Unioil bullish on expansion after closing Aramco deal

Unioil Petroleum Philippines Inc. is moving to scale up its operations after closing the sale of its 25 percent stake to global energy giant Saudi Aramco.

The fuel retailer said Friday that the transaction, concluded earlier this week, grants it entry into Aramco’s global refining and logistics network, supporting its market growth.

Partnership with Aramco

“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 CEO Janice Co Roxas-Chua said.

Unioil president Kenneth C. Pundanera added that the strategic investment with Aramco enables the company to raise its service standards, broaden its reach, and deliver enhanced fuel solutions to motorists.

Reentry into Philippine energy market

Saudi Aramco has reentered the Philippine energy market after more than a decade, acquiring 25 percent stakes in both Unioil Petroleum Philippines Inc. and Unioil Energy Pte. Ltd.

The acquisition was approved by the Philippine Competition Commission in August, which concluded that the transaction is unlikely to substantially lessen competition.

Aramco had previously held a 40 percent stake in Petron Corp., which it sold in 2008 for $550 million, marking its exit from the local market until this renewed entry.