Pilipinas Shell secures P9-B loan from BPI, Metrobank
MANILA, Philippines -Pilipinas Shell Petroleum Corp. (PSPC) has secured a P9-billion loan from Bank of the Philippine Islands (BPI) and Metropolitan Bank and Trust Co (Metrobank).
In a disclosure to the Philippine Stock Exchange, Shell said the five-year loan would be split evenly between the two local banks and that it would reduce the oil firm’s “short-term volatilities in the market as it benefits from the low interest rate for its cash requirements.”
Shell added that it would also renew an existing five-year loan with BPI that will mature on March 8.
Earlier this year, PSPC signed a tripartite agreement with Shell Energy Philippines Inc. and the Department of Energy (DOE) to conduct a pilot study of electric vehicle charging stations supplied by renewable energy.
The oil firm aims to supply sufficient renewable energy for the planet for more than 50 million homes, operate 2.5 million charging points for EVs, and produce eight times more low-carbon fuels.
Aside from its renewable energy commitments, Shell also invested in import facilities across the Philippines.
PSPC in 2022 broke ground for its third-largest import facility in Darong, Southern Mindanao to help provide an undisrupted supply of energy in the region.
It is expected to be fully operational by the third quarter of 2024, and has a rated capacity of 67 million liters of petroleum products. With this new project, PSPC had said it was eyeing 80 new mobility sites in Southern Mindanao by 2025.
Shell’s other import facilities include the Shell Import Facility Tabangao (SHIFT) in Batangas with a 263-million-liter capacity, the North Mindanao Import Facility in Cagayan de Oro City with a 90-million-liter capacity, and the Subic Import Terminal with a 54-million-liter capacity.
Shell currently has more than 1,100 stations nationwide and plans to expand its network by 40 to 60 service stations annually until 2025.
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