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Shell's profits underline need to send Shell to Sea

For immediate release, 27th July, 2006 Shell's profits underline need to send Shell to SeaSinn F?in spokesperson on Natural Resources Martin Ferris TD has said thatthe announcement of Shell of quarterly profits of ?6.3 billion is furtherproof that the company can easily afford to process the Corrib gas field atsea. The Kerry North Deputy went on to point out that spiralling energycosts undermined the argument that massive tax breaks were necessary toattract companies to drill off the coast of Ireland.The Kerry North TD said: ''Shell has repeatedly argued that they cannotprocess the Corrib gas at sea because it would cause a slight reduction inthe massive profits they will be making out of the exploitation of Irishnatural resources. The utter ridiculousness of such an argument is exposedby their announcement of net profits of ?6.3 billion for the last threemonths to June. Instead of being satisfied with that they are determined tosqueeze every last cent out of the Corrib field, even if it means using adangerous, experimental pipeline to do so.''The latest figures from Shell also point out that there has been a 35%average increase in the price of oil during the same three month period.The argument advanced by Fianna F?il that sweetheart tax breaks arenecessary to attract foreign investment to Irelandis again exposed as aflimsy and weak attempt to defend the indefensible. It was Ray Burke whoabandoned the Irish people's 50% stake in any oil or gas found in Irishwaters but it is the people who will pay for it.''The proposed exploitation of the Corrib field will not mean a jobs boomfor Mayo, it will not mean extra revenue for the exchequer and it will not,as the head of Bord G?is energy supply David Bunworth admitted this week,make any difference in the gas bill for Irish households.''It is not enough that we send Shell to Sea, but we must also reassertIrish ownership of Irish natural resources.'' ENDS

Posted Date: 
28 July 2006 - 5:38pm