LORELIE Q. Osial has taken over the top position at listed oil company Pilipinas Shell Petroleum Corp. as well as the post of executive director and chairperson of the nomination committee.
In a disclosure filed with the stock exchange on Tuesday, the company said her designation as chief executive officer, president and executive director became effective on Dec. 1.
Ms. Osial took over these posts after Cesar G. Romero stepped down on Nov. 30.
“Mr. Romero will stay on until Jan. 31, 2022 to ensure a smooth and streamlined transition and handover to Ms. Osial,” the company said.
Ms. Osial has been the Shell group for two decades. She has held various finance roles in production, projects, regional, shareholder, and joint venture environments in the upstream and midstream business segments in Asia, Middle East and North Africa.
Pilipinas Shell’s board of directors approved the appointment on Nov. 9 through a teleconference. The approval included the appointment of Randolph T. Del Valle, Pilipinas Shell’s vice-president for mobility, who succeeded Rolando J. Paulino, Jr. as director in September.
The board also approved the contracts of the corporation with Shell International Eastern Trading Co., the trading arm of the Shell group, after a favorable endorsement from the related party transaction committee.
“Due to the materiality of the contracts, an external independent party evaluated the fairness of the contract terms,” the disclosure read, adding that transactions with the trading arm accounted for 96% of the related party transactions of Pilipinas Shell as of the third quarter of 2021.
At the local bourse, Pilipinas Shell gained two centavos or 0.1% to close at P19.96 per share on Tuesday. — Marielle C. Lucenio