DURHAM, NORTH CAROLINA: It’s only fitting that our first column for this year tackles one of our favorite topics – Pilipinas Shell’s long overdue initial public offering (IPO). That’s because 2016 marks the eighteenth (18th) year that Shell has evaded its legal obligation as an oil refiner under the 1998 Oil Deregulation Law, to sell at least 10 percent of its common stock via public listing.

San Miguel-owned Petron Corporation, the only other oil refiner in the Philippines, had publicly listed its shares more than ten years ago in 2004.