Shell says performance will determine fate of refinery
Posted: 3:26 AM | Apr. 22, 2006
Abigail L. Ho
Inquirer
THE ROBUST financial performance of Pilipinas Shell Petroleum Corp. last year may prompt it to upgrade its refinery and even expand it with a fresh capital infusion, Shell country chairman Edgar Chua said.
The unit of Royal Dutch Shell is to decide on whether to close down or expand its Philippine refinery, and last year's strong performance will weigh heavily on its decision, Chua said.
Shell recorded an after-tax 2005 profit of P5.7 billion, up 102 percent from P2.84 billion in 2004, despite reduced gross sales.
“Hopefully it's a sign of things to come,” Chua said. “It helps in having a positive outcome for the refinery. We should have something more concrete towards the end of the year.”
“After many years of delivering return which are below market performance, 2005 saw a return on equity (appraisal basis) of 10.3 percent with our P5.7-billion net income after tax,” he said.
Chua attributed the strong results to positive refining margins, increasing export revenue, increased lubricant sales, and better performance of its in-station convenience stores.
Since the downstream oil industry was deregulated in 1998, Shell's average return on equity had been at a low 3.7 percent. Average return on capital employed was 4.2 percent.
Shell earlier said in a statement: “Company officials are hoping that last year's financial turnaround could serve as an indication that Shell's Philippine operations can deliver fair and reasonable returns to its shareholders on a sustained basis.
“This could also strengthen Shell's confidence in further investments in the downstream Philippine oil industry, where it has been an active player since 1914.”
Chua said that if Shell would decide to infuse additional capital into its Philippine operations, the money would initially be earmarked for upgrading facilities so it can produce fuels compliant with the Clean Air Act.
The country's other oil refiner, Petron Corp., partly owned by Saudi Aramco, recently invested around $100 million in such facilities and another $300 million for new refinery units. With INQ7.net
This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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