Phoenix Petroleum acquires Subic-based oil distributor

Listed independent oil producer Phoenix Petroleum has formally concluded its acquisition of Subic Petroleum Trading and Transport Inc. In a statement to the Philippine Stock Exchange on Monday, Phoenix Petroleum said it has closed the purchase of 100 percent of SPTT. Phoenix bought the entire 2,500 shares of SPTT from sellers for P800 each or a total of P2 million. Phoenix Petroleum said "SPTT is engaged in the business of buying and selling, supply and distribution, importation and exportation, storage and delivery of all types of petroluem and/or petroleum-based fuels for industrial, marine, aviation and automotive use, whether wholesale or retail." The listed oil refiner said the fund for the acquisition on SPTT came from "internally generated funds." "The primary purpose for the acquisition of SPTT is to enable the company to expand its operations in the North-West and parts of Central Luzon, Bataan, Zambales, Pampanga, Tarlac as well as establish its operations inside the SUbic Bay Freeport Zone," Phoenix Petroleum added. In the first nine months of 2011, Phoenix Petroleum said its net income rose 61 percent to P416.7 million, lifted by a 72-percent rise in volume of products sold in the period.  --CMA/OMG, GMA News