SINGAPORE (Reuters) – Saudi Arabia’s Aramco has signed an agreement to acquire a 25% equity stake in Unioil Petroleum Philippines, the company said in a statement late on Wednesday.
The company, however, did not disclose financial details of the transaction.
Established in 1966, Unioil is a downstream fuels operator with a network of 165 retail stations and four storage terminals in the Philippines, the statement said.
The deal follows Aramco’s previous retail acquisitions in Chile and Pakistan.
Aramco said the Unioil stake acquisition represents further progress in its strategic downstream expansion and growth of its global retail network.
It added that the deal aims to capitalise on anticipated growth of the high-value fuels market in the Philippines, and it planned to extend its brand and retail offerings such as Valvoline-branded lubricants to select retail stations in the country.
(Reporting by Yantoultra Ngui; Editing by Varun H K)
