Shell postpones Philippine refinery expansion

Pilipinas Shell Petroleum Corp., one of two major oil refineries in the Philippines, has postponed a plan to expand its refinery operations, Shell Country Chairman Ed Chua said. According to Chua, Shell is waiting for the results of the Philippine Bureau of Customs which claims that the refiner owes Php7.3 billion (US$157.45 million) in tax deficiencies. Shell has appealed the disputed tax figure with the Bureau of Customs, which earlier threatened to seize Php43 billion (US$927.43 million) worth of the company’s imports if the refiner failed to settle alleged tax payment deficiencies. The Bureau of Customs claims that Shell owes excise taxes on imports of catalytic cracked and light catalytic cracked gasoline from 2004 to 2009. (June 24, 2010)