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Thursday, June 19, 2014

Pilipinas Shell eyes IPO this year

The Philippine unit of Royal Dutch Shell is eyeing to undertake an initial public offering (IPO) this year.

"We are preparing for an IPO," Edgar O. Chua, Shell country chairman, told participants of a forum in Makati City today.

After the forum, Chua said the planned IPO would be pursued "hopefully this year," adding that the listing at the local bourse would depend on market conditions.

In 2013, the Department of Energy (DOE) asked Pilipinas Shell Petroleum Corp (PSPC) to explain its failure in the last 15 years to comply with the Oil Deregulation Act, which requires refiners to undertake an IPO.

Shell, however, had said it needed time to come up with a final investment decision on the expansion of its 110,000 barrel per day refinery in Tabango, Batangas, to determine how much it would need to raise.

The facility is one of only 2 oil refineries in the country, the other one owned by homegrown Petron Corp.

To date, only 2 oil companies -- Petron and Phoenix Petroleum Philippines Inc -- are listed at the Philippine Stock Exchange.

- Interaksyon

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