Pilipinas Shell drops ‘Petroleum’ from its name

Pilipinas Shell Petroleum Corp. is rebranding to reflect its transition towards sustainable and clean energy systems.

Shareholders approved the change in corporate name to Shell Pilipinas Corporation, which will require the amendment of its Articles of Incorporation and by-laws.

“We are now Shell Pilipinas Corp., ready to meet the energy challenge and embrace opportunities in the decades to come,” the company earlier said.

The company’s stockholders likewise approved a plan to include retail trade as SHLPH grows its non-fuels retail segment.

SHLP will own and manage stocks for sale directly to the general public. It hopes to roll out this model in its 520 company-owned Select stores in the country with the pilot slated for 2023 and full launch scheduled for 2024.

The company earlier launched its first electric vehicle charging station, Shell Recharge, which will have a 180-kilowatt hour charger. An EV vehicle can recharge to optimal battery level in just 30 minutes, powering it to drive up to a 300-400 kilometer range.

Opec+ likely to maintain oil output levels

Major oil-producing countries led by Saudi Arabia and Russia look set to maintain their current output levels at a meeting Sunday, ahead of fresh sanctions against Moscow coming into force.