Saudi’s Aramco completes acquisition of 25% stake in Unioil

Saudi Arabia’s Aramco, one of the world’s largest petroleum and energy companies, has completed its acquisition of a quarter of shares in Unioil Petroleum Philippines.

In a statement, Unioil announced the completion of its transaction with Aramco, which now holds a 25% equity stake in the Filipino petroleum retailer.

This came months after the company disclosed in February its entry into definitive agreements with the Saudi Arabian petroleum giant for the latter’s strategic investment in the fuel retailer.

The deal secured a clearance from the Philippine Competition Commission in August as the antitrust watchdog determined that Aramco’s acquisition of 25% stake in Unioil would not likely result in lessening competition. 

"We are thrilled to officially welcome Aramco as our strategic partner. This marks a new chapter in Unioil’s journey—one defined by innovation, excellence, and a deepened commitment to serving our customers and communities across the Philippines. 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,” said Unioil CEO Janice Co Roxas-Chua.

"The strategic investment by Aramco is fully aligned with our ambition to be the fuel retailer of choice. This partnership empowers us to elevate our service standards, expand our reach, and deliver top-tier fuel solutions to Filipino motorists. It also affirms the strength of our business and the potential of the Philippine market to attract world-class partners. We look forward to growing together and building a future of shared success,” said Unioil president Kenneth Pundanera. —LDF, GMA Integrated News