Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Pilipinas Shell extends Tabangao refinery shutdown beyond one month

Published 06/17/2020, 04:57 PM
Updated 06/17/2020, 05:00 PM
© Reuters.

MANILA, June 17 (Reuters) -
* Pilipinas Shell Petroleum Corp SHLPH.PS said on
Wednesday it
has extended the shutdown of its 110,000-barrel-per-day Tabangao
refinery in the Philippines beyond the original one-month
timetable
* The company temporarily suspended Tabangao's operations
from
mid-May, citing poor demand and refining margins due to
lockdowns intended to curb the spread of the novel coronavirus
* "We will continue to monitor the market conditions and
will
re-start refinery operations as soon as it is economically
viable," a company spokesman said in a statement emailed to
Reuters
* The company, however, assured the public and the
government of
continuous supply of fuel products in the domestic market
* The Philippines has only two refineries, and operations at
the
bigger 180,000-barrel-per-day Bataan facility owned by Petron
Corp PCOR.PS also remain suspended indefinitely

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.