Pilipinas Shell Petroleum Corp. will continue to list its shares on the Philippine Stock Exchange (PSE) after it shut down its refinery business.
“We intend to continue being listed. Our intention when we transformed our refinery is to improve our financial performance. At the moment, no thoughts on delisting. We maintain status quo,” said Pilipinas Shell President and CEO Cesar Romero.
The oil company’s 110,000 barrels per day refinery in Tabangao, Batangas ceased to operate in August last year. The facility is being transformed into a world-class Medium Range (MR) capable import terminal capable of handling at least 300,000 barrels per day.
The transformation is part of the company’s 5-year strategy program that includes putting up more import terminals, renewable energy (RE) investments and additional service stations, among others.
To accomplish these, the company is allocating P15 to P20 billion to rollout the program starting this year.
The oil company will still continue pouring investment in its Tabangao facility, about P1 to P2 billion to transform it into a world-class import facility. The transformation is meant to improve its efficiency and operational standards, reduced capital and operational expense exposure, lessened vulnerabilities to variability and product pricing and brought about growth.
“We believe these transformations allow us to wean away from the unfortunate, very difficult and challenging outlook associated with the refining industry. Bigger, complex, highly integrated export-oriented facilities have been built in the region and therefore, it has significantly depressed margins and worsened by the pandemic. We are able to better position our company to perform more robustly in the future,” Romero said.
He also mentioned that Pilipinas Shell is ready to launch its electric vehicle (EV) charging stations.
“Our new EV stations are ready. The challenge here is if there’s demand and the regulatory framework. Can the grid handle it? Electricity is a different regulatory body than that of oil. However, one advantage of being part of the broader Shell company is we have more knowledge on this.”
In 2019, the oil company earlier agreed that EV charging stations would be put up in four of its service stations.
Three of which were supposed to be deployed in the following Shell gasoline stations—one on C. Raymundo Avenue, Pasig City; one at 5 E Rodriguez Avenue, Bagumbayan Libis, Quezon City; (Shell C5 Eastwood Northbound) and another at the SM Mall of Asia, Seaside Blvd., Pasay City.
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