Unioil Petroleum Philippines, Inc. has entered into a definitive investment agreement with Aramco. Under the agreement, Aramco, one of the world’s leading integrated energy and chemicals companies, will acquire a 25 percent stake in Unioil, one of the largest petroleum players in the Philippines.
Unioil is a Filipino company founded in 1966 by the Co family. It started its business in lubricants manufacturing and distribution. Upon the deregulation of the Petroleum Industry in 1998, Unioil ventured in fuels trading, distribution and retailing. Since then, Unioil has consistently been at the forefront in the introduction of cleaner, more advanced fuel products.
Today, Unioil holds a significant portion of the fuels business in the country through facilities in Luzon, the Visayas and Mindanao. Under the partnership with Aramco, Unioil will also introduce the Aramco and Valvoline brands to Filipino consumers.
Janice Co Roxas-Chua, Unioil CEO, said: “We are delighted with this new partnership with Aramco, which represents a major milestone in Unioil’s 58 years history. We are confident that this will equip ourselves in accelerating our growth and development, further innovate, and strengthen our position as a leader in the wholesale and retail fuels market.”
Kenneth C. Pundanera, Unioil president, added: “The strategic investment by Aramco is fully in line with our ambition to be the fuel retailer of choice and support our customers with top tier fuel solutions.”
With this investment, Unioil is poised to further enhance its capabilities and continue providing high-quality fuel products to the Filipino market.
