Philippine Shell refinery shut due to poor margins

Low demand: Residents transport commuters and soda bottles on tricycles past a Shell petrol station in Las Pinas, Metro Manila. The coronavirus lockdowns have pummelled oil demand. — Reuters

MANILA: The Philippine unit of Royal Dutch Shell said it will permanently shut one of the country’s two oil refineries, blaming a pandemic-led slump in margins, with other regional closures likely to follow, according to analysts.

Pilipinas Shell Petroleum Corp said its 110,000-barrel-per-day (bpd) Tabangao facility in Batangas province, which began operations in 1962, was no longer economically viable and would be turned into an import terminal.