The publicly traded oil company agreed a deal for the domesticproducts carrier operator in July worth in the region of PHP 1.42bn ($34m).

Phoenix Petroleum acquired 100% of Chelsea Shipping inexchange for 171 million common shares of Phoenix Petroleum.

That share swap covered 90% of the purchase price with therest paid in cash.

Chelsea was previously owned by Udenna Management andResources Corp, which holds a stake in Phoenix Petroleum.

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