WPB: Saudi Arabia’s leading oil company, Aramco, is set to establish a presence in the Philippines through another significant downstream investment, reinforcing its strategy to broaden its retail and refining footprint in Asia.
Recently, the world’s largest oil corporation finalized binding agreements to acquire a 25% ownership stake in Unioil Petroleum Philippines, one of the most prominent fuel companies in the country.
By making this investment, Aramco aims to leverage the anticipated expansion of the high-value fuels sector in the Philippines. However, the completion of the acquisition remains contingent on standard closing requirements, including necessary regulatory clearances.
According to Aramco, the transaction represents another step forward in the company’s downstream growth strategy and the expansion of its global retail network, which is designed to secure additional distribution channels for its refined petroleum products.
Yasser Mufti, Aramco’s Executive Vice President of Products & Customers, emphasized the company’s commitment to international expansion, stating,
“Our goal is to unlock further value and strengthen our involvement in dynamic economies by working alongside well-established partners.”
This proposed investment in the Philippines—one of Southeast Asia’s largest economies—follows Aramco’s previous retail acquisitions in Chile and Pakistan.
Over the past few years, the Saudi oil giant has been actively seeking deals to enhance its downstream presence globally, particularly in high-demand regions like Asia.
Mufti had previously mentioned in September 2024 that Aramco remains focused on identifying new acquisition opportunities in the refining sector and the liquefied natural gas (LNG) market.
In 2023, the company entered Pakistan’s downstream industry by purchasing a 40% stake in Gas & Oil Pakistan Ltd, a major player in the country’s fuel retail and storage sector.
Additionally, early in 2023, Aramco disclosed two significant refinery and petrochemical agreements in China. These deals not only secured the firm’s stake in China’s refining industry but also provided an extra export outlet for 690,000 barrels per day of Saudi crude oil.
Simultaneously, Aramco is intensifying its collaboration with Chinese petrochemical leaders to strengthen refining and petrochemical operations in both China and Saudi Arabia.
By Bitumenmag
Bitumen, Petroleum, market
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