Gokongwei group expands to LPG sector
The Gokongwei group has expanded into the liquefied petroleum gas (LPG) business with new subsidiary Peak Fuel Corp., starting its wholesale business in August.
Peak Fuel has an LPG terminal in Batangas City at the JGSPG (parent firm JG Summit Petrochemicals Group) Complex, which the company touts as having the largest LPG storage capacity in the Philippines.
Established last January, the new firm is intended to provide supplies to refillers and marketers, who in turn cater to bulk dealers, retail outlets and end-users—be they residential, commercial and industrial.
Last month, Peak Fuel started commercial operations with its first sale of LPG delivered to a customer in Southern Luzon.
Peak Fuel is expected to “contribute positively to the overall better performance of JGSPG in 2021,” said Patrick Go, president and chief executive of both parent firm and subsidiary.
The new company’s terminal is capable of supplying customers either through land-based or sea-based channels.
Peak Fuel imports refrigerated LPG through very large gas carriers (VLGC) which are then received through the jetty facility of the JGSPG Complex. A VLGC normally carries 80,000 cubic meters of LPG.
The cargo is then stored in two refrigerated tanks with a combined capacity of 32,000 metric tons. INQ
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