Pilipinas Shell enters EV charging business after SEC approval
Pilipinas Shell Petroleum Corporation (SHLPH) has announced amendments to its articles of incorporation, allowing the company to directly engage in the electric vehicle (EV) charging station business and offer technical services related to its lubricants business. The amendments, approved by the Securities and Exchange Commission (SEC) on December 16, 2024, reflect SHLPH’s strategic commitment to sustainable energy solutions and revenue diversification.
The amendments focus on two key areas:
- EV Charging Stations: SHLPH is set to directly manage EV charging stations and sell related services. This move aligns with the company’s broader goal of transitioning toward cleaner energy solutions and reducing reliance on petroleum products.
- Technical Services for Lubricants: The company will now offer technical services associated with its lubricants business to entities that are not direct buyers of its products, creating an additional revenue stream.
The amendments were ratified during a special stockholders’ meeting in November 2023, where stockholders representing 74.35% of SHLPH’s capital supported the changes. With these developments, SHLPH is poised to reinforce its leadership in the transition to sustainable energy and broaden its service offerings to meet diverse market demands.
In line with its broader strategic objectives, Pilipinas Shell aims to invest in initiatives that support its energy transition goals while improving operational capabilities. The company allocated a capital expenditure (capex) budget of up to PHP3 billion (USD31.7 million) for the year 2024. This investment is primarily aimed at enhancing the company’s asset integrity and expanding its mobility footprint across the Philippines.
Approximately 50% of this capex is dedicated to improving the efficiency and integrity of SPC’s terminals nationwide, with a particular focus on the Tabangao Import Facility in Batangas. The remaining 50% is allocated towards expanding the company’s retail network, with plans to add 20 to 25 new mobility stations to the existing 1,179 stations as of the end of 2023.
