Energy Saudi Aramco re-enters Philippines after 17 years By Pramod Kumar February 20, 2025, 9:43 AM Unioil Unioil was established in 1966 and has a network of 165 retail stations and four storage terminals in the Philippines Saudi Aramco, which trades on the Saudi Exchange (Tadawul), will acquire a 25 percent stake in the third-largest petroleum company in the Philippines, as part of a retail network-building strategy, the company said in a statement. The Saudi major’s proposed purchase of the stake in Unioil is subject to regulatory approvals, the company said. The move will allow Aramco to capture the anticipated growth in the high-value fuels market across the Philippines by introducing Valvoline-branded lubricants. Aramco wants to introduce high-quality products and services to customers in the Philippines, said Yasser Mufti, executive vice president of products and customers. Unioil, a diversified downstream fuels operator, was established in 1966 and has a network of 165 retail stations and four storage terminals in the country. Deals worth $15bn on day one of Saudi Leap tech event Aramco raises prices as demand from Asia grows Saudi Aramco buys first cargo of US crude No financial details or timeline for the deal’s closure were given. Aramco exited the Philippines in 2008 after selling its 40 percent stake in oil refiner Petron Corporation for $550 million to the UK-based Ashmore Group. Aramco took the stake in 1994 after Petron’s privatisation. In March 2024 the world’s largest oil producer completed the acquisition of a 100 percent stake in Chile’s downstream fuel and lubricant retailer Esmax Distribución (Esmax). The oil company acquired a 40 percent equity stake in Gas & Oil Pakistan, a privately-owned fuels, lubricants and convenience stores operator, in December 2023. Aramco shares closed at SAR27.65 on Wednesday. The Saudi government owns 81.484 percent of the company.
