Aramco to enter Philippines market via 25% stake in Unioil

The Saudi brand is set to enter the country via retail offerings and Valvoline-branded lubricants at select stations.

Aramco announced it has signed definitive agreements to acquire a 25% equity stake in Unioil Petroleum Philippines to enter the country’s service station market.

Unioil, a diversified downstream fuels operator established in 1966, is one of the fastest growing retail, wholesale and storage companies in the Philippines. The company currently owns and operates a network of 165 retail stations and four storage terminals in the country.

“Our international expansion aims to capture additional value and enhance our participation in vibrant economies, in collaboration with established partners. We are delighted to embark on the next stage of this journey with Unioil, a dynamic player in the fast-growing Philippines fuels market,” said Yasser Mufti, Executive Vice President of Products & Customers at Aramco. 

The planned deal, which is subject to customary closing conditions including regulatory approvals, aims to capitalize on anticipated growth of the fuels market in the Philippines. It represents further progress in the Saudi company’s strategic downstream expansion and growth of its global retail network, which aims to secure additional outlets for its refined products.

The announcement follows Aramco’s previous retail acquisitions in Chile, with the purchase of the Esmax brand, and Pakistan, via a 40% stake acquisition of GO Pakistan.