One of the world’s largest integrated energy and chemicals companies, Aramco, is re-entering the Philippine market by acquiring a 25 percent stake in Unioil Petroleum Philippines, Inc.
The companies announced Wednesday that they signed an agreement for the partnership, led by Aramco Asia Singapore managing director Fai Aldossary and Unioil chief executive officer Janice Co Roxas-Chua.
The planned acquisition is subject to customary closing conditions, including regulatory approvals.
Aramco, which is 90 percent owned by the government of Saudi Arabia, is making a comeback in the Philippines as it aims to take advantage of the increasing demand for high-value fuels in the country.
“This investment represents another step forward in our global strategy to expand Aramco’s retail network, and we look forward to introducing Aramco’s high-quality products and services to customers in the Philippines,” Aramco executive vice president of products and customers Yasser Mufti said in a statement.
“Our international expansion aims to capture additional value and enhance our participation in vibrant economies, in collaboration with established partners.”
Co Roxas-Chua welcomed the strategic investment of Aramco as it will equip Unioil in accelerating its growth, development, and innovation to strengthen its position as a leader in the wholesale and retail fuels market.
“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,” Unioil president Kenneth Pundanera said.
In 2008, Aramco exited the Philippines by selling its 40 percent stake in Petron Corp. to British firm Ashmore Group for USD550 million. By Kris Crismundo
Article courtesy of the Philippine News Agency
