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Article: PHILIPPINE GOVT ORDERS SHELL TO SUBMIT ITS IPO PLANS.

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AsiaPulse News
Article date:
August 8, 2008
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MANILA, Aug 8 Asia Pulse - The Department of Energy (DoE) on Thursday ordered oil giant Pilipinas Shell Petroleum Corporation to submit its plans for the initial public offering (IPO) which is mandated under the Downstream Oil Industry Deregulation Act of 1998.

In a letter sent to Mr. Edgar O. Chua, Shell's country manager, Energy Secretary Angelo Reyes asserted that it has been too long since the Oil Deregulation law was passed and under this law, oil refiners are required to list at least 10 percent of their stocks with the Philippine Stock Exchange.

Section 22 of the Act stipulates that any person or entity engaged in the oil refinery business shall ...

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