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Friday, March 29, 2024

Cebu Pacific, Phoenix renew jet fuel deal

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Phoenix Petroleum Philippines Inc. will continue serving the Jet A-1 fuel requirements of Cebu Air Inc. this year, extending the 15-year partnership of the two companies.

“We at Phoenix very much treasure the relationship that we have developed with Cebu Pacific. I would never forget the fact that it was one of the very first prominent brands that trusted us. The Jet A1 Supply Agreement was instrumental in earning our credibility and building our name in the industry as a formidable petroleum company,” said Phoenix Petroleum president and chief executive officer Dennis Uy.

The two companies signed the agreement on April 8, 2019.

The supply agreement between the parties started in 2004 when Phoenix provided storage and terminal services to the airline’s Davao site. Phoenix now serves 17 of Cebu Pacific’s sites across the country, including eight airports in Mindanao, seven in the Visayas and two in Luzon, providing integrated Jet A-1 storage, handling, bridging and into-plane services.

“Cebu Pacific is dedicated to giving the best service to our clients, and it is through partners like Phoenix that we are able to fulfill this mission. We have cultivated a good relationship with the company for 15 years now, and we are looking forward to achieving more milestones together,” said Cebu Pacific president and chief executive officer Lance Gokongwei.

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Phoenix is one of the country’s most aggressive oil players. It posted a banner year in 2018 when net income jumped 82 percent to P2.77 billion, driven by record volume from new businesses and sustained strength in its core fuels business. 

“Despite industry headwinds in fourth quarter, we worked together to deliver a strong close to 2018. We are positioning ourselves for more success in 2019 and beyond, with a focus on growth, execution and delivering for our customers and shareholders,” said Phoenix Petroleum chief operating officer Henry Albert Fadullon in a statement. 

Revenues surged 99 percent to P88.61 billion in 2018 as volume of petroleum products sold rose 49 percent to an all-time high of 2.75 billion liters from P44.54 billion in 2017. 

Phoenix operated 600 stations as of end 2018. 

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