Shell Petroleum permanently closes an oil refinery south of the Philippine capital Manila, because the demand for oil has fallen due to the corona crisis. Pilipinas Shell Petroleum, most of which is owned by Shell Oil and gas, is converting the refinery to an import terminal.
Oil demand in the Philippines fell by 30% in March and by 70% in April compared to February this year. The factory, which can produce 110,000 barrels of oil a day, became loss-making. In addition, nearby China is building new mega-refineries, from which the Philippines could take oil. After the closure of Shell’s refinery, there remains one oil refinery in the Philippines, Petron Corporation.