The planned acquisition, which is subject to customary closing conditions including regulatory approvals, aims to capitalize on anticipated growth of the high-value fuels market in the Philippines. It represents further progress in Aramco’s strategic downstream expansion and growth of its global retail network, which aims to secure additional outlets for its refined products.

Yasser Mufti, Aramco Executive Vice President of Products & Customers, said: “This investment represents another step forward in our global strategy to expand Aramco’s retail network, and we look forward to introducing Aramco’s high-quality products and services to customers in the Philippines. Our international expansion aims to capture additional value and enhance our participation in vibrant economies, in collaboration with established partners. We are delighted to embark on the next stage of this journey with UniOil, a dynamic player in the fast-growing Philippines fuels market.”

UniOil, a diversified downstream fuels operator established in 1966, is one of the fastest growing retail, wholesale, and storage companies in the Philippines, with a network of 165 retail stations and four storage terminals in the country. It currently holds a 9 percent market share, just behind the so-called Big Three fuel players.

This is not Aramco’s first stab at the Philippine fuel retailing business. In 1994, Aramco took a 40 percent equity interest in Petron. In 2008, they sold their stake to the Ashmore Group which San Miguel Corporation acquired by 2010.

Aramco (Saudi Aramco) is the national oil company of Saudi Arabia and is the fourth largest in the world by revenue. Saudi Aramco has both the world’s second-largest proven crude oil reserves, at more than 270 billion barrels and largest daily oil production of all oil-producing companies.

The announcement follows Aramco’s previous retail acquisitions in Chile and Pakistan. Upon completion, Aramco intends to extend its brand, competitive retail offerings and Valvoline-branded lubricants to select retail stations in the Philippines.