£11.4 billion).

The doubling of costs and an anticipated half-year delay to the construction schedule is a blow to Shell’s reputation as a project manager and it will lead to further embarrassment with Shell’s partners, including Gazprom, the Japanese investors Mitsui and Mitsubishi, and the Russian Government. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

BLOOMBERG: Shell Sakhalin Project Cost Soars, Deliveries Late

BLOOMBERG: Shell Sakhalin Project Cost Soars, Deliveries Late

“Royal Dutch/Shell Group’s oil and gas project in Russia’s Far East may cost $20 billion, 67 percent more than originally planned…”

Thursday 14 July 2005

July 14 (Bloomberg) — Royal Dutch/Shell Group’s oil and gas project in Russia’s Far East may cost $20 billion, 67 percent more than originally planned, because of soaring metal prices and contractor fees and a declining U.S. dollar.

Deliveries of liquefied natural gas are now expected to start in the summer of 2008, the company said in a statement today, some eight months behind schedule. The project at Sakhalin island is the largest foreign direct investment anywhere in Russia. Shell shares pared gains in London after the statement. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Royal Dutch/Shell says Sakhalin II Phase 2 costs could be about $20 billion US dollars

AFX Europe (Focus): Royal Dutch/Shell says Sakhalin II Phase 2 costs could be about $20 billion US dollars

Thursday July 14, 2005

AMSTERDAM (AFX) – The Royal Dutch/Shell Group said investment costs for the Sakhalin II phase 2 project are provisionally anticipated to be “of the order of 20 bln usd.”

This would cover all planned development activity, including drilling activity through to 2014, with liquefied natural gas (LNG) deliveries starting in the summer of 2008, the company added.

Sakhalin Energy Investment Co (SEIC), a venture between Royal Dutch/Shell Group, Mitsui and Co and Mitsubishi Corp, runs the Sakhalin II project. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

The Motley Fool: Playing the Russian Shell Game

The Motley Fool: Playing the Russian Shell Game

“It’s better for a foreign investor to stay on the good side of the Russian government. Even if you’re within your rights in turning down a “deal,” being greedy about hanging on to too good of a thing can get you YUKOSed if you’re not careful.”

Posted Saturday 9 July 2005

By Rich Smith

Investors weren’t quite sure what to make of yesterday’s news involving Russia’s Gazprom and partner Royal Dutch (NYSE: RD)/Shell (NYSE: SC). As reported on CNNMoney, Royal Dutch/Shell has cashed in nearly half of its interest in the Sakhalin-2 liquefied natural gas project (located near the island of the same name) in exchange for a 50% stake in the lower stretch of a Siberian gas field known as Zapolyarnoye.

On hearing the news, investors sold off the shares of both Royal Dutch and Shell by about 1% apiece. In contrast, Gazprom’s shares, which trade over the counter, were bid up more than 4%. The negative, though muted, reaction to the news on the part of investors in the foreign oil companies is understandable. After all, Sakhalin-2 has progressed nicely since beginning production in 1999. It’s a proven find, the world’s largest liquefied natural gas (LNG) project, and likely to turn into an all-around winner for its participants (which in addition to the companies named include nearby Japan’s Mitsubishi and Mitsui (Nasdaq: MITSY)). In contrast, it’s not yet known how well the “Lower Zapo” field project will pan out. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Forbes: Royal Dutch/Shell, Gazprom agree asset swap

Forbes: Royal Dutch/Shell, Gazprom agree asset swap

“Royal Dutch/Shell Group said it has signed a memorandum of understanding with Russian group Gazprom regarding the swap of certain assets in Russia.”

Thursday 7 July 2005

AMSTERDAM (AFX) – Royal Dutch/Shell Group said it has signed a memorandum of understanding with Russian group Gazprom regarding the swap of certain assets in Russia.

Under the deal, Gazprom would acquire up to a 25 pct stake plus one share in the Sakhalin-II liquid natural gas venture offshore east Russia. Shell owns 55 pct of Sakhalin-II, while Japan’s Mitsui & Co Ltd and Mitsubishi Corp own the remaining 25 pct and 20 pct.

Shell would acquire a 50 pct stake in Gazprom’s Zapolyarnoye Neocomian hydrocarbon field in West Siberia. Shell is already active in the region with its Salym project. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com
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