Shell to build more service stations
Amid volatile oil prices, Pilipinas Shell Petroleum Corp. (PSPC) said it plans to add more service stations and import terminals.
The oil firm has committed to put up as many as 60 retail stations yearly until 2025. it has more than 1,000 stations to date.
“We have over 1,100 stations at the end of mid-last year. We will continue to grow that 40 to 60 sites year-on-year until 2025. To do that, we’ve committed to have five medium-range capable import terminals,” said PSPC President Lorelie Quiambao Osial.
The oil firm broke ground on its 4th terminal last year. details on the fifth terminal will be announced this year. “By 2025, we will have five,” Osial said.
She also said the additional stations and terminal will cost “a lot.”
Osial noted that the ongoing Russia-ukraine war is a “big disruptor” in terms of price volatility.
“if that’s continuing, a number of macroeconomic conditions still changing, you can probably venture to guess what will happen. Still, volatilities (are) determined by market factors, macroeconomic conditions, geopolitics,” she said when asked how the conflict will affect the company’s profitability.
At end-september last year, the oil firm registered an increase of 31 percent in net income to P4.4 billion from the P3.4 billion reported in the same period a year ago.
Sales jumped by 71.5 percent to P213.25 billion from P124.32 billion as a result of higher pump prices, driven by the increase in global oil prices.
Osial expressed confidence that the company would finish the year with strong volume delivery.
“Our strategy, together with our drive and agility, enables us to remain resilient through challenges and sets us to thrive, as we continue to deliver high-quality products and services for the growing and evolving needs of our customers.
in terms of the strategy that we want, it’s powering progress and they are continuing the journey and we are not there yet. There is a lot to work on. Powering progress strategy is really around creating value for our customers, our investors and for the society. Sustainability is a part of the strategy,” she said.