Pilipinas Shell Petroleum Corp. said the Philippines remains an important market for the group even as operations were severely affected by the coronavirus pandemic in the first quarter.
“Although Pilipinas Shell’s first-quarter results this year were impacted and the pace of economy uncertain, our recovery strategy are in place for all lines of business. Coupled with our strong track record, Pilipinas Shell is poised to seize opportunities and positioned for success,” Pilipinas Shell chairman Min Yih Tan said during the annual virtual stockholders’ meeting.
He said the COVID-19 pandemic created a crisis with unparalleled proportions in health and economy and demand and pricing were disrupted in all sectors including energy.
Tan said he was optimistic of Pilipinas Shell’s businesses operations. Pilipinas Shell is the country’s second largest oil company with a 110,000-barrel-per-day refinery in Batangas. The company shut down its refinery for one month starting June 24 as part of cash conservation amid low demand and low oil prices. “We are in a robust standing not only to deal with the market volatility but also are ready to support the country’s growth as it enters the new normal,” he said.
