Saudi oil giant Aramco has officially re-entered the Philippine market following the closing of its deal with Unioil Petroleum Philippines Inc., involving the acquisition of a 25 percent stake in the latter.
This came less than nine months after both parties announced Aramco’s move to secure an interest in Unioil Petroleum, a local oil firm with about 160 retail stations and storage facilities. The value of the transaction was not disclosed.
Welcoming Aramco to its business, Unioil is even more bullish about its growth prospects as it ‘gains access to a reliable source of fuel supply to meet the Philippines’ growing demand.’ ‘With Aramco’s partnership, we are confident in our ability to scale our operations, drive innovation, and strengthen our leadership in the wholesale and retail fuels market,’ Unioil chief executive officer Janice Co Roxas-Chua said in a statement Friday.