Saudi Aramco, which trades on the Saudi Exchange (Tadawul), will acquire a 25 percent stake in the third-largest petroleum company in the Philippines, as part of a retail network-building strategy, the company said in a statement.
The Saudi major’s proposed purchase of the stake in Unioil is subject to regulatory approvals, the company said.
The move will allow the Saudi oil company to capture the anticipated growth in the high-value fuels market across the Philippines by introducing Valvoline-branded lubricants.
Aramco wants to introduce high-quality products and services to customers in the Philippines, said executive vice president of products & customers Yasser Mufti.
Unioil, a diversified downstream fuels operator, was established in 1966 and has a network of 165 retail stations and four storage terminals in the country.
No financial details or timeline for the deal’s closure were given.
Aramco exited the Philippines in 2008 after selling its 40 percent stake in oil refiner Petron Corporation for $550 million to the UK-based Ashmore Group. The Saudi oil major took the stake in 1994 after Petron’s privatisation.
In March 2024 the world’s largest oil producer completed the acquisition of a 100 percent stake in Chile’s downstream fuel and lubricant retailer Esmax Distribución SpA (Esmax).
The oil company acquired a 40 percent equity stake in Gas & Oil Pakistan Ltd. (GO), a privately-owned fuels, lubricants and convenience stores operator, in December 2023.
Aramco shares closed at SAR 27.65 on Wednesday. The Saudi government owns 81.484 percent of the company.
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