Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) has signed definitive agreements to acquire a 25% equity stake in Unioil Petroleum Philippines, one of the largest petroleum companies in the Philippines.
Upon the deals signed on 19 February 2025, the planned acquisition which is subject to customary closing conditions including regulatory approvals aims to capitalise on anticipated growth of the high-value fuels market in the Philippines.
The transaction 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, according to a press release.
Aramco Executive Vice President of Products and Customers, Yasser Mufti, said: “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.”
Upon completion, Aramco intends to extend its brand, competitive retail offerings and Valvoline-branded lubricants to select retail stations in the Philippines.
Mufti noted: “Our international expansion aims to capture additional value and enhance our participation in vibrant economies, in collaboration with established partners.”
He concluded: “We are delighted to embark on the next stage of this journey with Unioil, a dynamic player in the fast-growing Philippines fuels market.”
The announcement of the potential acquisition follows Aramco’s previous retail acquisitions in Chile and Pakistan.
Unioil, a diversified downstream fuels operator established in 1966, 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.
It is worth noting that during the LEAP 2025 tech event in Saudi Arabia, Aramco’s Ahmad Al Khowaiter indicated three factors helping the oil entity get ahead and stay ahead.
