PILIPINAS Shell Petroleum Corp., the local arm of Royal Dutch Shell Plc, may start working on its initial public offering (IPO) as soon as it came up with the final investment decision (FID) on its Batangas refinery, which will be settled upon within three months.

Early last year, the Department of Energy has started to put pressure on Pilipinas Shell to finally conduct its IPO. Passed in 1998, the Oil Deregulation Law requires local oil companies to have at least 10 percent of its shares listed in the Philippine Stock Exchange. The listing of Pilipinas Shell’ shares in the local bourse was supposed to happen more than a decade ago but it has long been delayed until now.

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