The Philippines' Power Sector Assets and Liabilities Management Corp. or Psalm said Tuesday it awarded a total of PHP3.51 billion ($79.4 million) worth of fuel oil contracts to Petron Corp. (PCOR.PH) and Pilipinas Shell Petroleum Corp.

The supply contracts will fill in the oil-based fuel requirements of the agency's independent power producer plants and barges.

Petron offered to supply close to 60,000 kiloliters of fuel at a total cost of PHP1.62 billion.

Pilipinas Shell offered to supply 68,264 kiloliters of fuel oil at PHP1.89 billion.

Petron is the country's largest oil refiner by sales and capacity while Pilipinas Shell is the local unit of Royal Dutch Shell PLC (RDSB.LN).

Psalm is the agency tasked with selling the assets of state utility National Power Corp. and managing its debts.

-By Rhea Sandique-Carlos, Dow Jones Newswires; 632-848-5051; rhea.sandique-carlos@dowjones.com