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Royal Dutch Shell and Ray Burke

  • 27-12-2010 7:08pm
    #1
    Kid Curry
    Closed Accounts Posts: 70 ✭✭


    Can anyone explain what the story is behind this... something along the lines of Royal Dutch received exploration rights without paying dividends to the Irish State and Ray Burke had some hand to play in all this???


Comments

  • #2
    AlekSmart
    Registered Users, Registered Users 2 Posts: 14,005 ✭✭✭✭AlekSmart


    Perhaps they drew a line in the sand beyond which Raphael P Burke would not dare venture.....?


    Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one.

    Charles Mackay (1812-1889)



  • #3
    later12
    Closed Accounts Posts: 11,299 ✭✭✭✭later12


    As far as I know the only real story is that they incentivised oil and gas exploration by reducing the costs of the drilling companies who found the tax burden restrictive. Particularly so the 50% automatic share claim. Ray Burke was Minister for Energy at the time, but other Ministers made similar moves, for example Bobby Molloy in the early 1990s did pretty much the same thing.


  • #4
    tenchi-fan
    Closed Accounts Posts: 3,339 ✭✭✭tenchi-fan


    Kid Curry wrote: »
    Can anyone explain what the story is behind this... something along the lines of Royal Dutch received exploration rights without paying dividends to the Irish State and Ray Burke had some hand to play in all this???

    I doubt there's much of a story. If a company refused to pay dividends their operations could easily be nationalised.


  • #5
    ArseBurger
    Registered Users, Registered Users 2 Posts: 647 ✭✭✭ArseBurger


    tenchi-fan wrote: »
    If a company refused to pay dividends their operations could easily be nationalised.

    Nope.


  • #6
    mikemac
    Closed Accounts Posts: 19,986 ✭✭✭✭mikemac


    tenchi-fan wrote: »
    If a company refused to pay dividends their operations could easily be nationalized.

    Ray Burke in 1987 and Bertie Ahern in 1992 created some attractive conditions for exploration.

    But for your post, wouldn't happen, you are talking about the Irish State taking over an asset of an international corporation. How are you going to explain that to the shareholders?

    A government seizing a profitable company who discovers an oil or gas field will make a lot of people nervous


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