Lpg Offtake Agreement

PNX Petroleum Singapore, a subsidiary of Phoenix Petroleum Philippines, will buy lpG, manufactured by hengyis Brunei refinery. As part of the agreement, the PNX partners intend to enable the acquisition of LPG from the future production of the Hengyi Brunei refinery. The launch agreement is expected to begin later this year, as PNX recently acquired PNX Conqueror, the company`s first pressurized LPG carrier with a capacity of 2.5 kT, as well as a long-term charter from Chelsea, another large 4.6 kT pressure vessel, in preparation for the project. The Panama-flagged pNX Conqueror was built in 2010 and previously belonged to Japan`s Toda Kisen. As we continue to develop the brand internationally and forge strong links with complementary companies in neighbouring countries, we are constantly building relationships with companies such as HYII, in order to be able to offer quality products and services to a growing number of municipalities. Since the beginning of this year, Phoenix Petroleum`s subsidiaries have been expanding their LPG business. South Korean shipbuilding major Hyundai Mipo Dockyard has signed a contract for the construction of t… . The partnership was signed by PNX Petroleum Singapore Pte. Ltd. Director Henry Albert Fadullon and HYII Director Chen Lian Cai, at a ceremony in late August. The latest LPG project in Brunei aims to support the expansion of Phoenix LPG in the Philippines and Vietnam. PNX Petroleum Singapore has been awarded a LPG delivery contract with Singapore-based Hengyi Industries International after delivering its first pressurized LPG carrier earlier this year.

. The project would also value Phoenix`s oil source from its usual suppliers — China, Vietnam, Korea and the Middle East — among others. PNX Energy International Holdings Pte. Ltd., meanwhile, recently in the Vietnamese LPG market due to the creation of Phoenix Vietnam Pte. Ltd. «With a new milestone partnership, we are optimistic and looking forward to the future of this project, as it opens up new opportunities for growth and progress for businesses and countries,» said Henry Albert Fadullon, Director of PNX Petroleum Singapore. In March, Phoenix LPG Philippines, Inc. (PLPI) launched the national «Sarap Pala Magluto» campaign for Phoenix SUPER LPG and opened phoenix super hubs in different parts of the Philippines. Given the proximity of the two countries, the partnership should also improve the overall supply situation in the Philippines, as Brunei would only need one day to supply the country.