Saudi’s Aramco acquiring 25% stake in Unioil

Saudi Arabia’s Aramco, one of the world’s largest petroleum and integrated energy companies, is acquiring a quarter of shares in Unioil Petroleum Philippines.

In a statement, Unioil announced it has entered into definitive agreements with Aramco regarding the Saudi oil giant’s “strategic investment” in the Philippine fuel retailer.

As part of the deal, Aramco will acquire a 25% stake in Unioil.

We have signed definitive agreements to acquire a 25% equity stake in Unioil Petroleum Philippines

The transaction represents further progress in the strategic expansion of our global retail network in high-value markets

Learn more https://t.co/iCky1aRbOj#aramco pic.twitter.com/4GxgiRv7UG

— aramco (@aramco) February 19, 2025

Unioil did not disclose the estimated amount of the transaction, which Aramco said is ''subject to customary closing conditions including regulatory approvals.''

“We are delighted with this new partnership with Aramco, which represents a major milestone in Unioil’s 58-year history. We are confident that this will equip ourselves in accelerating our growth and development, further innovate, and strengthen our position as a leader in the wholesale and retail fuels market,” said Unioil CEO Janice Co Roxas-Chua.

“The strategic investment by Aramco is fully in line with our ambition to be the fuel retailer of choice and support our customers with top-tier fuel solutions,” said Unioil president Kenneth Pundanera.

Yasser Mufti, Aramco executive vice president of products and customers, said the ''investment represents another step forward in our global strategy to expand Aramco’s retail network, and we look forward to introducing Aramco’s high-quality products and services to customers in the Philippines.'' 

''Our international expansion aims to capture additional value and enhance our participation in vibrant economies, in collaboration with established partners,'' he added.  — VBL, GMA Integrated News