Main Business Activities
- Upstream and Integrated Gas
- Trading and Supply
- Other support activities
Shell has been present in the Philippines for 105 years. Shell has an interest in and operates the Upstream joint venture in the Malampaya gas field. Shell has more than 1,000 retail sites in the Philippines, as well as marketing activities including commercial fuels, lubricants and aviation. We also have Shell Business Operations in the Philippines which provide support services to other Shell companies.
Shell also has a 55% interest in Pilipinas Shell Petroleum Corporation (PSPC), an integrated fuel refining and marketing company in the Philippines. PSPC was listed on the Philippine Stock Exchange in 2016.
Country Financial Analysis
The total tax paid in 2018 was mainly due to profits in Upstream. Downstream profits were negatively impacted by depressed regional refining margins.
In 2016, PSPC was granted an income tax holiday (ITH) by the Philippine Board of Investments, as a result of new qualifying investments to modernise its refinery. In 2017, PSPC filed an application to apply the ITH, and the corresponding tax benefit was recorded in 2018 accounts.
In addition to corporate income taxes paid on the Shell share of the upstream joint venture profits, our Payments to Governments Report also shows around $556.5 million of production entitlements in 2018.