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Pilipinas Shell Petroleum Corp. (PSPC) has secured its green light from its parent company to have an initial public offering (IPO), according to the Department of Energy.

Pilipinas Shell country chairman Edgar Chua informed the energy sector abour the approval of its parent company Royal Dutch Shell plc to move forward in the local market, Energy secretary Zenaida Monsada said in an interview.

She said the company’s profitability and stock market’s performance were key pieces in the approval for the IPO.

“What we know is it’s this year,” Monsada said. “On the specific date of IPO implementation, it will depend on how fast the regulatory process will be.” 

Shell manufacturing communications and social performance manager Cesar Abaricia confirmed Monsada’s statement and said the company’s IPO is seeing progress.

“We can confirm that PSPC is in the process of preparations for an IPO in accordance with its obligations under the the downstream oil industry deregulation Act. The nature and timing of the IPO is still being determined,” he said.

Earlier this year, Pilipinas Shell country chairman Edgar Chua said Shell is working on an IPO, with approval depending on the market’s conditions.

The Oil Deregulation Act of 1998 mandated oil companies to publicly list at least 10 percent of their common stock with three years of its implementation.

The Shell IPO, which should have been completed in 2002, has been on hold for over a decade.