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Shell eyes up to P6-B capex to boost fuel, renewables

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Jessica Fenol, ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="ABS-CBN News" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/tvpatrol/05/12/20220315-buko-vendor-gas-price-hike-jc-5-(1).jpg"/><figcaption>Buko vendor Rosel Borante pays for P50 worth of fuel at a nearby station after running out of gas and being forced to push her motorcycle along UN Avenue in Manila on March 15, 2022. <em>Jonathan Cellona, ABS-CBN News</em></figcaption></figure></div><p>MANILA — Shell Pilipinas Corp said on Tuesday it plans around P5 to 6 billion in capital expenditures in 2023 to expand its core business as well as its non-fuel segment, including the push for renewable energy.</p><p>“In 2022 we invested P5.6 billion pesos of capex in the company and for 2023 this year we are also planning to invest for the same level so around P5 to 6 billion and how we&#x27;re going to spend that for this year is approximately about 60 percent in our mobility business,” said Shell Chief Financial Officer Rey Abilo.</p><p>Shell has started transforming its retail stations into &quot;mobility destinations,&quot; Shell Pilipinas Corp President and CEO Lorelie Quiambao Osial told reporters in a virtual briefing.</p><p>Mobility stations also support the carbon-neutral drive with the use of eco-friendly equipment such as solar panels and rainwater systems. It also introduced EV charging ports in select locations. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/03/30/23/shell-ph-books-p41-billion-net-income-in-2022">Shell PH books P4.1 billion net income in 2022</a></li>	<li><a href="https://news.abs-cbn.com/business/03/28/22/pilipinas-shell-net-income-hits-p39-billion-in-2021">Pilipinas Shell books P3.9 billion net income in 2021</a></li></ul><p>Its net income in 2022 reached P4.1 billion, growing by 6 percent despite volatile market conditions and higher inflation. Double-digit growth in fuel volume, as well as non-fuel retail operating profits, buoyed the core earnings to grow by 22 percent, Osial said.</p><p>“Shell Pilipinas continue to drive strong financial resilience as we deliver on the country&#x27;s energy needs for today while shaping and investing for the future,” she said.</p><p>“Our marketing businesses continue to deliver superior value for innovative and differentiated offers for discerning customers despite elevated fuel prices we sustained our high premium product penetration,” she added.</p><p>Osial said Shell is also building another import facility in Southern Mindanao which is expected to be completed by 2024, she said.</p><div><strong>BEYOND PETROLEUM</strong></div><p>Shell said it has introduced Shell recharge, or its electric vehicle or EV charging stations which can charge up to 80 percent of cars in as little as 30 minutes.</p><p>Osial said the EV charging stations run on 100 percent renewable energy sources.</p><p>&quot;We are determined to make a positive impact on the Philippine society. Shell Pilipinas is ready to play its role in the balanced energy transition,&quot; she said.</p><p>So far, Shell has 12 charge points in 3 locations. It plans to add 8 additional charge points to bring the total to 20 by the end of 2023, Shell Vice President for Mobility Randolph Del Valle said.</p><p>The company said it is committed to its net zero goal by 2050. Shell is also working with the Department of Energy in terms of developing EVs in the country.</p><p>Abilo, meanwhile said they expect the gross domestic product to grow by 6 to 7 percent this year which is also seen to drive growth for the company.</p><p>&quot;If we look at the first quarter performance in a way there is a bit of a slowdown because of the high inflation but looking at how we are looking for the remainder of the year we expect that we will grow core earnings by at least in line with the GDP growth in the country,&quot; he said.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/05/12/22/pilipinas-shell-posts-p35-b-net-income-in-first-quarter-2022">Pilipinas Shell posts P3.5 billion net income in first 3 months of 2022</a></li></ul><div><strong>RELATED VIDEO</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1698618" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

Shell plans to invest around P5 to 6 billion in capital expenditures in 2023 to expand its core business as well as its non-fuel segment, including the push for renewable energy.

Shell eyes up to P6-B capex to boost fuel, renewables

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Shell eyes up to P6-B capex to boost fuel, renewables

Jessica Fenol,

ABS-CBN News

Published May 09, 2023 02:42 PM PHT

Read More:

Shell Pilipinas Corp

Shell

fuel

petroleum products

Shell capex

mobility stations

EV

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