Saudi Aramco, one of the world’s leading integrated energy and chemicals companies, has announced plans to acquire a 25% equity stake in Unioil Petroleum Philippines, Inc., marking its re-entry into the Philippine market. This strategic move aims to capitalize on the anticipated growth of the high-value fuels market in the Philippines.
Established in 1966, Unioil operates a network of 165 retail stations and four storage terminals across the Philippines. The partnership will enable Aramco to extend its brand and retail offerings, including Valvoline-branded lubricants, to select retail stations in the country. The acquisition is subject to customary closing conditions, including regulatory approvals.
Yasser Mufti, Aramco’s Executive Vice President of Products and Customers, stated, “This investment represents another step forward in our global strategy to expand Aramco’s retail network, and we look forward to introducing Aramco’s high-quality products and services to customers in the Philippines.”
Unioil’s CEO, Janice Co Roxas-Chua, welcomed the partnership, noting that Aramco’s strategic investment will accelerate Unioil’s growth and innovation and strengthen its position in the wholesale and retail fuels market.
This move aligns with Aramco’s broader strategy to expand its downstream operations and global retail network. In recent years, Aramco has pursued retail acquisitions in markets such as Chile and Pakistan, aiming to secure additional outlets for its refined products.
Aramco’s re-entry into the Philippine market follows its 2008 exit, when it sold its 40% stake in Petron Corp. The current acquisition reflects Aramco’s renewed focus on Southeast Asia, a region with robust economic growth and increasing energy demand.
The partnership is expected to enhance the availability of high-quality fuel products in the Philippines, benefiting consumers and contributing to the country’s energy security.