Shell Philippines To Convert Tabangao Refinery Into World-Class Import Terminal
The Tabangao oil refinery was constructed in 1960 and had been a critical component of Shell’s more than 100 years of operations in the Philippines.
“Pilipinas Shell has been here for more than 100 years and we’re here for the long haul. We are with you in life journeys,” said Shell Philippines President and CEO Cesar G. Romero.
Pilipinas Shell has yet to reveal the handling capacity of its reconfigured import terminal, but it is seen to be comparable with its North Mindanao Import Facility (NMIF) in Misamis Oriental, a facility that has been catering mainly to the fuel needs of Visayas and Mindanao.
According to Mr. Romero, the company has the technical capability and flexibility to manage and adapt to disruptive conditions.
“Due to the impact of the Covid-19 pandemic on the global, regional and local economies, and the oil supply-demand imbalance in the region, it is no longer viable for us to run the refinery,” the chief executive explained.
Pilipinas Shell said the shift in supply chain strategy from manufacturing to full import terminal is a move that will further strengthen Pilipinas Shell’s financial resilience amidst the significant changes in the global refining industry and the change to the new normal brought about by the Covid-19 pandemic.
“This upgrading in business model and market design will prepare the company for a future that will rely on more and cleaner energy solutions. We are committed to make the right sustainable decisions now to protect our shareholders for the long-term,” Mr. Romero added.
“Due to the impact of the Covid-19 pandemic on the global, regional and local economies, and the oil supply-demand imbalance in the region, it is no longer viable for us to run the refinery,” the chief executive explained.
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Pilipinas Shell said the shift in supply chain strategy from manufacturing to full import terminal is a move that will further strengthen Pilipinas Shell’s financial resilience amidst the significant changes in the global refining industry and the change to the new normal brought about by the Covid-19 pandemic.
“This upgrading in business model and market design will prepare the company for a future that will rely on more and cleaner energy solutions. We are committed to make the right sustainable decisions now to protect our shareholders for the long-term,” Mr. Romero added.
Shell Philippines To Convert Tabangao Refinery Into World-Class Import Terminal
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August 13, 2020
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