Saudi Aramco is officially back in the Philippine energy arena after 16 years, sealing a 25% equity stake in Unioil Petroleum Philippines, Inc. The partnershipโcleared by the Philippine Competition Commission (PCC) on Nov. 7โmarks the oil giantโs return since divesting from Petron in 2008. Regulators confirmed the deal poses no threat to competition or consumer welfare, opening the door for Aramcoโs re-entry into a growing fuel market.
For Unioil, the strategic tie-up is more than a capital injectionโitโs a long-term supply lifeline. The company said Aramcoโs involvement will strengthen domestic energy security, support economic expansion, and accelerate Unioilโs nationwide growth across wholesale and retail segments. CEO Janice Co Roxas-Chua called the deal a โnew chapterโ defined by innovation and an expanded commitment to Filipino motorists and communities.
Unioil President Kenneth Pundanera added that Aramcoโs investment reinforces the companyโs ambition to become the fuel retailer of choice. The partnership, he said, gives Unioil the muscle to scale operations, raise service standards, and attract more world-class collaborationsโsignaling confidence in the strength of the Philippine market.
Aramco first signaled its comeback in December 2024, but with the partnership now finalized, the Saudi heavyweight is once again positioned in the Philippinesโ fuel landscape. As demand continues to rise and supply chains tighten globally, Aramcoโs return lands at a critical moment for the countryโs energy future.
Image from Business Mirror / Amr Nabil