(EnergyAsia, September 18 2014, Thursday) — Phoenix Petroleum Philippines Inc has announced that it will build a jet fuel storage depot in Cebu province to serve Cebu Pacific Air, the country’s largest domestic airline.
In its statement, the company did not provide details like the project’s estimated cost and storage capacity, and when it expects to begin and complete construction.
The depot will be located in Tayud Consolacion district, with the budget carrier of the Gokongwei group committing to a 10-year contract for the supply service of jet A1 fuel for its planes.
Phoenix President and CEO Dennis Uy and Cebu Pacific President and CEO Lance Gokongwei signed the agreement in Manila last month.
Describing itself as the Philippines’ largest independent oil firm, Phoenix owns a chain of more than 400 retail stations nationwide. The Philippine-listed firm trades and supplies oil products, lubricants and chemical products as well as operates oil depots and storage terminals in the southern part of the country.
Cebu Pacific operates services to 24 international and 33 domestic destinations, making it the sixth largest low-cost carrier in the Asia-Pacific region.