Philippine-based fuel retailer Phoenix Petroleum Philippines, Inc. will acquire 100% of Chelsea Shipping Corp for PHP1.5bn ($35.8m), Seatrade Asia online reports.
Listed Phoenix Petroleum will buyout the shipping firm through a 90% share swap and 10% cash agreement.
“The strategic acquisition of Chelsea Shipping is consistent with our goals of sustaining our competitiveness in the industry and fostering the long term success of our company,” said Dennis A. Uy, president and chief executive of Phoenix Petroleum.
Chelsea Shipping, 100% owned by Udenna Management & Resources Corp, has 10 oil tankers in its fleet. It services Phoenix Petroleum, Cebu air, PTT Philippines Corp, National Power Corp, Total Bulk Corp, Batangas Bay Carriers, Inc. and Marine Fuels Philippines, Inc. It also provides bunkering services to the US Navy in Subic Bay.
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