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
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