So, does shell oil stand a chance of shaking a 1.5bn fine?

[mainegreen]

I think not. Oh, those chinese.

[drm604]

1. Link or explanation?

:shrug:

[charlie]

2. Loan + interest

A free rail system, courtesy of Shell, has got to be looking like an attractive prospect right now.

[drm604]

3. Link?

I still don't know what you guys are talking about. What is Nigeria fining Shell for?

[mainegreen]

5. Naw, I think the chinese will be moving in shortly on Shell's contracts

there, as they put up the billion.

I wonder how many more oil countries will receive 'financial aid' from China, and how many more western oil companies will be shocked by the less than deferential treatment they will now receive?

[mainegreen]

4. From bbc news

Currently from bbc news

I thought it was interesting that two article, seemingly unrelated, in my opinion, really show the changes that western oil businesses will face because of chinese expansion in the search for oil. Once upon a time companies like shell oil would not be facing 1.5 billion dollars fines from countries like Nigeria. But now with China moving in, (the $1bn loan for railway modernization), a lot of these countries no longer need us. I just thought that people here might get a kick out of the screen capture showing the two stories separately, when the two stories are really tied together (IMHO).

[Ghost Dog]

7. Heh, you beat me to it, mainegreen.

I do find it interesting to see these two aspects of what's happening and to happen in Nigeria tied (but untied, as you say, by the BBC) together.

I see China working very hard diplomatically and economically to establish good commercial working relationships in Nigeria and elsewhere in Africa.

Shell, on the other hand, appears content, in its greed for oil, to trash the environment, walk all over the local people (although they claim to provide 'jobs' for a few) and disregard local and now national law (claiming some judges are 'corrupt'). Jeez, seems they couldn't even care less about PR.

..Then again, I've heard the Chimp & Cheney's friends have earmarked the whole West Africa - Gulf of Guinea oil-rich regions for 'GREAT THINGS' in the near future...

[Ghost Dog]

6. Refers to BBC reports:

Shell contests huge Nigeria fine
http://news.bbc.co.uk/2/hi/africa/5004854.stm

Oil giant Shell says it has appealed against a Nigerian court ruling that it pay $1.5bn to residents of the country's oil-producing region.

The high court had given Shell until 1200 local time (1100 GMT) on Monday to pay the fine but Shell says it will not comply until the appeal is heard.

The ruling against a Shell subsidiary was to compensate the Ijaw community for environmental damage in the region.

Meanwhile, Ijaw militants say they will step up attacks on oil installations.

/more...


Nigeria gets $1bn China rail loan
http://news.bbc.co.uk/2/hi/business/5005510.stm

China has agreed to lend Nigeria $1bn (£532m) so that the African nation can modernise its railways and help speed up the development of its economy.

Under the deal, Nigeria will have to provide matching funds to buy new rolling stock and equipment, as well as lay new track.

The deal is the latest example of China looking to tighten relations with oil-producer countries, analysts said.

China wants to secure steady energy supplies as its economy booms.

/more...