Shell exits gas project in Abu Dhabi
LONDON: Royal Dutch Shell is exiting a key natural gas project in Abu Dhabi owing to the collapse in global energy prices, the oil giant said on Monday.
The Anglo-Dutch group said in a statement that it had decided not to develop the Bab sour-gas reservoirs with state-run Abu Dhabi National Oil Co (ADNOC) against a backdrop of plunging oil markets.
“Following a careful and thorough evaluation of technical challenges and costs, Shell has decided to exit the joint development of the Bab sour gas reservoirs with ADNOC in the emirate of Abu Dhabi, and to stop further joint work on the project,” it said.
“The evaluation concluded that for Shell, the development of the project does not fit with the company’s strategy, particularly in the economic climate prevailing in the energy industry.–AFP
Renault promises plan to cut emissions levels
BOULOGNE BILLANCOURT: French carmaker Renault on Monday promised to come up with a “technical plan” over coming weeks to bring down harmful emissions from its vehicles.
On Thursday, a government-appointed commission said that Renault’s diesel cars failed pollution tests and investigators raided its facilities, raising fears the French carmaker could be caught up in an emissions scandal similar to the one engulfing Volkswagen.
The commission has so far tested vehicles from a total of eight foreign and French brands, finding carbon dioxide (CO2) and nitrogen dioxide emissions (NOx) from Renault cars to be too high, as well as those in some non-French models.—AFP
VW faces claims over emissions scandal
FRANKFURT: Dozens of large shareholders in Volkswagen plan to sue the carmaker in a German court, seeking compensation for the plunge in its shares due to its emissions test cheating scandal.
Law firm Nieding + Barth said on Monday it would lodge a case with a regional court in Brunswick this week, seeking hundreds of millions of euros in damages on behalf of 66 institutional investors from the United States and Britain.
“On top of that, we collected several thousands of private investors. Therefore we think we are the biggest platform for suits against Volkswagen in Germany,” said Klaus Nieding of Nieding + Barth.
Volkswagen’s (VW) shares have lost almost a third of their value, or about 22 billion euros ($24bn), since it admitted in September to misleading US regulators about emissions with the help of on-board engine control software.
Published in Dawn, January 19th, 2016
