Pilipinas Shell Petroleum Corp, a unit of Royal Dutch Shell Plc, will likely conduct its long-delayed IPO next year tocomply with a nearly two-decade-old law that requires oilrefiners to go public following the deregulation of theindustry, BusinessWorld reported, citing Department of Energyofficials.
The oil company submitted a letter to the energy departmentlast month indicating its IPO plans, said Melita Obillo,director of the agency's Oil Industry Management Bureau. "Itwill likely take place after the upgrade of its refinery,"Obillo said. (http://bit.ly/1V5OdvJ)
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NOTE: Reuters has not verified this story and does not vouchfor its accuracy. (Compiled by Manila newsroom; Editing by Sunil Nair)
