Aramco to enter PH market through Unioil

MANILA: Aramco, a Saudi Arabia-based fuel company, plans to enter the Philippine market by acquiring a 25-percent stake in Unioil Petroleum Philippines.

Per Aramco, it has already signed “definitive agreements” with Unioil.

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

According to Aramco, its forthcoming acquisition of Unioil shares aims to capitalize on the anticipated growth of the high-value fuel market in the Philippines.

Further, the Dhahran-headquartered company noted that 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.

Prior to signing an agreement with Unioil, Aramco has penetrated the fuel market in Chile and Pakistan.

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