Aramco completes acquisition of 25% stake in Unioil Petroleum Philippines

Saudi oil giant Aramco has completed its acquisition of a 25 percent stake in Unioil Petroleum Philippines.

The deal, which saw definitive agreements disclosed in February, signifies Aramco's return to the Philippines.

The Philippine Competition Commission secured clearance for the deal in August, determining it would not likely result in lessening competition.

Unioil, a local oil firm with approximately 160 retail stations and storage facilities, expressed optimism about its future growth.

Unioil's CEO Janice Co Roxas-Chua stated that the collaboration will enhance their ability to scale operations, foster innovation, and solidify their market leadership.

Unioil's president Kenneth Pundanera added that the partnership empowers them to elevate service standards and expand their reach.