Aramco (Arabian American Oil Company), one of the world’s leading integrated energy and chemicals companies, on Thursday signed definitive agreements to acquire a 25-percent equity stake in Unioil Petroleum Philippines, one of the largest petroleum companies in the Philippines.
Saudi Arabia’s state-owned firm Aramco said in a statement the planned acquisition, subject to customary closing conditions including regulatory approvals, would capitalize on anticipated growth of the high-value fuel market in the Philippines.
It represents further progress in Aramco’s strategic downstream expansion and growth of its global retail network, which aims to secure additional outlets for its refined products.
“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,” said Yasser Mufti, Aramco executive vice president of products and customers.
“Our international expansion aims to capture additional value and enhance our participation in vibrant economies, in collaboration with established partners. We are delighted to embark on the next stage of this journey with Unioil, a dynamic player in the fast-growing Philippines fuels market,” he said.
Unioil, a diversified downstream fuels operator established in 1966 by the Co family, is one of the fastest growing retail, wholesale and storage companies in the Philippines, with a network of 165 retail stations and four storage terminals in the country.
“We are delighted with this new partnership with Aramco, which represents a major milestone in Unioil’s 58 years history. We are confident that this will equip ourselves in accelerating our growth and development, further innovate, and strengthen our position as a leader in the wholesale and retail fuels market,” said Unioil chief executive Janice Co Roxas-Chua.
With this strategic investment, Unioil is poised to further enhance its capabilities and continue its legacy of providing high-quality fuel products to the Filipino market.
The collaboration with Aramco marks a new chapter in Unioil’s journey, one that promises innovation, growth, and a strengthened commitment to sustainability and customer satisfaction.
“The strategic investment by Aramco is fully in line with our ambition to be the fuel retailer of choice and support our customers with top tier fuel solutions,” Unioil president Kenneth Pundanera said.
Unioil started its business in lubricants manufacturing and distribution. Upon the deregulation of the petroleum industry in 1998, Unioil ventured in fuel trading, distribution and retailing.
Since then, Unioil has consistently been at the forefront in the introduction of cleaner, more advanced fuel products.
Unioil holds a significant portion of the fuels business in the country through its facilities in Luzon, Visayas and Mindanao. Through the partnership with Aramco, Unioil will also introduce the Aramco and Valvoline brands to Filipino consumers.
The announcement also follows Aramco’s previous retail acquisitions in Chile and Pakistan. Both parties did not disclose the financial details of the transaction.
