The contract covers jet fuel supply in Subic, Zambales as well as fuel storage, handling and into-plane services in Mindanao, Aklan and Cebu, according to a stock exchange announcement made by Phoenix Petroleum, which owns Chelsea Shipping.
Phoenix Petroleum added that the latest contract was in addition to the 10-year renewable supply contract signed last year with Cebu Pacific.
Phoenix Petroleum acquired Chelsea Shipping for $36m back in 2012. The acquisition of the shipowner was part of Phoenix Petroleum's strategy to have a fleet of tankers at its disposal to mitigate the risk of supply disruptions.
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