Pilipinas Shell Petroleum Corp. (SHLPH) has secured a Php 9 billion loan from the Bank of the Philippine Islands (BPI) and Metrobank.
“The loan will reduce SHLPH’s exposure to short-term volatilities in the market as it benefits from the low-interest rate for its cash requirements,” Pilipinas Shell said in a statement.
The loan will be evenly split between the two banks, Pilipinas Shell. The move also renews a five-year loan with BPI that will mature on March 8, 2023.
Pilipinas Shell is preparing to develop its fifth medium-range-capable import terminal. Meanwhile, its fourth medium-range-capable import terminal located in Davao began construction last year and commercial operations are slated for the third quarter of 2024.
Earlier this year, Pilipinas Shell and Shell Energy Philippines entered a tripartite memorandum of agreement with the Department of Energy (DOE) to conduct a pilot study of electric vehicle charging stations supplied by renewable energy sources, like solar power.