Oil player Pilipinas Shell Petroleum Corp. said Wednesday it secured a five-year loan worth P9 billion, evenly split between the Bank of the Philippines Islands and Metropolitan Bank & Trust Co., following a competitive tender process.
“This also renews an existing 5-year loan with BPI maturing on March 8, 2023,” PSPC, the country’s second-biggest oil company, said in a disclosure to the stock exchange.
“The loan will reduce SHLPH’s exposure to short-term volatilities in the market as it benefits from the low-interest rate for its cash requirements,” the company said.
PSPC remains committed to expanding its retail network from over 1,100 stations at present.
“We will continue to grow that 40 to 60 sites year-on-year until 2025,” PSPC president and chief executive Lorelie Quiambao Osial said earlier.
PSPC is also putting up another oil import terminal by 2025, which will bring its network of import terminals to five to serve the growing fuel needs of its consumers nationwide. “We’ve committed to have five medium-range capable import terminals. We broke ground on the fourth one last year, and we are looking at announcing a fifth one as well. By 2025 we will have five [terminals,” Osial said. Alena Mae S. Flores