Shell unit shuts Philippine refinery as pandemic slashes margins

The Business Times | Aug 14, 2020 at 2:00 AM
  • 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.
  • The other local refinery, Petron Corp’s 180,000-bpd facility in Bataan province, has been on a scheduled turnaround since May for maintenance.
  • Pilipinas Shell booked a net loss of 1.2 billion Philippine pesos (S$33.7 million) in the second quarter, narrower than its January-March net loss of 5.5 billion pesos.