Aramco plans 25% stake acquisition in Unioil Philippines

Saudi energy giant Aramco has signed definitive agreements to acquire a 25% equity stake in Unioil Petroleum Philippines, enhancing its presence in the Southeast Asian retail fuel market. This acquisition, which is contingent on regulatory approvals, aims to leverage the anticipated growth in the high-value fuels sector in the Philippines. Yasser Mufti, Aramco's Executive Vice President, noted this deal is part of a broader strategy to expand its global retail network and introduce Aramco's products and services in the region. The move follows previous acquisitions in Chile and Pakistan, and upon completion, Aramco plans to offer its brand and Valvoline-branded lubricants at select Unioil stations. Unioil, established in 1966, operates a network of 165 retail stations and four storage terminals across the Philippines. This investment underscores Aramco's commitment to diversifying its downstream operations and capturing value in emerging markets.