Aramco makes comeback via Unioil investment

After more than a decade, global energy giant Saudi Aramco — one of the world’s largest petroleum and natural gas companies that is Saudi Arabia’s national oil company — has reentered the Philippine market with a strategic investment in Unioil Petroleum Philippines Inc., a fuel retailer founded by the Co Family.

Unioil confirmed on Thursday that it has sold a 25 percent stake to Aramco, a move aimed at enhancing its operational capabilities, driving innovation, and reinforcing its commitment to sustainability and customer satisfaction.

As part of the partnership, Unioil will also introduce Aramco and Valvoline brands to the local market.

Major milestone

Unioil CEO Janice Co Roxas-Chua described the deal as a “major milestone in Unioil’s 58-year history” as it opens the door for further growth and innovation, while also reestablishing Aramco’s presence in the local energy sector.

“We are confident that this will equip us to accelerate growth, drive further innovation, and solidify our position as a leader in the wholesale and retail fuels market,” Roxas-Chua said.

Unioil president Kenneth C. Pundanera expressed that the investment aligns with the company’s goal “to be the fuel retailer of choice and support our customers with top-tier fuel solutions.”

With operations across Luzon, Visayas and Mindanao, Unioil continues to provide cleaner and more advanced fuel products to its customers.

Significant return

Aramco’s return is particularly significant considering its previous history in the Philippine market.

The oil giant once owned a 40 percent stake in Petron Corp., which it sold for $550 million to the UK-based Ashmore Group in 2008. The stake was subsequently acquired by business tycoon Ramon Ang, who now leads Petron.