Aramco affiliate gets PCC OK to buy 25% stake in Unioil firms

Aramco Asia Singapore Pte. Ltd., an affiliate of Saudi Arabian Oil Co. (Saudi Aramco), has received approval from the Philippine Competition Commission (PCC) to acquire a 25% stake in both Unioil Petroleum Philippines Inc. and Uniool Energy Pte. Ltd.

The PCC determined that this transaction would not significantly reduce competition due to limited market shares and existing substantial competition from other players, noting that new competitors can easily enter the market.

Unioil CEO Janice Co Roxas-Chua expressed optimism about the partnership's potential to accelerate growth and innovation in the fuels market, while Aramco executive Yasser Mufti stated that this expansion aims to capture additional value and enhance their presence in dynamic economies.

Aramco Asia renders sales, marketing, procurement, and logistics services out of Singapore, with Unioil Petroleum operating as a fuel retailer and Uniool Energy trading gasoline and diesel for the Philippines.

In February, Aramco Asia and Unioil Petroleum announced a definitive agreement for a stake sale, marking Saudi Aramco's return to the Philippine market after divesting from Petron Corp. in 1994.