Energy Secretary to look into long-delayed Shell IPO

Philippine Energy Secretary Jose Rene Almendras said he would look into the long-delayed initial public offering (IPO) of oil refiner Pilipinas Shell Petroleum Corp. Shell has been deferring its IPO, noting that market conditions are not conducive yet for a public offer. Sources said the government could be weighing the impact of allowing Shell to delay its IPO as against the impact of its refinery’s possible closure on local supply, prices and employment. Under the Downstream Oil Industry Deregulation Act of 1998, oil refiners should offer at least 10% of their shares to the public three years after the law’s passage. Shell Country Chairman Edgar Chua said the company is facing issues that need to be addressed first before they could pursue their IPO option. (July 10, 2010)