Shell plans P12-B investment in PH
MANILA, Philippines - Pilipinas Shell Petroleum Corp. is investing P12 billion on a new import facility in Northern Mindanao and to upgrade its refinery in Batangas.
Speaking at the Management Association of the Philippines (MAP) Management Man of the Year Awarding Ceremony yesterday, Shell Companies in the Philippines country chairman Edgar Chua said the firm is spending P6 billion for a new import facility in Cagayan de Oro.
The import facility being planned would be the company’s first in Mindanao.
“The country is growing. I think we need to spur the economy in Mindanao so it’s a good place to actually put an investment,” Chua said.
At the same time, he said the firm is expanding its retail stations in the region.
He also said the firm is waiting for the approval by its principal of the P6 billion planned investment to upgrade the refinery in Batangas.
“It (upgrade) is to ensure that we meet the more stringent quality specifications for the future,” he said.
This, as the government mandates that the Euro 4 standard be complied with by 2016.
The Euro 4 is a globally accepted European emission standard for vehicles which require fuel to have low amounts of sulfur and benzene.
Chua said the firm likewise has plans of building its first liquefied natural gas (LNG) import facility and expanding its shared service center which serves Shell companies in other parts of the world, by another 1,000 to bring the total staff complement to over 5,000.
Asked about Shell’s initial public offering (IPO), he said the firm would focus on the upgrade of the refinery first.
Chua said earlier that the IPO would depend on the company’s final plans for the refinery.
Chua was named this year’s MAP Management Man of the Year.