Six months into the COVID-19 pandemic, major energy players AC Energy and Pilipinas Shell Petroleum corporation look forward to emerge from economic effects of the crisis.
Speaking at Standard Chartered’s “Philippines – The Rising Tiger of Asia” webinar, AC Energy President and CEO John Eric Francia said that confidence is critical in getting out of the crisis.
Mr. Francia noted that AC Energy’s strategy in diversifying investments in the Philippines and throughout the Asia Pacific region is still the better way to go. He added that the pandemic provided a greater appetite for renewable energy (RE) compared to fossil fuels, though the company believes that there has to be a balance between RE and thermal energy.
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For his part, Shell Treasurer and Vice President for Finance Jose Jerome Pascual III hoped for the economy’s speedy recovery, normal operations could resume sooner.
The oil giant took a hit during the pandemic during the lockdowns, forcing it to make “tough decisions,” according to Mr. Pascual. Among these are reduced capital and operations expenses and the cancellation its 2020 performance bonuses for employees.
Earlier, Shell announced the repurposing of its refinery in Tabangao, Batangas City into a world-class import facility, citing that retaining the refinery would no longer be profitable in the coming years.
