Shell expects 2 key projects to boost 2015 revenue

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OIL giant Pilipinas Shell Petroleum Corp. is optimistic of turning in a better financial performance for 2015 with oil prices starting to stabilize and with two key projects set to be completed within the year.

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Pilipinas Shell country chairman Edgar Chua said the company’s revenues were lower last year due to volatile petroleum product prices.

“Last year our revenue went down. We are hoping that this year we would break even” or see a positive trend, he said.

The oil price rollbacks implemented from mid-2014 to early January this year had affected Shell’s 2014 revenue.

The company did not provide details of its losses in 2014 but said its numbers could improve this year.

Shell is not compelled to publicly report its financial standing since it is not yet listed on the stock exchange.

Shell said the scheduled completion this year of some key projects should help boost its revenues.

These include the development of an import terminal in Cagayan de Oro and the upgrade of its refinery in Batangas.

The P6 billion Cagayan de Oro City fuel import terminal expands Shell’s existing depot in the area.

Shell earlier said the terminal is expected to support industrialization, urbanization and overall consumption growth in Mindanao and the Visayas.

As for the refinery in Batangas, Chua said the expansion project is expected to be finished within the year.

The Department of Energy (DOE) earlier said that Shell invested P7 billion for the upgrade of its Batangas refinery.

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