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Philippine Energy Dept Asks Shell Unit To Submit IPO Plan

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Philippine Energy Dept Asks Shell Unit To Submit IPO Plan

Dow JonesAugust 07, 2008: 02:22 AM EST

MANILA -(Dow Jones)- The Philippine government on Thursday asked Pilipinas Shell Petroleum Corp., a unit of Royal Dutch Shell PLC (RDSA), to submit its plan for an initial public offering of shares.

Under the Oil Deregulation Law which took effect in 1998, oil refineries have to list at least 10% of shareholdings on the Philippine Stock Exchange within three years from the passage of the law.

Shell has deferred its listing, citing poor market conditions and uncertainty over the future of its Philippine refinery.

Energy Secretary Angelo Reyes has written a letter to Pilipinas Shell President Edgar Chua, requesting the company to submit an IPO plan, the Department of Energy said in a statement.

Reyes said the 10-year period since the passage of the oil deregulation law ” is too long a time” for Pilipinas Shell to meet the law’s requirement.

Petron Corp. (PCOR.PH) and Pilipinas Shell are the only oil refiners in the Philippines. Chevron Corp. closed its refinery in 2003.

-By Cecilia E. Yap, Dow Jones Newswires; (632) 848-5051; [email protected] dowjones.com

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