Saudi Arabia’s Aramco has signed an agreement to acquire a 25% stake in Unioil Petroleum Philippines, marking its entry into the growing downstream fuels market in the Philippines. The acquisition, subject to regulatory approvals, is part of Aramco’s global strategy to strengthen its retail and downstream operations.
Established in 1966, Unioil operates 165 retail stations and four storage terminals across the Philippines. The company is known for being the sole provider of a complete line of Euro 5-compliant fuels in the country. Originally focused on lubricants manufacturing and distribution, Unioil expanded into fuel trading, distribution, and retailing following the deregulation of the Philippine petroleum industry in 1998.
Aramco’s investment aligns with its previous downstream expansions in Chile and Pakistan as it seeks to broaden its global footprint. Upon completion of the deal, Aramco plans to introduce its brand and Valvoline-branded lubricants at select Unioil stations, enhancing its presence in the Philippine fuel retail sector.
Beyond the Philippines, Aramco continues to expand its international partnerships. In November 2024, it signed a Collaboration Framework Agreement with Petrovietnam to strengthen energy and petrochemical trading. Aramco, along with Saudi Aramco Jubail Refinery Company (SASREF) and Rongsheng Petrochemical, also signed a development framework agreement in Beijing, China, to expand refining and petrochemical operations in Saudi Arabia.
(Source: Offshore Technology)
