PTT Philippines Inc. will once again work in partnership with Chelsea Shipping Corporation to deliver the fuel volume requirements of the National Power Corporation (NPC) Malaya Thermal Power Plant in Pililia, Rizal.

A Contract of Affreightment was signed on February 7, 2008 at the Shangrila Hotel, in Makati City.

Present during the signing were:

From PTT Philippines Inc.
Mr. Siripong Phoungpaka, President
Mr. Leonardo D. Lao, Marketing Director
Wisarn Chawalitanon, Operations & Logistics Director
Sukanya Jindanuwat, Chief Financial Officer
Atty. Kristine Tadique

From Chelsea Shipping Corp.
Dennis A. Uy, President and Chief Executive Officer
Jose Manuel R. Quimson, Chief Operating Officer
Ignacia S. Braga IV, Vice President - Finance

Mr. Walter Washner, a representative of Banco De Oro was also present during the signing ceremonies.