Aramco plans to acquire 25% of Philippines’ Unioil

Signing the agreement

Saudi Aramco signed definitive agreements to acquire a 25% equity stake in Unioil Petroleum Philippines, one of the largest petroleum companies in the Philippines.

In an emailed statement to Argaam today, Feb. 19, Aramco said the planned acquisition, which is subject to customary closing conditions including regulatory approvals, aims to capitalize on anticipated growth of the high-value fuels market in the Philippines.

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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.

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 Aramco’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.