Pilipinas Shell in process of reversing P1-B provision

OIL giant Pilipinas Shell Petroleum Corp. (PSPC) said in a disclosure to the local bourse on Tuesday that it is in the process of reversing the P1.36-billion provisions it made in connection with a case filed against it by the Bureau of Customs more than 20 years ago, after the Supreme Court ruled in its favor with finality.

The amount represents the total dutiable value of its 1996 crude oil importation, plus a 6 percent annual interest, which the BOC insisted was considered as abandoned in favor of the government by operation of law.