Fueling an Economic Boom
By fueling one in three Filipino vehicles, refining and marketing company Pilipinas Shell Petroleum Corporation (PSPC) is a significant contributor to the Philippine economy and one of the country’s largest investors. It keeps growing, with 2017 earnings up 39% versus 2016, but President and CEO Cesar G. Romero is equally proud of the jobs PSPC creates: it has over 700 employees and generates work for about 25,000 more. “As we expand, we remain conscious of ways to contribute to the economy,” he says, noting that PSPC is investing heavily: “We have improved our refinery’s environmental standards and are completing a bitumen production facility. We traditionally invest about $20 million a year in retail, but in 2018, we are doubling that.”
Listed on the Philippine Stock Exchange, it is 55%-owned by Royal Dutch Shell, which has two other major Philippine investments: Shell Philippines Exploration B.V. and Shell Business Operations Manila. “Shell is bullish and optimistic about the country,” welcoming the chance to continue investing in its current sectors and renewable energy, says Romero. Sustainable development is integral to PSPC and its social arm, PSFI, has helped 12 million people. Through its flagship project, Movement Against Malaria, 42 provinces are now malaria-free. It strives to strengthen its industry leadership, provide a world-class opportunity for shareholders and support nation building.
Cesar G. Romero President and CEO Pilipinas Shell Petroleum Corporation