PEAK Fuel Corp., a new subsidiary of the JG Summit Petrochemicals Group (JGSPG), has entered the country’s fuel sector after completing its first sale of liquefied petroleum gas (LPG) to a customer based in Southern Luzon last month, according to an e-mailed statement from its public relations firm.
Peak Fuel is a new business unit dedicated to supplying LPG to refillers and marketers. Its vision is to be the “preferred LPG supplier in the Philippines,” and its mission is rooted in “supporting local industries through the reliable supply of essential fuels.”
The firm, located within the JGSPG Complex in Batangas City, imports refrigerated LPG through large gas carriers received through the complex’s jetty facility and stored in two refrigerated tanks with a combined capacity of 32,000 metric tons.
Peak Fuel can supply customers with LPG through land-based or sea-based channels.
Patrick C. Go, JGSPG and Peak Fuel president and chief executive officer, said he expects the new subsidiary to “positively contribute to the overall performance of JGSPG in this year.”
Meanwhile, Samuel C. Chan, general manager of Peak Fuel, said the company hopes to establish itself as a reliable LPG supplier in the country while making LPG readily available and more affordable to Filipinos.
JGSPG is collectively made up of JG Summit Petrochemical Corp. and JG Summit Olefins Corp., two wholly owned subsidiaries of listed conglomerate JG Summit Holdings, Inc.
JG Summit also holds investments in snack food and beverages, air travel, property, and banking, among others.
Previously, the firm posted an attributable net income to its parent of P814.51 million in the second quarter, swinging from losses of P2.62 billion incurred in the same period last year, after registering higher earnings.
Shares of JG Summit at the local bourse improved 0.08% or five centavos to finish at P65 apiece on Monday. — Angelica Y. Yang