TAX CONFERENCE

The recently enacted "American Jobs Creation Act" gives significant tax breaks to a number of U.S. industries--including shipping.

MARINE LOG and BLANK ROME will present a senior level seminar CHANGES IN U.S. TAXATION OF SHIPPING INCOME in Stamford, Conn. on April 5 & 6, 2004

Make sure you know how the new tax rules work!

LNG tanker alongside Gulf Landing terminal

February 17, 2005

Shell gets approval for offshore LNG terminal

Shell Gas & Power announced today it has received approval of its application for its Gulf Landing offshore liquefied natural gas (LNG) terminal in the Gulf of Mexico. The approval came in a Record of Decision from the US Maritime Administration (MARAD).

"The Gulf Landing terminal is a very attractive entry point to U.S. natural gas markets, both in terms of diversity of pipeline connections and customer access," said Catherine Tanna, Shell Gas & Power's Director for the Americas and Africa.

The issuance of the Record of Decision by MARAD follows a comprehensive period of regulatory review that began with Gulf Landing's application for a license in November 2003. MARAD's approval includes acceptable conditions to enhance the protection of marine life, including a monitoring program and mitigation of potential impacts.

"Shell believes the regulatory review has resulted in a balance between protecting the environment and helping the U.S. meet a critical need for reliable, clean-burning natural gas," said Tanna.

Gulf Landing will have the capacity to provide one billion cubic feet per day of natural gas. The facility will be a gravity-based structure in 55 feet of water 38 miles offshore Cameron, Louisiana. Gulf Landing's location in an oil & gas production area gives it the advantage off connecting with five major interstate pipelines to deliver natural gas to much of the Southeast, Midwest, Northeast and Mid-Atlantic U.S.

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