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Enough Oil Supply Amidst Shell Refinery Operations Closure

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Enough Oil Supply Amidst Shell Refinery Operations Closure
« on: August 13, 2020, 11:26:03 PM »
Press Release
DOE Sec. Cusi Assures Enough Oil Supply Amidst Shell Refinery Operations Closure

TAGUIG CITY- Energy Secretary Alfonso G. Cusi today assured the public that the closure of Pilipinas Shell Petroleum Corporation’s (PSPC) refinery operations will not affect the country’s oil supply.

He said Shell will continue to fill in their market share through the importation of refined products.

While branding the latest business development as “unfortunate,” Secretary Cusi stated he respects Shell management's decision.

“It is unfortunate that Pilipinas Shell Petroleum Corporation (PSPC) had to permanently close its refinery operations in the country,” Secretary Cusi said.

He added that he "respect the decision of Shell management changing their oil downstream business model to adapt to the existing market/ economic situation".

Secretary Cusi issued the statement after Shell President and CEO Cesar Romero announced the termination of the company’s oil refining activities in its Tabangao facilities in Batangas due to impact of the COVID-19 pandemic.

Mr. Romero said the current situation makes it “no longer economically viable" for them to run the refinery.

With Shell’s announcement, the Department of Energy will closely monitor the conduct of a successful transition to a full import terminal operation and the impact of such transition to its employees.

Secretary Cusi also expressed concern on the plight of the workers that will be displaced because of the closure.
“I hope they will find employment with the other industry players,” he said.

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