Shell, Caltex, Petron JV given green light for depot plan

The JV firm incorporated by three Filipino oil majors, Shell, Caltex, and Petron, Pandacan Depots Services, has been given the nod by the Philippine Securities and Exchange Commission.

According to Petron Corp, “The new firm will operate and manage the depot’s shared facilities and run its daily operations. Under the JV, each refiner will provide their own management personnel to oversee the facility, but they will function under one JV.”

The state-run firm did not elaborate further.

Initially, the depot was not a joint operation but the three oil majors agreed to form a JV in an attempt to curtail a Manila City Council lawsuit, which aimed to mothball the depot on grounds of safety. The lawsuit is still ongoing but the Supreme Court has ruled the depot should continue operations as it handles up to 70% of the nation’s total oil supply.