Saudi Arabia’s energy giant Aramco has completed its acquisition of a 25 percent stake in Unioil Petroleum Philippines Inc., marking its return to the Philippine market after years of absence.
The deal, finalized less than nine months after it was first announced, strengthens Aramco’s presence in Southeast Asia through a partnership with Unioil, one of the country’s leading independent fuel players operating around 160 service stations and fuel storage facilities.
While the transaction value was not disclosed, both companies signaled optimism about the alliance. Unioil said the entry of Aramco provides a stable and secure fuel source to help meet the Philippines’ rising energy demand.
“With Aramco’s partnership, we are confident in our ability to scale our operations, drive innovation, and strengthen our leadership in the wholesale and retail fuels market,” Unioil chief executive officer Janice Co Roxas-Chua said in a statement on Friday.
