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Saudi Aramco to acquire a 25% stake in a Philippines-based OMC
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audi Aramco, has 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.”
Representatives from Saudi Aramco and Unioil Petroleum Phillipines during the agreement signing.
SOURCE | SAUDI ARAMCO
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.
Upon completion of the acquisition, Aramco intends to extend its brand, enhance competitive retail offerings and introduce Valvoline-branded lubricants to select retail stations in the Philippines. .