PNX Petroleum Secures Offtake Deal after Acquiring First LPG Carrier

LPG shipping agreementImage Courtesy: Phoenix Petroleum Philippines

PNX Petroleum Singapore has secured an LPG supply deal with Singapore-based Hengyi Industries International after taking delivery of its first fully-pressurized LPG carrier earlier this year.

The agreement will see PNX Petroleum Singapore, a subsidiary of Phoenix Petroleum Philippines, buy LPG produced by Hengyi’s refinery in Brunei.

According to a Philippines stock exchange filing, the offtake agreement is expected to start within the year as PNX recently acquired the 5,018 cbm PNX Conqueror, the company’s first pressurized LPG carrier. It has also entered into a long-term charter for Chelsea, another large pressurized vessel, in preparation for the venture.

The Panama-flagged PNX Conqueror was built in 2010 and was previously owned by Japan’s Toda Kisen.

The latest LPG venture in Brunei is expected to support Phoenix’s LPG expansion.

“With another milestone partnership, we are optimistic and excited about the future of this project as it opens new opportunities and possibilities for growth and progress for both companies and countries,” Henry Albert Fadullon, PNX Petroleum Singapore Director, said.

Share this article

Follow World Maritime News

In Depth>


<< Dec 2019 >>
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >


Forum you will find out from the regulators, government bodies and major ports’ representatives what the near…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >