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/ 30 November 2004
The battle for control of Russia’s biggest oil company, Yukos, intensified last week with the government setting a date of December 19 for an auction of the company’s main production unit, and shareholders hitting back with threats of prolonged litigation. In an attempt to frighten off bidders, shareholders of the Yukos oil group have threatened to sue the company that wins its Siberian unit.
The export of oil from Iraq was brought to a halt last week after attacks on two key pipelines and the assassination of a top oil executive dealt a fresh blow to United States plans to hand over sovereignty at the end of the month. The attacks sent the global price of US light oil up 26 US cents to ,45 a barrel and forced Opec, already pumping out extra oil to meet soaring demand, to step in.
The cost of air travel is to increase with carriers slapping a surcharge on tickets in an attempt to counter the impact of a huge rise in fuel prices. The aviation sector has seen the price of its fuel rise as a consequence of global crude hitting a barrel — its highest level in 13 years. Soaring oil prices have also dragged up gas prices by 44% over 12 months.
Troubled oil group Shell intends ”to establish a material and enduring presence in Iraq” in an attempt to rebuild the firm’s depleted reserves and foster the long-term future of the country’s energy sector. The vote of confidence from Shell, which is embroiled in controversy over exaggeration of its oil reserves, came after rival BP expressed disillusionment with Iraq’s prospects.
Oil giant BP’s chief executive delivered a serious setback to hopes of rebuilding Iraq when he said that the oil company has no future there. Lord John Browne, one of British Prime Minister Tony Blair’s favourite industrialists, indicated he had given up on Iraq because the political and security situation in the country had deteriorated so much.
Shell deliberately misled investors about the financial health of the world’s third-largest oil company, an internal inquiry revealed last week. The Anglo-Dutch oil company sacked chairperson Sir Philip Watts and his exploration director Walter van de Vijver earlier this year after admitting it had overstated the amount of oil and gas reserves it had in the ground by more than 20%.
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/ 6 February 2004
Businesses are using corporate social responsibility (CSR) as a shield behind which to campaign against environmental and human rights regulations, warns a report published recently. Christian Aid claims CSR in some cases worsens relations between business and local communities.
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/ 24 October 2003
Attempts by BP and Shell to present themselves as ”enlightened” oil companies mindful of climate change and human rights could run into trouble when green activists protest at a talk given by BP boss Lord Browne.
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/ 20 October 2003
ExxonMobil has been holding a series of secret meetings with environmental and human rights groups worldwide in an effort to change its hard-nosed public image.
The moves have been seized on by the Stop Esso campaign as a sign that its boycott activities aimed at changing the company’s anti-Kyoto treaty views are working.
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/ 10 October 2003
A potential treatment for HIV has been shown to be highly effective in tests, according to Medical Marketing International (MMI), which has been working with scientists at London University.