THE LONDON TIMES: Need to Know: Global Business Briefing: “Royal Dutch/Shell, the oil major, is in talks with Texas Pacific and Bain Capital, the US buyout groups, which could lead to the sale of its liquefied petroleum gas business for an estimated $3 billion (£1.6 billion).” (ShellNews.net) 12 Jan 05

Edited by Joe Bolger and Tom Roundell

January 12, 2005

NATURAL RESOURCES

Need to Know

Sector up 0.1%

Cairn Energy, the Edinburgh-based company, reported another gas discovery in India, sending its share price 4 per cent higher.

John Wood Group, the Aberdeen oil and gas industry contractor, reassured investors that its 2004 profit would be in line with market expectations. The contractor issued two profit warnings last year.

Gold Fields, the South African miner, said that talks with Harmony Gold about an alternative to a hostile $8.1 billion (£4 billion) takeover bid had not yet produced a solution.

German Gref, Russia’s Economic Development and Trade Minister, joined a backlash against the effective re-nationalisation of Yukos, the Russian oil giant, and said that state energy groups should be privatised.

Premier Oil shares firmed almost 3 per cent on news that the company’s Mauritania project, which also involved BG Group and Roc Oil, had discovered oil at the Tiof-6 well.

Royal Dutch/Shell, the oil major, is in talks with Texas Pacific and Bain Capital, the US buyout groups, which could lead to the sale of its liquefied petroleum gas business for an estimated $3 billion (£1.6 billion).

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