InterAksyon.com means BUSINESS
MANILA - Pilipinas Shell Petroleum Corp. has committed to inject fresh investments into its refinery, according to the Department of Energy.
Energy Secretary Jose Rene Almendras told reporters that Shell disclosed its refinery upgrade plan during President Benigno Aquino III's recent state visit to the United Kingdom.
"It's a final decision. I understand they will start early next year. It's not expansion, it's an upgrade," he said.
Based on Shell's plan, the oil firm will invest up to $150 million to upgrade its 110,000 barrels per day refinery in Tabangao, Batangas.
The upgrade, which is expected to be completed by 2015, will allow the company to produce high-value petroleum products.
Shell is separately pursuing a P2 billion to P3 billion retail network expansion this year.
Almendras said Shell's decision to upgrade its refinery stemmed from a "renewed confidence in the Philippine economy."
Shell's refinery and retail network is the second largest in the country next only to Petron Corp.
Besides the refinery project, Shell earlier committed to spend about P3 billion this year to expand its retail network.
InterAksyon.com means BUSINESS
Who has accounts in offshore tax havens? Investigative journos post database online
COCKTALES | PCSO names PNoy campaign funder to arbitrate lotto case of Cojuangco in-law
FAT-FREE ECONOMICS | Breaking down the Philippine economy's stunning 7.8-pct growth in 1Q
