JGSPG enters fuels sector with start of Peak Fuel Corporation’s commercial operations
JG Summit Petrochemicals Group (JGSPG) has entered the fuel sector with the setting up of Peak Fuel Corporation (Peak Fuel), a new company that will serve as the fuels trading arm of JG Summit.
A subsidiary of JG Summit Petrochemical Corporation (JGSPC), Peak Fuel commenced its fuel trading operations in August, with its first sale of liquefied petroleum gas (LPG) delivered to a valued customer in Southern Luzon.
When JGSPG’s parent company, JG Summit, updated investment analysts on the conglomerate’s 1H21 financial performance, JGSPG President and CEO Patrick C. Go also shared that Peak Fuel has started operations.
“Our LPG wholesale trading has taken off. We’ve started selling into the market,” announced Go, who also serves as President and CEO of Peak Fuel.
He added that Peak Fuel is expected to contribute positively to the overall better performance of JGSPG in 2021.
Peak Fuel will supply LPG to refillers and marketers, who service dealers, retail outlets, and end-users from the residential, commercial and industrial sectors across the country.
The company’s facility is located inside the JGSPG Complex in Barangay Simlong, Batangas City, 120 kilometers south of Manila.
Peak Fuel imports refrigerated LPG through very large gas carriers (VLGC) which are then received through the jetty facility of the Complex, and stored in two refrigerated tanks with a combined capacity of 32,000 metric tons (MT).
Peak Fuel is capable of supplying customers either through land-based or sea-based channels. Its terminal has the capability to load LPG on bullet trucks to cater the needs of the refillers market that are based in various parts of Luzon.
It has two LPG bullet tanks designed for truck loading with combined capacity of 900 MT. It can also fill in pressurized gas carriers from its two spherical tanks, which have combined capacity of 8,000 MT, to serve domestic and export customers with sea-fed terminals.
Peak Fuel was established in January 2020. Its vision is to be the preferred supplier of LPG in the Philippines, with the mission to support local industries through reliable supply of essential fuels.
With its facilities, Peak Fuel today has the largest storage capacity in a terminal among domestic players.
The company’s vision and mission are represented in its logo, with its two elements, the flame on top and the mountain peak at the bottom, together forming a drop. The blue flame signifies the burning efficiency of LPG fuel that produces the maximum power output without any wastage. The green mountain peak vividly implies its goal to become the preferred supplier of LPG and other fuels. Finally, the integration of the two elements forms a drop, symbolizing fuel, which will be the core offerings of the company.
According to Samuel Co Chan, General Manager of Peak Fuel, the company aims to establish itself as a reliable LPG supplier in the country, contributing to the domestic market by making LPG readily available and more affordable to the market, which ultimately will be for the benefit of the Filipino consumer.
With JG Summit’s entry into the fuels market through Peak Fuel, JGSPG reinforces the conglomerate’s mission to Making Life Better for every Filipino.