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Press Release: October 17, 2007

Energy Secretary Angelo Reyes, Petrolift Inc. Chairman Leonardo Leonio and Pilipinas Shell Chairman Edgar Chua led the ceremonial ribbon cutting at the commissioning of M/T Petro Celine in Manila South Harbor.

PETROLIFT COMMISSIONS THIRD DOUBLE HULL OIL TANKER
 

Manila South Harbor – The country’s leading oil and gas tankering and bulk logistics provider Petrolift Inc., chartered its brand new double hull oil tanker, M/T Petro Celine, to Pilipinas Shell Petroleum Corporation (PSPC).

M/T Petro Celine is Petrolift’s third double hull oil tanker in its fleet after M/T Petro Cara and M/T Petro Anica which were commissioned in January 2007 and June 2007, respectively.

M/T Petro Celine is a 6,300 DWT (deadweight tonnage) ton vessel classed by the American Bureau of Shipping (ABS) with a German engine and the latest Japanese navigational equipment. It is fully compliant with the latest SOLAS (safety of life at sea) regulation.

“We congratulate Petrolift for demonstrating its utmost concern for safety and the environment by complying with the internationally accepted standards for transporting white oil products even ahead of any mandate, said Mr. Ed Chua, Chairman of Pilipinas Shell Petroleum Corporation.

Petrolift President Lawrence Leonio welcomed Pilipinas Shell’s initiatives to utilize double hull oil tankers for its nationwide operations to preserve marine ecology.

“We have seen the direction that Shell is taking towards protecting our marine ecosystem through its first double hulled tanker, M/T Petro Cara. As such, we did not think twice in assisting them in their operations through M/T Petro Celine.” Leonio said.

“In the future, we will be ready to provide them with even more in line with our plan to expand and improve our fleet.” he added.

Leonio has expressed the company’s plan to acquire more double hull oil tankers as well as undertake double hull conversion in preparation for the MARINA mandate to phase out all single hull fuel oil tankers by April 2008.

Petrolift has filed an application with the Philippine Stock Exchange for an initial public offering of its shares to fund its expansion plans. Petrolift expects to raise P3.5 billion from the planned offering.
   
Reference:
Andrei Aquino
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