Aramco buys 25% stake in Unioil Petroleum Philippines

Aramco, one of the world’s leading integrated energy and chemicals companies based in Saudi Arabia, has signed definitive agreements to acquire a 25% equity stake in Unioil Petroleum Philippines, marking its entry into the Philippine retail market.

The acquisition, subject to regulatory approvals and customary closing conditions, aligns with Aramco’s strategy to expand its downstream operations and grow its global retail network. The move is aimed at capitalising on the anticipated growth of the high-value fuels market in the Philippines.

Yasser Mufti, Aramco’s executive vice president of Products & Customers, stated: “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.”

Unioil, founded in 1966, is one of the fastest-growing downstream fuel operators in the Philippines. With a network of 165 retail stations and four storage terminals across the country, Unioil plays a key role in the country’s energy sector.

Unioil Petroleum Philippines, Inc. is a Filipino company founded in 1966 by the Co family. It began with a lubricants blending facility in Valenzuela, Metro Manila, and has since expanded into various sectors, including retail service stations, wholesale fuels trading, lubricants blending and distribution, specialty oils marketing, and bitumen distribution. As of February 2025, Unioil operates 165 retail stations nationwide and four storage terminals across the country.

Following this acquisition, the Co family remains the majority owner of Unioil Petroleum Philippines, Inc. Upon completion of the transaction, Aramco plans to extend its brand, competitive retail offerings, and Valvoline-branded lubricants to selected retail stations in the Philippines. This move follows Aramco’s recent retail acquisitions in Chile and Pakistan, further solidifying its presence in high-growth markets.