Shell's Philippine Unit Ready for IPO

Shell's Philippine Unit Ready for IPO

The Philippine unit of Royal Dutch Shell said on Monday it was looking to launch a long-delayed initial public offering sometime next year, and may sell even more than the minimum requirement of 10% of common stock. "We're getting ready for it," Shell Philippines Country Chairman Edgar Chua told reporters on the sidelines of a Shell event. "We've discussed it with the [Department of Energy]; it's just a question of timing," Reuters reported. Pilipinas Shell Petroleum Corp, which operates one of the country's two refineries, is required under a nearly two-decade local law to conduct an IPO. The company had previously cited unfavorable market conditions and the need to upgrade its local refinery in deferring a share sale. "Shell's refinery upgrade is underway and could be completed by the middle of November," Chua said. The IPO proceeds could be used to pare debt or finance capital expenditure. Shell is also pursuing plans to set up a local LNG import facility and on Monday switched on a new offshore platform for its Malampaya natural gas production in the southwestern part of the Philippine archipelago.


Short URL : https://goo.gl/dvkEbt
  1. https://goo.gl/vMiJat
  • https://goo.gl/jHjjrC
  • https://goo.gl/7KRVKY
  • https://goo.gl/wRcw03
  • https://goo.gl/4iHnuA

You can also read ...

Iran has become an exporter of oil byproducts after years of import.
With the aim of producing Euro-5 diesel in Shiraz refinery,...
BP: Technology to Lower Oil Extraction Costs
Better technology could reduce the average production costs of...
ExxonMobil Partners With Pakistan for LNG Terminal
ExxonMobil is working with a group of Pakistan’s large...
Italy's Eni Promises Richer Returns After Higher Growth
Italian oil major Eni hiked its dividend on Friday and held...
Total is ADNOC’s largest and one of its longest international partners, active in Abu Dhabi’s oil and gas sector since 1939.
Abu Dhabi National Oil Company said on Sunday it has signed 40...
Ardakanian Attends World Water Forum
Energy Minister Reza Ardakanian left Tehran for Brasilia,...
South Zagros Company has exceeded its daily production target by 2.5 million cubic meters.
South Zagros Oil and Gas Production Company, a subsidiary of...