Saudi Aramco to acquire 25% stake in Philippines’ Unioil

Saudi Arabia’s Aramco, one of the world’s leading integrated energy and chemicals companies, is acquiring a 25 per cent interest in Unioil Petroleum Philippines, the largest oil marketing company in the Philippines.

The acquisition is in line with the company’s policy of expanding its marketing network in key consuming countries, Aramco’s stated in a release on Wednesday.

Established in 1966, Unioil is a downstream oil company with a network of 165 retail stations and four storage terminals in the Philippines. The acquisition will help Aramco extend retail offerings, including Valvoline brand lubricants to the Philippines. 

Aramco hopes to capitalise on anticipated growth of the high-value fuels market in the Philippines. The company did not disclose the financial terms of the acquisition.

The acquisition is subject to customary closing conditions, including regulatory approvals.

Aramco has been making downstream acquisitions to expand its international presence, especially in Asian demand centers, including previous retail acquisitions in Pakistan and Chile.

Aramco entered Pakistan’s downstream market by acquiring a 40 per cent stake in Gas & Oil Pakistan Ltd in 2023. 

Earlier that year, Aramco announced two major refinery and petrochemical deals in China’s downstream market, which also opened an export outlet for 690,000 bpd of Saudi crude in China.