Phoenix Petroleum Philippines acquires SPTT

Phoenix Petroleum Philippines bought 100% of the shares of Subic Petroleum Trading and Transport, Inc. (SPTT) for PHP800 (US$18.32) per share. Phoenix Petroleum is engaged in the trade of refined petroleum products as well as lubricants and other chemical products. SPTT is an independent oil company involved in the trade of refined petroleum products. Both companies are headquartered in the Philippines. (January 17, 2012)