Spain’s Repsol acquires 40% of Unioil Lubricants

Madrid-based multinational petrochemicals and energy company Repsol S.A. is expanding its presence in the Philippines’ lubricating oil distribution space with its acquisition of a significant stake in Co family-led Unioil Group’s lubricants business.

In a statement on Thursday, Unioil Group announced that Repsol’s unit, Repsol Downstream Internacional S.A.U., has acquired a 40% stake in Unioil Lubricants Inc. (ULI) for an undisclosed amount.

ULI is Unioil Group’s lubricants manufacturing and distribution arm.

The petroleum company said its partnership with Repsol aims to leverage both their strengths to enhance product offerings and expand market reach.

"This collaboration not only strengthens our position in the lubricants market but also allows us to offer a wider range of high-quality products to our customers. We are confident that this partnership will drive significant growth and innovation for Unioil Lubricants Inc.,” said ULI president Manuel Soriano.

Under its joint venture deal with Repsol Downstream., ULI will be responsible for the manufacturing and distribution of a diverse range of products, which now includes Repsol apart from its Unioil and Idemitsu branded lubricants.

The Co family’s Unioil Group was founded in 1966, beginning as a re-refiner of base oil and later started manufacturing its own branded lubricants.

In 1994, Unioil partnered with Idemitsu, one of the largest Japanese oil companies, to become the exclusive and licensed distributor of their products in the Philippines.

Last week, Unioil Petroleum Philippines announced that Saudi Arabia’s Aramco is acquiring 25% stake in the petroleum distributor. 

—VAL, GMA Integrated News