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Shell Pilipinas sets P5-6B capex for 2023

Shell Pilipinas Corp., the local unit of Dutch petroleum giant Royal Dutch Shell, is earmarking P5 billion to P6 billion in capital expenditures (capex) this year.

In a disclosure on Wednesday, Shell Pilipinas said the capital spending budget will be for the expansion of its mobility stations and its supply chain.

The company is eyeing to open 40 to 60 mobility stations this year in a bid to increase profitability.

As of end-March 2023, Shell Pilipinas booked a net loss of P300 million due to the decline in oil prices despite an 8% increase in sales volume.

Despite the net loss, Shell Pilipinas president and CEO Lorelie Quiambao-Osial said, “We will continue to invest and grow in the country as an energy user, provider, and partner in energy transition.” —Ted Cordero/ VAL, GMA Integrated News