Pilipinas Shell looks at expanding refinery

The feasibility of expanding its refinery operations is key in the decision of Pilipinas Shell Petroleum Corp. whether to list in the Philippine stock market. The downstream arm of the Shell Companies in the Philippines expects to expand its export business, if its refinery margins continue to improve. It has a 130,000 barrel-per-day refinery in Tabangao, Batangas province. The Oil Deregulation Law of 1998 requires existing oil players to list at least 10% of their outstanding shares by February 2001. Pilipinas Shell and Caltex sought the IPO’s deferral in August 2000, citing then prevailing negative market condition. (July 27, 2006)