Benise Balaoing

Global oil giant Aramco is getting a 25 percent stake in homegrown oil company Unioil. Handout photo.

Article (news)

Aramco gets 25 pct stake in Unioil

ABS-CBN News

MANILA -- Global petroleum giant Aramco is investing in Unioil.In a statement, Unioil said Aramco would acquire a 25 percent stake in one of the Philippines&#x27; largest petroleum players.Unioil chief executive officer Janice Co Roxas-Chua said this partnership was a milestone in the homegrown company&#x27;s 58-year history.&quot;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,&quot; she said.Unioil President Kenneth Pundanera said the deal was in line with the firm&#x27;s goal of being top fuel retailer of choice for Filipinos.Through this partnership, Unioil said it would also introduce the Aramco and Valvoline brands to Filipino consumers.  Officially named the Saudi Arabian Oil Company, Aramco explores, produces, and sells crude oil and natural gas. Forbes noted that Aramco made $489.1 billion in revenue and $116.9 billion in profit last year, placing it third in the magazine&#x27;s Global 2000 list of the world&#x27;s biggest companies in 2024.<div><a href="https://www.abs-cbn.com/business/04/17/23/saudi-arabia-transfers-more-aramco-oil-shares-to-wealth-fund" rel="noopener noreferrer" target="_blank">Saudi Arabia transfers more Aramco oil shares to wealth fund</a></div>Unioil, meanwhile, was founded in the Philippines in 1966 and sold lubricants before venturing into fuels trading, distribution and retailing. Unioil holds a significant portion of the fuels business in the country through its facilities in Luzon, Visayas and Mindanao.

Global oil giant Aramco to acquire 25 percent stake in Unioil

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Global oil giant Aramco to acquire 25 percent stake in Unioil

Benise Balaoing,

ABS-CBN News

Published February 20, 2025 10:49 AM PHT

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