Metro Manila (CNN Philippines, May 6) — Listed Pilipinas Shell plans to construct one more import facility, this time in the Visayas, as it targets to boost supply fuel across the country, a company official said on Friday.
“To be more competitive, we need to be in one major island outside of Luzon and Mindanao,” Pilipinas Shell vice president for supply and distribution Kit Bermudez said.
Pilipinas Shell president and CEO Lorelei Quiambao-Osial said the group now has three import facilities in Luzon and Mindanao.
By 2025, the oil company hopes to have five import terminals.
In April, Pilipinas Shell broke ground on its fourth import facility in Darong, Southern Mindanao.
“We are building import terminals for us to be more competitive in the market that we are playing in. In the fuels [business], the bigger the vessel that you can import, the more competitive the prices will be,” Bermudez said.
Pilipinas Shell ended 2021 with ₱3.9 billion in net income, a reversal from the ₱16.18 billion losses recorded in 2020, the year when the pandemic struck the country, forcing the government to impose hard lockdowns.
