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MarketScreener Homepage  >  Equities  >  Philippines Stock Exchange  >  Pilipinas Shell Petroleum Corporation    SHLPH   PHY6980U1070

PILIPINAS SHELL PETROLEUM CORPORATION

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Shell looking to sell stake in Philippines' Malampaya gas project

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09/24/2020 | 08:34am EDT
FILE PHOTO: Residents transport commuters and soda bottles on tricycles past a Shell petrol station in Las Pinas

Royal Dutch Shell PLC is looking to sell its 45% stake in the Malampaya gas-to-power project in the Philippines, a key power source for the country's main island of Luzon, its local unit said on Thursday.

"As part of an ongoing portfolio rationalisation to simplify and increase the resilience of its business, Shell is exploring its options with a view to divest its interest" in Malampaya, a spokeswoman told Reuters.

"Shell would ensure a smooth transition of the asset to a credible buyer who would be well placed to optimise the value from Malampaya," the spokeswoman said in response to emailed questions, without naming any potential buyers.

In what it called a "strategic" move to secure the long-term sustainability of its business amid the COVID-19 pandemic, local unit Pilipinas Shell Petroleum Corp last month decided to permanently shut down its refinery.

The decision comes as Shell is looking to slash up to 40% off the cost of producing oil and gas in a major drive to save cash so it can overhaul its business and focus more on renewable energy and power markets, sources told Reuters.

Malampaya's natural gas, discovered in 1991 by Shell, fuels four power plants that deliver about a fifth of the country's electricity requirements.

The divestment plan also comes about a year after Chevron agreed to sell its 45% interest in the project to Philippine oil and shipping group Udenna Corp.

The remaining 10% interest in the Malampaya project is held by state-owned Philippine National Oil Company.

Energy Secretary Alfonso Cusi said: "I'm not aware of who they (Shell) are negotiating with. What I know is they are looking for a buyer."

Malampaya's gas supply is expected to run dry by 2027, based on the latest projection of the Department of Energy, which is looking at imported liquefied natural gas as a replacement.

(Reporting by Enrico Dela Cruz; Editing by Martin Petty, Kirsten Donovan)


Stocks mentioned in the article
ChangeLast1st jan.
CHEVRON CORPORATION -2.02% 69.51 Delayed Quote.-42.32%
LONDON BRENT OIL -2.36% 39.65 Delayed Quote.-38.33%
PILIPINAS SHELL PETROLEUM CORPORATION 0.48% 16.6 End-of-day quote.-49.39%
ROYAL DUTCH SHELL PLC -2.41% 10.052 Delayed Quote.-60.63%
WTI -2.77% 37.785 Delayed Quote.-36.69%
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Financials
Sales 2020 147 B 3 049 M 3 049 M
Net income 2020 -1 012 M -20,9 M -20,9 M
Net Debt 2020 16 921 M 350 M 350 M
P/E ratio 2020 -26,5x
Yield 2020 -
Capitalization 26 783 M 554 M 554 M
EV / Sales 2020 0,30x
EV / Sales 2021 0,25x
Nbr of Employees 662
Free-Float 38,5%
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Mean consensus OUTPERFORM
Number of Analysts 1
Average target price 21,00 PHP
Last Close Price 16,60 PHP
Spread / Highest target 26,5%
Spread / Average Target 26,5%
Spread / Lowest Target 26,5%
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Managers
NameTitle
Cesar Grospe Romero President, Chief Executive Officer & Director
Min Yih Tan Chairman
Jose Jerome Rivera Pascual Treasurer, Director & VP-Finance
Cesar A. Buenaventura Independent Non-Executive Director
Fernando Miranda Zobel de Ayala Independent Director