The Philippine unit of Royal Dutch Shell said on Tuesday it will permanently shut one of the country's two oil refineries, blaming a pandemic-led slump in margins, with other regional closures likely to follow, according to analysts.
MANILA - The Philippine unit of Royal Dutch Shell said on Tuesday it will permanently shut one of the country’s two oil refineries, blaming a pandemic-led slump in margins, with other regional closures likely to follow, according to analysts.
Pilipinas Shell Petroleum Corp said its 110,000-barrel-per-day Tabangao facility in Batangas province, which began operations in 1962, was no longer economically viable and would be turned into an import terminal. “We definitely see the possibility of more closures in Asia over the next 6-12 months,” said Mia Geng, consultant at FGE, adding that refineries in Japan, Australia and New Zealand could be likely candidates for closure.
“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 economically viable for us to run the refinery,” Pilipinas Shell President and Chief Executive Officer Cesar Romero said in a statement.
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