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The company was a subsidiary of Phoenix Oil and Transport Company. It was registered in 1924 as City Petroleum Finance Company Limited. It became Phoenix Oil Products Limited in 1926 when it took over from Phoenix Oil and Transport Company Limited the following marketing organisations in Europe:
- Everth A.G. (registered in Austria);
- Astra Dionicarsko Drustvo (registered in Yugoslavia);
- Mineraloelwerke Bayern GmbH (of Regensburg, Germany);
- Runo Oel A.G. (of Munich); and
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Deco S.A. (of Belgium).
Thus Phoenix Oil Products Limited came to manage all of Phoenix Oil and Transport's marketing organisations outside Roumania.
During the German occupation, 1941-45, these organisations were all in enemy hands.
Runo-Everth Treibstoff und Oel A.G. had been formed in 1938 as the result of a merger of Phoenix interests in Germany and Austria, but was forced to divide again after the war for political reasons. In 1949 these German and Austrian interests were sold to the Anglo-Iranian Oil Company Limited (later British Petroleum). In 1946 Astra was taken into Yugoslav state ownership. In 1950 Phoenix Oil Products Limited went into voluntary liquidation.