Saudi Aramco Acquires 25% Stake in Unioil Enhancing Retail Strategy in the Philippines

Saudi Aramco, the world's leading energy and petrochemical company, has signed a final agreement to acquire a 25% stake in Unioil, one of the largest oil companies in the Philippines. This acquisition will proceed under standard closing conditions, including necessary regulatory approvals.

The move aims to capitalize on the promising growth potential in the high-value fuel market of the Philippines and highlights Saudi Aramco's progress in deepening its downstream strategic layout and expanding its global retail network.

Arthur Muftee, Executive Vice President of Products and Customers at Saudi Aramco, stated, "This investment marks another step forward in our global strategy to expand our retail network. We look forward to providing quality products and services to customers in the Philippines. Our expansion strategy focuses on collaborating with established partners in thriving economies to unlock deeper value and enhance market participation. We are excited to advance our next phase of cooperation with Unioil, a leader in the dynamic Philippine fuel market."

Founded in 1966, Unioil is a diversified downstream fuel operator and one of the fastest-growing fuel retail, wholesale, and storage companies in the Philippines, currently operating 16 gas stations and four storage facilities nationwide.

This acquisition follows Saudi Aramco's successful purchases of retail operations in Chile and Pakistan, marking another significant strategic initiative. Upon completion, the company plans to gradually introduce its brand image, competitive retail operations, and Pennzoil lubricants to select gas stations across the Philippines.