Saudi Aramco Targets Philippines Market with 25% Stake in Unioil
Saudi Aramco, one of the world's leading integrated energy and chemicals companies, unveiled new agreements with Unioil that will enable it to enter Philippines retail market, the Saudi oil giant announced in a press release.
On Wednesday, Aramco signed definitive agreements to acquire a 25% equity stake in Unioil Petroleum Philippines, one of the largest petroleum companies in the Philippines.
This planned acquisition, which is subject to customary closing conditions including regulatory approvals, aims to leverage the anticipated growth of the Philippines' high-value fuels market.
At the same time, it marks 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.
Established in 1966, Unioil is a diversified downstream fuels operator and one of the fastest growing retail, wholesale and storage companies in the Philippines, possessing a network of 165 retail stations and four storage terminals in the country.
On this occasion, Aramco Executive Vice President of Products and Customers, Yasser Mufti, said: 'This investment represents another step forward in our global strategy to expand Aramco's retail network, and we look forward to introducing Aramco's high-quality products and services to customers in the Philippines.'
Commenting on Saudi Aramco's expansion, Mufti noted that it '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.'
The announcement of the new agreements follows previous retail acquisitions by Saudi Aramco in Chile and Pakistan. Upon the completion of this acquisition, Aramco intends to extend its brand, competitive retail offerings and Valvoline-branded lubricants to select retail stations in the Philippines.
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