MANILA – Saudi Aramco, a global leader in energy and chemicals, has announced its return to the Philippine market through a significant investment in Unioil Petroleum Philippines, Inc., acquiring a 25 percent stake in the company. The agreement was formalized on Wednesday, with signatures from Fai Aldossary, managing director of Aramco Asia Singapore, and Janice Co Roxas-Chua, CEO of Unioil. The deal awaits standard closing conditions and regulatory nods before it can be finalized. Aramco, predominantly owned by the Saudi government, is eyeing the growing demand for premium fuels in the Philippines as a key motivator for this move. Yasser Mufti, Aramco’s executive vice president of products and customers, expressed enthusiasm about expanding Aramco’s retail footprint globally and introducing their superior products and services to the Philippine market. He emphasized the company’s strategy to enhance its presence in dynamic economies through partnerships with established firms. Janice Co Roxas-Chua of Unioil highlighted how Aramco’s investment would propel Unioil’s growth, innovation, and market leadership in the fuel sector. Kenneth Pundanera, president of Unioil, aligned the investment with their goal to become the preferred fuel retailer and provide top-quality fuel solutions to customers. This marks a significant shift for Aramco, which had previously withdrawn from the Philippines in 2008 after selling its 40 percent stake in Petron Corp. to Ashmore Group for USD550 million.
Saudi Aramco Re-enters Philippine Market with Stake in Unioil
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