Aramco has agreed to acquire a 25% stake in Unioil Petroleum Philippines to expand its brand and retail offerings, including Valvoline lubricants.Pending regulatory approvals, the deal aims to tap into the growing high-value fuels market in the Philippines.Aramco noted that Unioil, founded in 1966, operates 165 retail stations and four storage terminals across the Philippines.
EVP Yasser Mufti said Aramco’s expansion aims to grow in dynamic markets with strong partners. Unioil CEO Janice Co Roxas-Chua expressed confidence that the deal will drive innovation and growth.The transaction’s value and completion date were not disclosed.
Aramco previously expanded into Chile and Pakistan’s fuel retail markets.Aramco did not disclose the deal’s value or completion date.In 2023, it acquired a 40% stake in Pakistan’s GO, which operates 1,200+ stations and 200,000MT storage.
It also entered Chile’s market by acquiring Esmax, which runs 280+ stations under Petrobras branding.In 2023, Aramco acquired Valvoline Inc. for $2.65 billion.Before its Philippine deal, Aramco reportedly explored buying Shell’s fuel station network in Malaysia. However, Shell stated on May 7, 2024, that it remains committed to its 950+ stations, serving nearly a million customers daily.
