Latest news with #YasserMufti
Zawya
20-02-2025
- Business
- Zawya
Saudi Aramco to buy 25% stake in Philippines' Unioil
Aramco has signed definitive agreements to acquire a 25 per cent equity stake in Unioil Petroleum Philippines, one of the largest petroleum companies in the Philippines. The planned acquisition, which is subject to customary closing conditions including regulatory approvals, aims to capitalise on anticipated growth of the high-value fuels market in the Philippines. It represents 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. Yasser Mufti, Aramco Executive Vice President of Products & Customers, 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. 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.' The announcement follows Aramco's previous retail acquisitions in Chile and Pakistan. Upon completion, Aramco intends to extend its brand, competitive retail offerings and Valvoline-branded lubricants to select retail stations in the Philippines. -TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Leaders
19-02-2025
- Automotive
- Leaders
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. Short link : Post Views: 1
Arab News
19-02-2025
- Business
- Arab News
Aramco expands global retail network with 25% stake in Philippines' Unioil
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.
Arabian Business
19-02-2025
- Business
- Arabian Business
Aramco eyes Philippines expansion with 25% Unioil deal
Saudi Arabia's Aramco has signed definitive agreements to acquire a 25 per cent equity stake in Unioil Petroleum Philippines, one of the largest petroleum companies in the Philippines. The Saudi firm said the planned acquisition, which is subject to customary closing conditions including regulatory approvals, aims to capitalise on anticipated growth of the high-value fuels market in the Philippines. It represents further progress in a strategic downstream expansion and growth of its global retail network, which aims to secure additional outlets for its refined products. Aramco takes sake in Unioil Petroleum Philippines 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. 'Our international expansion aims to capture additional value and enhance our participation in vibrant economies.' Unioil, a diversified downstream fuels operator established in 1966, is one of the fastest growing retail, wholesale and storage companies in the Philippines, with a network of 165 retail stations and four storage terminals in the country. The announcement follows the energy giant's previous retail acquisitions in Chile and Pakistan.
Zawya
19-02-2025
- Automotive
- Zawya
Aramco plans to enter Philippines retail market with agreement to acquire 25% stake in Unioil
Transaction represents further progress in the strategic expansion of Aramco's global retail network in high-value markets DHAHRAN, Saudi Arabia – Aramco, one of the world's leading integrated energy and chemicals companies, today signed definitive agreements to acquire a 25% equity stake in Unioil Petroleum Philippines, one of the largest petroleum companies in the Philippines. The planned acquisition, which is subject to customary closing conditions including regulatory approvals, aims to capitalize on anticipated growth of the high-value fuels market in the Philippines. It represents 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. Yasser Mufti, Aramco Executive Vice President of Products & Customers, 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. 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.' Unioil, a diversified downstream fuels operator established in 1966, is one of the fastest growing retail, wholesale and storage companies in the Philippines, with a network of 165 retail stations and four storage terminals in the country. The announcement follows Aramco's previous retail acquisitions in Chile and Pakistan. Upon completion, Aramco intends to extend its brand, competitive retail offerings and Valvoline-branded lubricants to select retail stations in the Philippines. -Ends- Aramco Contact Information Media Relations: @aramco About Aramco As one of the world's leading integrated energy and chemicals companies, our global team is dedicated to creating impact in all that we do, from providing crucial oil supplies to developing new energy technologies. We focus on making our resources more dependable, more sustainable and more useful, helping to promote growth and productivity around the world. Disclaimer The press release contains forward-looking statements. All statements other than statements relating to historical or current facts included in the press release are forward-looking statements. Forward-looking statements give the Company's current expectations and projections relating to its capital expenditures and investments, major projects, upstream and downstream performance, including relative to peers. These statements may include, without limitation, any statements preceded by, followed by or including words such as 'target,' 'believe,' 'expect,' 'aim,' 'intend,' 'may,' 'anticipate,' 'estimate,' 'plan,' 'project,' 'can have,' 'likely,' 'should,' 'could,' and other words and terms of similar meaning or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the Company's actual results, performance or achievements to be materially different from the expected results, performance, or achievements expressed or implied by such forward-looking statements, including the following factors: global supply, demand and price fluctuations of oil, gas and petrochemicals; global economic conditions; competition in the industries in which Saudi Aramco operates; climate change concerns, weather conditions and related impacts on the global demand for hydrocarbons and hydrocarbon-based products; risks related to Saudi Aramco's ability to successfully meet its ESG targets, including its failure to fully meet its GHG emissions reduction targets by 2050; conditions affecting the transportation of products; operational risk and hazards common in the oil and gas, refining and petrochemicals industries; the cyclical nature of the oil and gas, refining and petrochemicals industries; political and social instability and unrest and actual or potential armed conflicts in the MENA region and other areas; natural disasters and public health pandemics or epidemics; the management of Saudi Aramco's growth; the management of the Company's subsidiaries, joint operations, joint ventures, associates and entities in which it holds a minority interest; Saudi Aramco's exposure to inflation, interest rate risk and foreign exchange risk; risks related to operating in a regulated industry and changes to oil, gas, environmental or other regulations that impact the industries in which Saudi Aramco operates; legal proceedings, international trade matters, and other disputes or agreements; and other risks and uncertainties that could cause actual results to differ from the forward-looking statements in this press release, as set forth in the Company's latest periodic reports filed with the Saudi Exchange. For additional information on the potential risks and uncertainties that could cause actual results to differ from the results predicted please see the Company's latest periodic reports filed with the Saudi Exchange. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which it will operate in the future. The information contained in the press release, including but not limited to forward-looking statements, applies only as of the date of this press release and is not intended to give any assurances as to future results. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the press release, including any financial data or forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law or regulation. No person should construe the press release as financial, tax or investment advice. Undue reliance should not be placed on the forward-looking statements.
