CORPORATE HISTORY AND MILESTONES
Pilipinas Shell traces its roots to Asiatic Petroleum Company (Philippine Islands), Ltd. which opened for business in the Philippines and began to import and sell motor gasoline and kerosene in 1914. Asiatic Petroleum Company (Philippine Islands) Ltd. was renamed The Shell Company of the Philippine Islands, Ltd. in the 1940s.
In 1959, Pilipinas Shell was incorporated under the name The Shell Refining Company (Philippines), Inc. in compliance with the then required percentage of Filipino ownership (25%) in large industrial ventures. In 1970, Pilipinas Shell was renamed Shell Philippines, Inc. and was later renamed Pilipinas Shell Petroleum Corporation in 1973.
In 1976, Meralco Securities Corporation acquired 25% stake in the Company resulting in the Company being 50% owned.
In February 1987, the Filipino ownership in the Company decreased to 33.33% after a share buyback by the Company of Meralco Securities Corporation’s stake in the Company. In August 2015, the Filipino ownership in the Company decreased to 31.82% following the issuance of additional shares pursuant to a stock rights offering.
Certain key dates and milestones for Pilipinas Shell’s business are set forth below.
The Company began the construction of a crude oil refinery in Tabangao, Batangas.
The Tabangao Refinery commenced commercial operations with a nameplate capacity of 30,000 bpd.
The Company began to partner with the Pilipinas Shell Foundation, Inc. or the PSFI on programs relating to (i) healthcare and services, sanitation, and safety, (ii) technical, vocational and agricultural skills development, training and employment, (iii) livelihood and entrepreneurship development, (iv) leadership enhancement and attitude development, and (v) environmental stewardship.
The Company commenced the construction of a bigger and more modern Tabangao Refinery. The primary purpose of the construction was to replace two crude distillers built in 1960.
The nameplate capacity of the Tabangao Refinery increased to 110,000 bpd.
The Shell Philippine Petroleum Corporation (“SPPC”), the Philippines only lube oil refinery, was merged with and absorbed by the Company. SPPC was formerly the Philippine Petroleum Corporation, the majority stake of which was acquired by the Shell Group in 1986.
The Company opened a bitumen storage and distribution facility in Villanueva, Misamis Oriental.
The Company inaugurated its Bitumen Solutions Center at the Tabangao Refinery.
The Tabangao Refinery celebrated its 50th year.
The Company launched three new premium performance fuels, namely, Shell V-Power Nitro + Gasoline, Shell V-Power Nitro + Racing and Shell V-Power Nitro + Diesel.
The Company began the construction of the North Mindanao Import Facility (“NMIF”).
The Company completed the upgrade of the Tabangao Refinery.
The NMIF commenced commercial operations by sending out its first shipment.
PILIPINAS SHELL’S SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES
As at 30 June 2016, Pilipinas Shell does not have any Subsidiaries.
As at 30 June 2016, Pilipinas Shell has ownership in the following Associates:
- Bonifacio Gas Corporation
Bonifacio Gas Corporation is in the business of construction, establishment, ownership, maintenance and operation of a centralised gas distribution system.
- Kamayan Realty Corporation
Kamayan Realty Corporation is in the business of acquisition, development and management of real estate properties.
As at 30 June 2016, Pilipinas Shell is part of the following Joint Venture:
- Pandacan Depots Services, Inc.
Pandacan Depots Services, Inc. is in the business of management and operation of storage, handling and distribution facilities and the implementation of projects within said facilities.