The plant’s conversion into an import facility helped shift Shell back to profitability with P1 billion net income in the first quarter. That was in stark contrast with the P5.5-billion in net losses same period a year ago when pandemic lockdowns first came into picture. Related Stories Shell shuts down refinery in boost to oil importsExcluding movement in working capital, Pilipinas Shell’s cash flow from operation was steady at P3.9 billion. At the start of the economy’s reopening from lockdowns in August 2020, Shell shut down one of the two remaining oil refineries in the Philippines, leaving Petron Corp. in the business. In normal times, transport consumes the most oil locally so lockdowns can easily have a devastating impact on fuel companies, especially Shell which is among the Big Three players.

Source: Philippine Star May 14, 2021 07:18 UTC