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February 10, 2016 8:28 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Pilipinas Shell Petroleum Corporation

Company Overview

Pilipinas Shell Petroleum Corporation refines, blends, transports and sells fuels, lubricants, bitumen and other specialty oil-based products. It manufactures and supplies waterproofing systems for roof protection, floor waterproofing, wall damp proofing, and toilet and wet area waterproofing applications. The company’s products include Shell Flintkote No. 5, a short-fiber reinforced bitumen emulsion for general waterproofing, and concrete and metal protection applications; Shell Flintkote Colourflex, an elastomeric coating for exterior area applications; Shell Flintkote Black Primer, a solvent-based primer for concrete, cement, bitumen felt, mastic asphalt, corrugated iron and steel, and wo...

Shell House

156 Valero Street

Salcedo Village

Makati City,  1227

Philippines

Phone:

63 8 166 501

Fax:

63 8 166 565

Key Executives for Pilipinas Shell Petroleum Corporation

Pilipinas Shell Petroleum Corporation does not have any Key Executives recorded.

Pilipinas Shell Petroleum Corporation Key Developments

SSupreme Court Revives Customs Tax Credit Scam Suit against Pilipinas Shell Petroleum Corp

The Supreme Court has ordered a Manila court to revive the Bureau of Customs' PHP 10.1 million collection suit against Pilipinas Shell Petroleum Corp., in connection with the tax credit scam of the late 1990s. In a 19-page decision dated Dec. 9, the SC Third Division reversed the Court of Appeals' 2013 decision to affirm the Manila Regional Trial Court Branch 49's grant of summary judgment in favor of Shell in Apr. 28, 2010. Having reversed the CA decision, the high court remanded the case back to the Manila RTC 'for the conduct of trial proceedings in Civil Case No. 02-103191 with utmost deliberate dispatch'. The decision, penned by recently-retired Associate Justice Martin S. Villarama, Jr., stated the Manila RTC should have heard first the BoC's allegations of fraud, instead of granting Shell's motion for summary judgment that deemed resolved the question of the firm's liability. The civil suit concerns the BoC's bid to collect PHP 10,088,912.00 in customs duties and taxes. The BoC considered the amount unpaid because the four tax credit certificates (TCCs) used to settle it was invalidated in 1999 as fraudulently issued. The TCCs were issued to Shell in 1997 by Filipino Way Industries (FWI), the co-defendant not covered by the Apr. 28, 2010 summary judgment in favor of Shell. The SC held the Manila RTC's summary judgment was 'not proper', because Shell's claim of good faith remains in dispute and should be threshed out in a full-blown trial. Summary judgment is a device to avoid drawn-out litigation, but the high court said Shell could only avail of it if it showed there were no more issues of fact that need to be threshed out via presentation of evidence. The SC said the Manila RTC based its summary judgment on a misinterpretation of its March 2008 decision quoted as saying there was no fraud as petitioner [Shell] claimed (and was presumed) to be in good faith and respondent does not dispute this. The high court said the RTC's reliance on that statement was 'misplaced and erroneous', because it actually pertained to fraud in the computation of the importation duties-not the TCC transactions subject of thecollection suit. The SC also held that the Manila RTC was not barred by the doctrine ofstare decisis disagreeing with the lower court's judgment. Unlike in the CTA case, Shell has yet to establish or prove at the trial its standing as a transferee in good faith when it comes to the FWI's TCCs subject of the RTC suit. Tax credits are granted to Bureau of Investment-registered entities representing tariff duties and internal revenue taxes paid on raw materials and supplies used for export products. In lieu of a cash refund, TCCs may be used to offset internal revenue tax liabilities.

Pilipinas Shell Petroleum Seeks Partners

Pilipinas Shell Petroleum Corporation is looking for partners to finally push through with its planned liquefied natural gas (LNG) terminal in the country, its top official said. Pilipinas Shell Petroleum Corp. of Royal Dutch Shell plc (ENXTAM:RDSA) has long completed the front-end engineering and design (FEED) and is now in talks with partners for the project necessary to have a final investment decision (FID), Shell Country Chairman and President Edgar Chua said. "So we're now working with partners, so hopefully we can proceed with a FID," Edgar Chua said. Edgar Chua declined to divulge the number and identity of the companies they are in talks with but noted these are a mix of local and foreign firms. "We are continuously changing as we have taken an inclusive approach, i.e. discuss with whoever is interested to discuss," Edgar Chua said. Pilipinas Shell will come out with a FID as soon as it "completes discussions with government and prospective partners," the company official added.

Pilipinas Shell Petroleum Plans IPO

Pilipinas Shell Petroleum Corporation is in talks with at least two banks to handle its planned initial public offering slated 2016, industry sources said. Shell is said to be tapping the Rothschild Group and Bank of the Philippine Islands to handle its long delayed but mandated public offering. A third bank is also under negotiations, a source said. Shell, however, has yet to make an official announcement on which banks would handle its IPO.

Recent Private Companies Transactions

Type
Date
Target
Private Placement
October 9, 2015
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