Saudi Arabia’s Aramco has signed definitive agreements to acquire a 25 per cent equity stake in Unioil Petroleum Philippines, one of the largest petroleum companies in the Philippines.
The Saudi firm said 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.
It represents further progress in a strategic downstream expansion and growth of its global retail network, which aims to secure additional outlets for its refined products.
Aramco takes sake in Unioil Petroleum Philippines
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.
“Our international expansion aims to capture additional value and enhance our participation in vibrant economies.”
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.
The announcement follows the energy giant’s previous retail acquisitions in Chile and Pakistan.
Upon completion, Aramco intends to extend its brand, competitive retail offerings and Valvoline-branded lubricants to select retail stations in the Philippines.
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