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Russian Roulette: International Oil Company Risk in the Russian Arctic
International Oil Companies (IOCs) face pressure from investors to achieve a positive reserves replacement ratio. With governments around the world increasingly asserting control over natural resources in their territory, as well as conventional oil reserves dwindling, the Arctic is one of the frontier areas targeted by IOCs. In Russia, IOCs have entered a number of…
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Shell and Gazprom sign more documents on Arctic tie-up
Gazprom and Shell signed a new agreement today, under the eyes of Vladimir Putin on his trade mission to Europe. The agreement has been in discussion for a few years; at one point a BP-and-Rosneft style share swap was discussed, but the two companies appear to have settled for a Joint Venture. Together they’ll extract…
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التكالب على بترول مصر
فى مقر نادى مرتفعات القطامية، وسط المروج الخُضر المشذبة وملعب الجولف، ناقش مديرون تنفيذيون من جنسيات مختلفة، جنبا إلى جنب مع مسئولين حكوميين اتفاقيات من شأنها تحديد مآل مليارات الدولارات؛ هل تستقر فى خزائن خاصة أم تذهب للخزانة العامة. تغييرات بسيطة فى عقد واحد قد تؤدى إلى إحداث فارق يزيد على الخمسة مليارات من الدولارات،…
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Making a Killing: Oil Companies, Tax Avoidance and Subsidies
Oil company mega-profits are being made at the expense of the public purse, as youth centres shut, hospitals struggle and the queues at food banks grow. Companies like BP & Shell receive major government support including direct subsidies and military and diplomatic services, but seem to pay very small amounts of UK tax in comparison…
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Has RBS stopped financing the tar sands? (Spoiler: No)
Last week RBS chairman Philip Hampton took part in a live Q&A session on the Guardian in response to the Libor-rigging scandal. One of the questions that was put to Hampton by a reader was How do you continue to justify continued your role in financing the Canadian tar sands, arguably a greater crime than…
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21 Jan 2013 adminFundraising gets edgy – report back from the Edge Fund launch
Two days before the launch of the Edge Fund last December, there was a panic to find a bigger venue at Tonybee Hall because so many people wanted to go. The organizers seemed surprised and happy as no doubt their experience of launch parties is to book a small room to make it looked packed.…
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Another storm for Shell highlights risks in financing Arctic oil & gas exploitation
On Winter Solstice, the shortest day of the year when in southern Alaska there’s only a dull half-light for a handful of hours, Shell’s immense drilling rig Kulluk was dragged out to sea from Dutch Harbour, bound for the port of Seattle. This 28,000 tonne machine was being pulled past the Aleutian Islands though worsening…
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EU enabling violent repression in Egypt – NGOs call for moratorium on lending
As the new Egyptian regime run by the Muslim Brotherhood is attempting an aggressive power grab and launching street violence on revolutionaries and opposition groups across the country, a coalition of Egyptian and European organisations are questioning European public banks’ political and financial backing of a constitutional coup and crackdown. In an open letter to…
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‘No more money for arms deals’ – but what about fossil fuels?
Last week, a cross-party inquiry called for Parliament to review the use of public money to support arms exports. The all-party parliamentary group (APPG) on international corporate responsibility said Parliament should debate introducing a ‘prohibition list’ of projects that the Government refuses to underwrite. They suggested arms sales should be at the top of it.…
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RBS finances Tullow’s drilling in Ghana
Tullow Oil Plc has secured a finance deal with a number of banks including the publicly owned Royal Bank of Scotland. The company says the $3.5m debt refinancing will in part be used for its operations in Ghana. Platform has watched the developments in Ghana closely. Amongst other concerns, Tullow has continued to flare…
