MANILA, Philippines - Pilipinas Shell Petroleum Corp. has committed to pursue major projects in the country ranging from new facilities to its much-delayed initial public offering (IPO), its top official said.
The local subsidiary of energy giant Royal Dutch Shell has lined up several projects and still continues to look for opportunities in the country, said Shell country chairman and president Edgar Chua.
The company has already completed the P1-billion second phase and third phase of the Malampaya deep water gas-to-power project.
This expansion will maintain the level of gas production to fulfill commitments under existing gas sales agreements until 2024, ensuring the steady supply of natural gas to power the Luzon electricity grid.
Operating since 2001, Malampaya is a joint undertaking of the government and the private sector. The project is spearheaded by the Department of Energy and developed and operated by Shell Philippines Exploration B.V. (Spex), with a 45 percent stake on behalf of joint venture partners Chevron Malampaya LLC, also with a 45 percent stake, and PNOC Exploration Corp. which holds the remaining 10 percent.
Meanwhile, Shell’s planned import terminal in Cagayan de Oro and its refinery upgrade in Tabangao, Batangas are on track for completion this year, Chua said.
“The North Mindanao import facility will be completed hopefully before the end of the year,” he said.
The P6-billion import terminal in Cagayan de Oro is aimed at serving businesses in Mindanao and the wide array of industries likely to boom in the region.
“For the refinery upgrade, hopefully (it will be finished) by the end of November,” Chua noted.
He said the refinery upgrade will allow Shell to locally produce a full-range of products compliant with global Euro 4 fuel standards.
The completion of the Malampaya expansion, the Mindanao terminal and Batangas refinery upgrade are the major turning points for Shell to conduct its maiden offering on the Philippine Stock Exchange, Department of Energy (DOE) OIC-Secretary Zenaida Monsada said.
“From my understanding, they have three projects completed before conducting an IPO,” she said.