Dubbed as a “world-class full import terminal," the Tabangao oil refinery constructed in 1960 has been an important refinery center for the last 100 years of operating in the Philippines.
Shell Philippines President and CEO Cesar G. Romero said that the company “has the technical capability and flexibility to manage and adapt to disruptive conditions.”
“Due to the impact of the Covid-19 pandemic on the global, regional and local economies, and the oil supply-demand imbalance in the region, it is no longer viable for us to run the refinery,” Romero added.
Pilipinas Shell is a subsidiary of Royal Dutch Shell which suffered a P5.5 billion net loss in the first quarter of this year because of the pandemic crisis.
The company …