Shell reviews options to upgrade Philippines refinery

Jun 18, 2007 02:00 AM

Royal Dutch Shell subsidiary Pilipinas Shell Petroleum said it is exploring investment and upgrade options for its Tabangao refinery at Batangas, south of the Philippine capital, Manila.
"Pilipinas Shell remains committed to growing its businesses in the Philippines... and it continues to explore options and alternatives for running and maintaining the Tabangao Refinery," Pilipinas Shell said. "As such, a team is currently looking at such options and a review is ongoing," it added.

Pilipinas Shell issued the statement following reports in local newspapers quoting unidentified industry sources as saying that Shell was planning to upgrade its Tabangao refinery at a cost of 15 bn pesos. The scope and investment involved in the refinery upgrade, the reports said, would be similar to that undertaken by rival Petron Corp, which spent about $ 300 mm to upgrade its refinery in Bataan, north of Manila.
Petron, the largest and only publicly listed oil refiner in the Philippines, is 40 % owned by Saudi Aramco and 40 % owned by the Philippine government through Philippine National Oil Co.

Source / Xinhua Financial News
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