Saudi oil giant Aramco to return in PH market with Unioil

Aramco to acquire 25% stake in Unioil

Saudi Arabia’s state-owned oil firm Aramco is best known nowadays for being a major sponsor in Formula One, specifically with the Aston Martin team. But now, the oil giant is set to revive its presence in the Philippine market by partnering with one of the country’s well-known independent oil players – Unioil.

Aramco has signed a definitive agreement to acquire a 25% equity stake in Unioil Petroleum Philippines as part of its strategy to expand its global retail network. As part of the deal, Unioil will introduce Aramco and Valvoline brands to the market through its retail stations.

This marks the return of Aramco in the Philippine market, as it once held a 40% stake in Petron Corporation up until 2008.

“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,” said Yasser Mufti, Aramco Executive Vice President of Products & Customers.

For now, both oil companies are yet to disclose financial details and certain timelines for their partnership, as the acquisition will still be subject to customary closing conditions including regulatory approvals.