Aramco returns to Phl market

Aramco, one of the world’s largest integrated energy and chemicals companies, is making a return to the Philippine market with a 25 percent stake acquisition in Unioil Petroleum Philippines, Inc. 

The agreement for the strategic partnership was formalized on Wednesday, with Aramco Asia Singapore Managing Director Fai Aldossary and Unioil CEO Janice Co Roxas-Chua leading the signing. The transaction remains subject to customary closing conditions, including regulatory approvals. 

Backed by the Saudi Arabian government, which owns 90 percent of the company, Aramco is re-establishing its presence in the country to capitalize on the growing demand for premium fuels. 

Aramco Executive Vice President of Products and Customers Yasser Mufti emphasized that the investment aligns with the company’s global retail expansion strategy, aiming to introduce high-quality products and services to Filipino consumers. 

Unioil sees Aramco’s entry as a key driver for its continued growth and innovation in the fuel sector. Unioil President Kenneth Pundanera highlighted that the investment supports the company’s ambition to be the preferred fuel retailer while providing top-tier fuel solutions to its customers. 

Aramco previously operated in the Philippines through a 40 percent stake in Petron Corp. but exited in 2008 after selling its shares to British firm Ashmore Group for USD550 million.