....much awaited, always delayed
Shell set to expand refinery, may soon proceed with IPO
MANILA -- The long-delayed initial public offering (IPO) of Pilipinas Shell Petroleum Corp. may soon finally happen after the oil refiner informed the Department of Energy (DOE) of its decision to expand its refinery business in the country.
“I met with [Shell officials] about three weeks ago. They are going to expand their refinery here,” said Energy Secretary Carlos Jericho L. Petilla.
The oil firm’s IPO plans hinge on a final investment decision (FID) that will determine whether to push through with the expansion of its refinery business in Tabangao, Batangas. The FID will come from the UK-based parent firm.
Shell is looking at expanding its 110,000-barrel per day (bpd) refinery to meet new fuel standards that will take effect in 2016. The country will soon implement the Euro 4 standards, which require fuel to have significantly low amounts of sulfur and benzene. These are globally accepted European emission standards for vehicles.
Shell officials recently said an FID will take a few more months. Petilla did not say if Shell has informed the agency if it has secured the decision from its parent firm but from a recent conversation with Shell Country Chairman Edgar Chua, it was discussed that the oil firm is definitely pushing through with its expansion plans.
“While the board has decided to close in Australia, Shell is expanding in the Philippines,” added Petilla.
Petilla was referring to an announcement made in February that Shell Co. of Australia Ltd., the Australian subsidiary of Royal Dutch Shell Plc., sold its Australian refinery and petrol stations for $2.6 billion to Vitol, a Geneva-based company.
Assuming that Shell has arrived at a decision on its refinery business, the oil company can now proceed to prepare for the public offering. However, current market conditions may come into play.
“We will start working on the IPO assuming we have a final investment decision but we also need to consider the market condition,” Chua had said.
The DOE has been asking Shell for many years now to hold the IPO since it received a mandate under the Oil Industry Deregulation Act of 1998. The law states that an oil company must list in the local bourse at least 10 percent of its shares within three years from effectivity date. This means Shell’s IPO should have been completed in 2002.
source http://www.abs-cbnnews.com/business/06/1...roceed-ipo
Shell set to expand refinery, may soon proceed with IPO
MANILA -- The long-delayed initial public offering (IPO) of Pilipinas Shell Petroleum Corp. may soon finally happen after the oil refiner informed the Department of Energy (DOE) of its decision to expand its refinery business in the country.
“I met with [Shell officials] about three weeks ago. They are going to expand their refinery here,” said Energy Secretary Carlos Jericho L. Petilla.
The oil firm’s IPO plans hinge on a final investment decision (FID) that will determine whether to push through with the expansion of its refinery business in Tabangao, Batangas. The FID will come from the UK-based parent firm.
Shell is looking at expanding its 110,000-barrel per day (bpd) refinery to meet new fuel standards that will take effect in 2016. The country will soon implement the Euro 4 standards, which require fuel to have significantly low amounts of sulfur and benzene. These are globally accepted European emission standards for vehicles.
Shell officials recently said an FID will take a few more months. Petilla did not say if Shell has informed the agency if it has secured the decision from its parent firm but from a recent conversation with Shell Country Chairman Edgar Chua, it was discussed that the oil firm is definitely pushing through with its expansion plans.
“While the board has decided to close in Australia, Shell is expanding in the Philippines,” added Petilla.
Petilla was referring to an announcement made in February that Shell Co. of Australia Ltd., the Australian subsidiary of Royal Dutch Shell Plc., sold its Australian refinery and petrol stations for $2.6 billion to Vitol, a Geneva-based company.
Assuming that Shell has arrived at a decision on its refinery business, the oil company can now proceed to prepare for the public offering. However, current market conditions may come into play.
“We will start working on the IPO assuming we have a final investment decision but we also need to consider the market condition,” Chua had said.
The DOE has been asking Shell for many years now to hold the IPO since it received a mandate under the Oil Industry Deregulation Act of 1998. The law states that an oil company must list in the local bourse at least 10 percent of its shares within three years from effectivity date. This means Shell’s IPO should have been completed in 2002.
source http://www.abs-cbnnews.com/business/06/1...roceed-ipo
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sounds interesting (pero wala pang extra) 
