Global energy and chemicals company Aramco has signed definitive agreements to acquire a 25% equity stake in Unioil Petroleum Philippines, one of the country’s largest oil companies.
The acquisition of the company is subject to customary closing conditions and regulatory approvals, seeking to capitalise on the anticipated growth of the high-value fuel retail market in the Philippines.
‘This investment represents another step forward in our global strategy to expand Aramco’s retail network and we look forward to introducing the company’s high-quality products and services to customers in the Philippines,’ says Yasser Mufti, Aramco’s executive vice president of products and customers. ‘Our international expansion aims to capture additional value and enhance our participation in vibrant economies, in collaboration with established partners. We are delighted to embark on the next stage of this journey with Unioil, a dynamic player in the Philippines’ fast-growing fuels market.’
