Following the loss of a supply contract with Hawaiian Electric Co., Par Petroleum Co. is looking for business elsewhere.

HECO Thursday announced it would not renew its contract with Par subsidiary Hawaii Independent Energy, and had chosen Chevron Corp. as its primary fuel provider enabling lower prices for consumers.

Par CEO William Monteleone called HECO’s decision “unfortunate,” but added that Par intends to remain competitive in the market, and said, “we are aggressively pursuing other outlets for our products.”

Par recently announced a year-long military contract to provide aviation turbine fuel, valued at $160 million.

Monteleone also cited the pending $107 million acquisition of Mid-Pacific Petroleum Inc., announced in June. Mid Pac operates or distributes fuel through more than 80 retail locations and four terminals across the islands.

Through its subsidiaries, Par also owns and operates the 94,000 barrels-per-day former Tesoro refinery in Kapolei.