PHOENIX Petroleum Philippines, Inc. is set to power Global Business Power Corp. (GBP) after the firms’ exclusive agreement on Monday.
The listed oil company will supply a total of 1.1 million liters of fuel to GBP’s two power plants based in Toledo City in Cebu for three months.
“This partnership is a result of the consistent and excellent service experiences we provide for our partners, as well as the high-quality fuel products we continue to offer to them at the best value,” Phoenix Petroleum Chief Operating Officer Henry Albert R. Fadullon said in a statement.
Phoenix Petroleum will be meeting the fuel requirements of the two GBP plants every month starting April.
For five years now, the oil firm has been supplying fuel for the energy company, which runs five power generation units around Mindoro and the Visayas.
GBP is a joint venture among Beacon PowerGen Holdings, Inc., JG Summit Holdings, Inc. and Meralco PowerGen Corp.
On Monday, shares in Phoenix Petroleum slipped by 2.06% to close at P9.50 each. —Adam J. Ang