Saudi Aramco enters the Philippines retail market by agreeing to buy a 25% share in Unioil
Saudi Arabia’s state-owned oil company, Aramco, has made a final deal to buy 25% of Unioil Petroleum Philippines. This marks Aramco’s entry into the retail market in the Philippines.
Aramco Expands to the Philippines
Aramco plans to buy a company in the Philippines to grow its business in high-value fuels. The company announced this on Wednesday but did not share the deal’s financial details.
Fai Aldossary, Aramco’s Managing Director for Asia and Singapore, signed the agreement with Unioil CEO Janice Co Roxas-Chua.
This deal is part of Aramco’s plan to expand its fuel business worldwide and sell more of its refined products.
“We are excited to bring Aramco’s high-quality products and services to customers in the Philippines,” said Yasser Mufti, Aramco’s Executive Vice President of Products and Customers.
Aramco has also bought retail businesses in Chile and Pakistan. Once the deal is complete, Aramco will introduce its brand, fuel stations, and Valvoline-branded lubricants to selected locations in the Philippines.
The deal still needs approval from regulators and must meet other closing requirements.
About Unioil
Unioil is a fuel company in the Philippines that started in 1966. It sells fuel, operates storage facilities, and runs 165 gas stations across the country.
Aramco’s Financial Results
Aramco’s base oil company, Luberef, reported a 35.6% drop in net profit in 2024, earning $259.2 million (SAR 972 million). This happened because base oil and by-product prices were lower, even though sales increased.
Operational profit also fell by 37.1% to $266.6 million (SAR 1 billion) in 2024, down from $426.6 million (SAR 1.6 billion) in 2023.
Saudi Aramco said the drop in profit was due to lower margins on base oils and by-products, which canceled out gains from higher sales and better by-product prices.
Published: 20th February 2025
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