Manila—(PHStocks)—Leading independent oil company Phoenix Petroleum Philippines and leading carrier Cebu Pacific marked a decade of strong and indispensable partnership with the signing of a 10‐year renewable supply contract recently.
Under the agreement, Phoenix Petroleum will construct a Jet A‐1 storage facility in Tayud, Consolacion, Cebu, to be used by Cebu Pacific to store their Jet A‐1 fuel.
Universal Robina Sugar Milling Corporation (URSUMCO) also signed a contract with Phoenix for the latter to purchase and distribute all the ethanol production of URSUMCO.
The signing was led by Phoenix President and CEO Dennis Uy and Cebu Pacific President and CEO Lance Gokongwei on August 28, 2014 in Manila.
In 2004, Phoenix Petroleum started as a small company in Davao involved in storing and transporting fuels. It got its biggest break when it became the exclusive logistics partner of Cebu Pacific in Mindanao.
Today, Phoenix is the dominant supplier of Jet A‐1 fuel to Cebu Pacific nationwide.
The partnership has proved effective because of shared strengths: bothare Filipino‐owned companies, both started as small players in huge fields, both are entrepreneurial companies; both are led by young and dynamic leaders, and both started in the provinces that expanded throughout the country.
After 10 years of strong partnership, Phoenix Petroleum and Cebu Pacific are leaders in their own fields. Phoenix is the number one independent oil firm, with more than 400 retail stations nationwide, and is the 36th largest corporation in the country. Cebu Pacific is the largest domestic airline operator in the country, flying to 24 international and 33 domestic destinations. It is the sixth largest low‐cost carrier in the Asia‐Pacific region.