Aramco expands global retail network with 25% stake in Philippines' Unioil

Arab News

19-02-2025

RIYADH: Saudi oil giant Aramco has signed definitive agreements to acquire a 25 percent equity stake in Unioil Petroleum Philippines, marking its entry into the Southeast Asian nation's retail fuel market as part of a broader global expansion strategy.
The deal, subject to regulatory approvals and customary closing conditions, is aimed at capitalizing on the expected growth of the high-value fuels market in the Philippines, the company said in a press release.
It also advances Aramco's downstream expansion by seeking additional outlets for its refined products. The investment follows similar acquisitions in Chile and Pakistan, reinforcing the company's push to strengthen its retail network in key markets.
'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,' said Yasser Mufti, Aramco's executive vice president of products and customers.
'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,' he added.
Founded in 1966, Unioil operates 165 retail stations and four storage terminals across the Philippines.
Upon completion of the deal, Aramco plans to extend its brand, introduce competitive retail offerings, and supply Valvoline-branded lubricants to select Unioil stations.
The expansion underscores Aramco's efforts to diversify its downstream footprint and capitalize on emerging market opportunities. The company has been expanding its global reach not just through acquisitions but also by influencing crude pricing trends.
Aramco recently raised its official selling prices for Asian buyers to the highest levels in more than a year, citing rising demand from China and India, as well as supply disruptions linked to US sanctions on Russian oil. The price adjustments highlight Aramco's ability to navigate shifting market dynamics while maintaining its dominance in crude supply.
With recent investments in Chile, Pakistan, and now the Philippines, Aramco is pushing deeper into international retail markets, securing outlets for refined products and strengthening its presence in high-growth economies.